Austin Property Management Blog

When it comes to running a rental property, nothing is more vital than getting your rent paid on time. Of course, there are times when a tenant simply can’t make the payment on the exact due date. A rent grace period is what you put in place for those instances. As a landlord, knowing the ins and outs of a grace period lets you be consistent while still showing some flexibility. While offering extra time may improve tenant relationships, it is also important to protect your cash flow and set clear expectations. Here is an overview of how a rent grace period works and the effect it has on your operations. Continue reading to learn more.

Key Takeaways

• Tenants can use a grace period to pay without incurring late charges.
• Depending on state and local laws, grace periods may be optional, but these terms should always be defined in the lease.
• Most landlords will put in a standard buffer of three or five days.
• Consistency is key when enforcing late payment policies.
• Clear communication helps prevent misunderstandings and disputes.

What Is a Rent Grace Period?

A rent grace period refers to the timeframe allowed after the due date for rent payment. During this period, tenants can make a payment without incurring any late fees or penalties. It does not change the original due date, but it gives tenants a brief opportunity to pay without a penalty.

As...

Market Update

We've discussed market conditions in previous posts, and market conditions haven't shifted in any significant way.  Instead of repeating what has already been said we recommend reading that post and talking to your property manager or leasing agent about some of the suggestions if you have upcoming renewals or vacancies.  Also, we want to share a recent article that gives a lot of good data about the current apartment inventory, new construction, etc. The single-family home rental market is directly impacted by the apartment market and is a great...

August Sales Tax Holiday

The State of Texas has several tax-free weekends for various purchases.  The upcoming tax holiday from August 7-9th is geared towards school supplies and clothing.  You don’t need an exemption certificate and most, if not all, retailers will automatically exempt applicable purchases during the tax holiday dates.   The list of exempt items is very specific so check the Comptroller’s website for more details.
 

Scams and Data Breaches

It seems almost every day a large trove of personal data is leaked. Sometimes the people who are exposed don't have any direct relationship with that company and are only in that situation because another company is sharing data. There are plenty of paid services that will help you remove your data from online, but we're going to go even more basic than that.  Here are ...

There is no denying that rental property is an excellent source of income. Yet the day-to-day management of it demands a good deal of time, effort, and know-how. You have to deal with tenants and put in the work to coordinate maintenance. As your portfolio starts to expand, all those moving parts can be a lot to handle on your own.  

This is where property management companies specialize. They are there to make sure your property is run efficiently, and your investment is protected. Before you consider whether to bring one on board, it is worth understanding what they actually do. 

Key Takeaways

• Property managers take over the daily running of your rentals 

   

  4th of Jul...