This month’s post is going to be focused on revisiting the items covered in the previous post. Those are important topics for the time being, and we want to make sure everyone is aware of them. The section below concerning data breaches and scams has been updated with some new information.
Liability Insurance Policy and Landlord Protection Program
On June 5, 2024 we sent out an email to all of our clients with some general updates and about changes to how we handle the liability insurance requirement of the management agreement, and the Optional Assurances program that many of you are participating in. If you missed the email please take a moment to read it, and if you didn’t receive it let us know so we can send it to you again. There will be follow up emails over the next several weeks as well. These emails will have important information so please keep an eye out for that correspondence.
Summer Leasing Season
Our internal tracking shows that vacancy time frames are getting shorter with properties leasing on average in ...
We have updated our company holiday calendar in an effort to give everyone here at Stone Oak more time off with their families and friends. You can find our updated holiday closing schedule on our contact page.
In observance of the Fourth of July holiday, Stone Oak's offices will be closed on Thursday, July 4th. We hope you have an amazing holiday weekend!
4th of July Holiday
From parades to fireworks, there is plenty to do around town this 4th of July! Whether you're watching fireworks, grilling or planning on attending Willis Nelson’s 4th of July Picnic, there is sure to be something fun for everyone in the great city of Austin.
Here is a link to some cool events happening near you!
Liability Insurance Policy and Landlord Protection Program
On June 5, 2024 we sent out an email to all of our clients with some general updates and about changes to how we handle the liability insurance requirement of the management agreement, and the Optional Assurances program that many of you are participating in. If you missed the email please take a moment to read it, and if you didn’t receive it let us know so we can send it to you again. There will be follow up emails over the next several weeks as well. These emails will have important information so please keep an eye out for that correspondence.
Summer Leasing Season
Our internal tracking shows that vacancy time frames are getting shorter with properties leasing on average in 20-30 days versus 40-50 days just a few months ago. The property has to be priced correctly and possibly offer incentives to get leased quickly, and these are short term trends that could change quickly. They also don’t reflect a lot of external factors that have to be considered.
The market appears to continue adjusting rents downward...
When investing in a property, one of the most important things you can note about the purchase is the condition of things around the house and how much time you think you’ll have until major replacements will need to be made on the property and its components.
So with wear and tear over the years what should we expect the life expectancy of the different elements of your rental home to be?
How long can you expect your washer and dryer to last? What about the HVAC system you just installed? The plumbing?
Below we review the estimated life expectancies for all of these different components of your rental home and how long they should remain functional for you or your tenants! This data is provided by the International Association of Certified Home Inspectors. This data is generalized and there are many factors that can play a part in your items life span being short or longer than what is seen here. Per InterNACHI - Consumers, inspectors, and professionals advising their clients should note that these life expectancies have been determined through research and testing based on regular recommended maintenance and conditions of normal wear and tear, and not extreme weather or other conditions, neglect, over-use or abuse. Therefore, they should be used as guidelines only, and not relied upo...
We had a short outage for all of our email addresses ending in stoneoakPM.com. If you sent us an email to an address with that domain anytime between Sunday, May 26th at 11pm and Monday, May 27th at about 6pm it is possible that it didn’t make it through to us. If you are unsure please resend your message, send a follow up asking for confirmation of receipt, or call our office to confirm that we got your email.
Election Season Ends Today!
Today, Tuesday, May 28th, 2024 is the last day to vote in the primary runoff elections! Get out there and make your voice heard!
Summer AC Season Has Begun
We all feel the heat when we go outside, and it’s only May. You will soon receive an email from us about HVAC Expectations and Tips. Please make sure to read that email so you can know what to expect if you feel like your AC isn’t working as you’d prefer, or if you want some helpful tips on AC use.
In 2021 Congress passed the Corporate Transparency Act (CTA) that went into effect on January 1, 2024. This new law may apply to some of our clients, so we want to help spread awareness. If you own your investment(s), or anything else, in an entity such as an LLC or Corp, you may need to file information with the US Financial Crimes Enforcement Network (FINCEN). There is a summary of this new law available on the FINCEN brochure and additional information and resources on their website.
There are exemptions to this law, but it is strongly recommended that you speak to your legal advisor or accountant to discuss the requirements and compliance deadlines. There are many articles that have been published after the law’s passing, and quite a few since the end of 2023. More information can be found on this lega...
While we don’t want to discuss politics we do want to encourage everyone to vote. Many people don’t know there are two separate elections in May 2024! There are local elections on May 4th, and primary runoff elections on May 28th.
Early voting for the General and Special Elections runs from April 22nd through April 30th, with election day on May 4th.
Early voting for the Primary Runoff Elections runs from May 20th through May 24th, with election day on May 28th.
We encourage everyone to take some time to educate yourselves and go vote! The League of Women Voters issues a nonpartisan voters guide and there are many other resources that can be found with info on the ballot items. The Secretary of State’s online portal is available for voter registration, or to check your registration, and provides a link with more info in the results when looking yourself up. Your county clerk’s website may also have a voter lookup along with...
Every year, the Austin Board of Realtors nominates three finalists from a pool of submissions for Broker of the Year and this year our very own Jason Huval is up for consideration of the award!
Jason has been at the forefront of the Austin real estate market since 2008, helping to grow his companies, Central Metro Realty & Stone Oak Property Management, to mainstays of the Austin real estate market. We are happy to see his efforts after decades of helping evolve the Austin real estate market be noticed by ABOR and their awards committee.
We wish Jason the best of luck as the winner of the award will be announced on May 10th at ABOR's Fire & Ice Gala.
The busiest time of year is upon us. We are working vigilantly to get lease renewals done, and if a property is vacant we want to get it leased as quickly as possible. With the leasing market slowing down now is a good time to talk to your property manager and discuss the best options to get things done well in advance of a renewal or vacancy. Renewals in particular are good to secure as early as possible since the market continually shifts with each passing day.
We’ve mentioned in the past that incentives are back in the leasing market, so considering some kind of offer proactively to attract a tenant to a vacant property or keeping them at lease renewal should be discussed with your property manager. Incentives can be offered to both new and renewing tenants. A reduced or free period of rent on a new lease is very common right now. With lease renewals some tenants may ask for something like cleaning the AC ducts or providing a mid-lease carpet cleaning for example, which is a small expense relative to a turnover. The act of simply not, or minimally, raising the rent when offering renewal terms is also a good way to keep a tenant who doesn’t want the expense and hass...
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