Austin Fee Disclosure Ordinance
The city council passed a new ordinance that requires landlords to disclose all fees during the leasing process. Many landlords, usually corporate apartment complexes, will charge so called “junk fees” like trash concierge, required internet services, or other mandatory monthly fees. Starting on October 1, 2026 the new ordinance applies to a person who rents, leases or manages 50 or more residential dwellings. The second phase starts on January 1, 2027 and applies to a person who rents, leases or manages less than 50 residential dwellings or spaces for mobiles homes and RVs used as a dwelling. You can read the ordinance here, or there is an article here.
BMG Austin Blog
Please check out the BMG Austin blog! Some recent posts include:
Check out more posts at https://texasbmg.com/blog/
Unclaimed Funds
Did you know that most, if not all, state governments keep a database of unclaimed funds that belong to the general public? In Texas, there are hundreds of millions of dollars submitted to the state that are unclaimed each year. You never know if you or someone you know might be owed funds. In fact, when writing this post, I came across seven of my family members who are in the database with anywhere from $30 to several hundred dollars that are available to claim.
Check out ClaimItTexas.gov and search for similar databases in other states you may have lived in or think you might have unclaimed funds in. Beware of scam sites that charge a fee to help you recover funds because you can do it for free directly through the state’s process without paying a third party. It is not easy to claim funds, but may be worth it depending on how much is available for recovery.
Property and Flood Insurance
In our previous blog post we talked about insurance and the changing landscape while costs continue to go up for policyholders. One thing we didn’t discuss, and feel is worth mentioning, is flood insurance. Most people don’t know if their property is in an area that has potential for flooding in long term scenarios such as 100 year or longer flood plains. Development can also alter floodplains significantly and cause flooding that standard policies don’t cover. We have seen it happen to our clients and recommend reviewing your property’s location and potential for flooding when considering whether you should have a flood policy. They are relatively low cost for the benefit of recovery if it happens and are definitely worth looking into.
We are not experts but work closely with Andor Insurance. The principals of Stone Oak partnered with an insurance industry veteran to set up Andor Insurance Agency for the purpose of providing exceptional service and options to our clients after seeing some bad insurance related mishaps. Some common issues are having the wrong policy, inadequateness, or lack of coverage among other things. Ryan, the rock star agent and great human that answers the phones and emails at Andor, has spent a good deal of time putting together a strong portfolio of options that cater to real estate investors and homeowners. He’s happy to review your policies, answer questions, shop policies, and make recommendations whether you become a client or not. He always enjoys the opportunity to research options for home, landlord, auto, business, and many other types of insurance and has no issue recommending that someone buy a policy that he did not quote if it is the best option for the circumstances. If you’d like to connect with him the contact info is available here.
Scams Are Getting More Sophisticated
With the continuing technological advances in artificial intelligence (AI), we are seeing more scams that make it easier for criminals to socially engineer their way into people’s bank and other accounts.
AI is being used to imitate real voices, and sooner than later it will be able to create a video that mimics a real person’s image on a video call. Anytime someone contacts you and asks you for money or information that you were not expecting you should keep in mind “When in Doubt: Hang Up, Look Up, & Call Back.” This is even more important if they are trying to instill a sense of urgency, keep you on the phone without interruption, and tell you not to talk to anyone else.
While the advice to look up things is sound an additional issue to be aware of and on the lookout for is Google search results showing scam websites that fool people into calling them instead of the actual business. Scammers can manipulate search results and provide fraudulent contact info when people are looking for things like bank or retailer support. They get victims to call an alternative number with a convincing website, so always make sure you are on the official website when looking anything up online.
The US Federal Bureau of Investigation recently released a Public Service Announcement alerting the public about the increasing threat of AI based fraud. Some of the topics covered in detail are:
AI-Generated Text
AI-Generated Images
AI-Generated Audio, aka Vocal Cloning
AI-Generated Videos
The announcement has tips to protect yourself and a link to file a report if you are a victim of financial fraud.
Thank you for your trust in us! We always welcome your feedback and questions. Please don't hesitate to contact us if you need anything at this time.
Reminders:
Funding Make-Readies & Maintenance for Your Property
Please note that it is Bay Property Management Group Austin 's policy that the owner has reserve funding on hand with Bay Property Management Group Austin to help us commence work faster when it comes to make-readies and maintenance on your property. Bay Property Management Group Austin cannot perform maintenance without first receiving authorization and funding, which can slow down the turn-around times of our vendors and their availability in this market. This can also potentially create a negative experience that tenants will remember when it comes time to renew, and we always want to avoid turning over the tenants. Any time we request authorization for work on your property, the best practice is to immediately fund your account when you provide written authorization to move forward. This is as simple as going into your owner portal and using ACH for a free transfer, or if you prefer a credit card the processor charges a fee as part of the transaction.
Keep in mind that tenant charges on your account are not considered an offset to this amount as we keep a strict accounting system for both our and our client's benefits. Any tenant chargeable items will be posted to their account, and once they are paid it is immediately credited to your account. If you have any questions about this reserve amount held with Bay Property Management Group Austin, please contact your property manager.
