1165 Nevarez, Kyle, TX 78640
Austin Property Management Blog
Hiring an Austin property management company to manage your rental property(s) is not a decision to take lightly. After all, it’s their primary job to take care of your property and make sure it remains a quality investment vehicle for you. Hiring a property manager is like hiring a direct extension of yourself and you’ll want to make sure that you can trust your team going forward.
There are a lot of factors to go over with potential property managers and going through the vetting process. These are some of the questions we regularly hear from potential clients that have importance to them when deciding to work with Stone Oak Property Management.
How long has your company been managing properties in the Austin area?
This will give you an idea of how well a company is established in the Austin market and their overall experience working in it.
Connections and relationships are hard to make and replace and there is an army of contractors & vendors out there ready to take advantage of unsuspecting landlords. Hiring a property management company with experience in the Austin, Texas rental market can help you align with companies with trusted vendors and contractors to handle any issues with your property. If your Austin property manager is just getting started they may not have the connections or processes in place to ensure a stable investment on your end.
Like most other industries, experience goes a long way when considering your options for Austin property managers.
How big is your management company? Will I bounce around between people or will I have a go-to person to contact when I have issues?
While knowing the size of a property management company can tell you a lot, the level of service provided to you will say more. No one likes calling a company you are a client of and getting bounced around. Having a reliable contact to discuss your property with is beneficial for owners. With that said, you’ll want to make sure your property manager has the staff in place to handle more or less in the event any curveballs are thrown your way.
What types of properties do you manage?
Beware of the property manager who tells you that they can do it all! You’ll want to make sure you partner with an Austin property manager that aligns with your portfolio. If they specialize in commercial property management they shouldn’t be managing your condo. At Stone Oak, we specialize in residential property management and only work with properties zoned for those purposes. Partnering with an Austin property management company that works with the same types of properties that fill your portfolio is recommended!
Is your property management company insured?
Austin property management companies are required by the state to hold certain insurance up to a certain dollar amount in coverage. If you’re considering a property manager that doesn’t carry insurance we advise you to look elsewhere.
How do you handle tenant service requests?
Yes, your property manager works for you, but there is an important 3rd party in this relationship - your tenants! Communication is key, especially when it comes to tenants and keeping them happy in your property. You’ll want to make sure your property manager makes it easy for tenants to communicate any issues with your property with them as well as respond in a timely manner to your tenant’s requests.
What are the fees involved with your property management company?
Yes - you’ll want to know how much monthly management is going to cost you, but don’t stop there. Find out exactly where they have fees and when they’ll apply to your account. What are they charging for lease renewals? Service calls? What if your property is vacant?
These are all important factors and depending on the answers, can eat into the cash flow your property is intended to produce!
These are just a few points you’ll want to discuss with potential rental property managers but is not an all-encompassing list. Do you still have more questions about Austin property management? Visit our landlord faq to read more!
Our Founder, Jason Huval, spoke with Austin's KVUE this morning to discuss the eviction memorandums put into place by the CDC and Travis County and how those orders are affecting property owners in the Austin, Texas area.
Read the entire article on KVUE's website.
Travis County Judge's Order - http://bit.ly/Travis-County-Judges-Order-Eviction
Travis County Justice of the Peace Order - http://bit.ly/Justice-of-the-Peace-Eviction-Order
Mayor of the City of Austin Order - http://bit.ly/Mayor-Of-Austin-Eviction-Order
Do you have questions about your rental property? Contact our Austin Property Managers today to discuss your situation.
We have made it through yet another very busy summer season. Air conditioners were broken, appliances were placed on back order and all the while, our staff held it together. We truly appreciate your patience and trust in us in these difficult times.
This being said, we wanted to share a few updates with you. If you haven’t heard yet, there is a ban on evictions through the end of the year. This hasn’t been terrible for us as a company, as we have been very diligent about asking people to leave or setting up payment plans where it makes sense. Follow the link if you'd like to send a note to Congress requesting they enact rental assistance for housing providers.
The good news is that Austinites are still working. We are experiencing growth with new businesses coming to town. I am pleased to state that Tesla has officially broken ground on their new facility for the Cyber Truck and we are excited to have them.
Rents have remained stable in most areas and the inventory of homes for sale is still in short supply. These are two key indicators that keep our leadership team optimistic about the market in Central Texas.
As you may have noticed we have brought on more staff and we are working to better serve you. We are working to continually improve our processes and can’t thank you enough for your patience and loyalty. You may be getting calls from new voices, so I just thought I would let you know.
Lastly, we are in the process of partnering with a large insurance company that we think has fantastic rates for landlords. They have already saved me money while upping my coverage, so I am a believer. More details to come in the next couple of months, but this should be a huge win for all of our clients.
We appreciate your trust in us. Call or email any time.
Jason Huval, MBA
Broker and Partner
Stone Oak Property Management
When owning a rental property in Austin, Texas, or considering purchasing one, there is one factor that outweighs them all - how much can I charge for rent?
It’s the factor that will drive your reasoning for purchasing the property in the first place. You could have overpaid to acquire your rental home and received a bad deal, but if you can make more in rent than you pay towards your note every month then you are cash flowing!
The key to success - and way less vacancy on your Austin rental home - is pricing the property to be competitive in the market. Austin has no shortage of renters and individuals moving to the city every day. In turn, we live in one of the most competitive markets for landlords to own a rental property.
If you price your property’s rental rate too high you could risk sitting on the market as more accurately priced properties lease in a matter of days - sometimes hours! Let’s say your South Austin rental property can earn $1,700/month. Instead, you decide to have your property listed at $1,800/month and it sits for a month before it garners any real interest from potential renters. After just one month of sitting on the market, you’ve effectively lost money over the course of a year compared to leasing the property 30 days prior to the $1,700/month rate.
With that said, pricing your property too low on the rental market can leave you with more risk exposure to being hit by larger surprise maintenance costs, etc.
So how can Austin, Texas landlords accurately price their rental property?
There are a couple of ways to determine how much your property can earn in rent every single month. With that said, the most accurate way for landlords in Austin to correctly price their rental property in the Austin rental market is to run reports on comparable lease properties in your area.
Running comps will give you the best idea of what other properties in your immediate area of Austin are earning in rent every month. Targeting homes similar in size, # of bedrooms, # of bathrooms, and types of amenities and seeing how much they are asking for / leased for can give you a great idea of what your Austin rental home should earn in rent.
Using resources to look up homes for rent like Zillow and other sites can give you a great idea of what’s currently out there listed on the market. This can help give landlords an approximate picture of what other rentals in the area want to earn in rent. This doesn’t give you the entire picture though and leaves out a big piece of the picture - what the homes actually leased for.
To get the best, and most accurate idea of what your property can earn in rent every single month would be to work with an Austin property management company. Having access to the local MLS, Austin property managers can pull comps from past leases and show you exactly what properties in your area were able to obtain. Interested in learning how much your property can earn in rent? Claim your free Austin rental home market analysis from our team here at Stone Oak Property Management.
^^ Claim your free CMA Packet for your Austin, Texas rental home.
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