Austin, Texas Real Estate Market Data
Our Broker, Jason Huval, has put together a short video with some information about the sales and leasing markets after a significant shift this summer.
The market data discussed in Jason’s video also supports the assertion in this article that there is an outward migration from Austin due to the rising cost of living. The economy is still strong here with all of the companies who are established, expanding, or bringing their operations to the Austin area.
Lease Listings Days On Market
This is the time of year when things slow down quite a bit, so properties tend to stay on the market longer. Many people are focused on the holidays, or staying where they are for their kids to finish the semester or school year before making a move. Generally, we try to stay away from vacancies during this time of year and will try to write leases with longer terms so they expire after the holidays. For example, in November we might write a new tenant lease or a lease renewal for an existing tenant with a 14 or 15-month term instead of 12 months so the lease expires in the late winter or early spring months.
We’re fortunate in that while the market does slow it’s not nearly as dramatic of a slow down as in the past. Obviously, we can’t predict what will happen this year, rather we just want to make sure our clients know what to expect when it comes to listing their properties for lease at this time of year.
Office Hours and Holidays
As mentioned in our previous post we will be closed for a couple of days in October for a conference. The details are below in the Reminders and the hours are below. We will be answering phone calls for emergencies only.
Office Closures for 2022
- October 17th-19th, 2022 we will be closed for staff to attend a conference
- November 23rd-24th, 2022 we will be closed for Thanksgiving
- November 25th, 2022 we will be open with a skeleton crew working remotely
- December 26th, 2022 we will be closed for the holiday
October Statements will be Delayed
October statements will be delayed because our office will be closed while we attend the conference. The statements will be issued by Monday, October 24th, however, our intention is to try to have them out by Oct. 21st if possible.
Reminder: We have moved offices!
Our new address is 14050 Summit Drive, Suite 113B, Austin, Texas 78728
Details of the new location can be seen here.
Funding Make-Readies & Maintenance for Your Property
Please note that it is Stone Oak's policy that the owner has reserve funding on hand with Stone Oak to help us commence work faster when it comes to make-readies and maintenance on your property. Stone Oak cannot perform maintenance without first receiving authorization and funding, which can slow down the turn-around times on 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 Stone Oak please contact your property manager.
National Association of Residential Property Managers (NARPM) Conference
This year we are taking our staff to Las Vegas from October 17th-19th, 2022 to attend this event. We’re hoping to find more tools and knowledge that we can utilize to improve our client experience.
Not all staff are attending, however, after a long, busy summer we are closing our office to give everyone time off whether or not they attend. We will have a skeleton crew on call for emergencies, and everyone will be periodically monitoring their emails and voicemails to address anything that requires urgency. Calls/emails will be returned later that week.
Ultimately, for our clients, this means the monthly reports will be delayed. Normally we issue these on the 17th or the first business day after that when it falls on a weekend or holiday. In this case, we’ll be attending the conference until the 19th, and then will need a couple of days to catch up. The October statements should be issued by Monday, October 24th at the latest.
If you have any questions about this or anything else please contact your property manager or our office.
Home Warranty Woes
If you didn’t read our previous post and either have a home warranty or are considering getting one we strongly urge you to read the information we’ve provided about these. The issues with Home Warranties are only growing and getting worse across the board. Please take a look here.
Thank you for being a client of Stone Oak Property Management.