Austin Property Management Blog

Holiday Season Closing

The holiday season is closing in on us fast!  We want to give as much notice as possible for the following dates that we will be closed: 

Real Estate Market Update 

The market continues to cool based on the data and info we’re seeing. There are certainly some areas that are hotter than others, however the overall picture indicates that the cooling trend is here to stay for now. Another important indicator is the number of evictions going through the courts, and this Austin Monitor article points to data that further supports the assertion that the market has cooled quite a bit.


What Does A Landlord Have To Repair and Maintain?

When talking to our clients about maintenance requests we often get the question of whether a repair is required or not. This is not a straightforward answer since laws vary on every level of government. There are some general guidelines that steer our decisions and recommendations to clients, and sometimes it stings financially. In general, there is “The Implied Warranty of Habitability” that applies to all rental properties. It’s a good thing to be familiar with as a rental property owner, and the linked article gives a good overview.



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, inadequate 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.


Shred Day

We regulary post about scams and want to bring to light another way to protect yourself. If you have sensitive documents, whether business or personal, shredding them is important when it comes time to dispose of them. There are regularly free events around Austin, and likely in your area if you’re not local, that accept documents for free shredding. There are two events coming up in Austin that we wanted to share with you and we’ll update this list as they come up:

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 should 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.