Tag: home office

4 Rental Property Market Trends To Watch In 2023

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With the new year comes key themes and market trends that have carried over from 2022 and will continue to affect rental properties in 2023. While rent prices in Greater Austin have increased since the pandemic, we noticed a cool down at the end of last year that is promising coming into the new year. 

Take a look at 4 of the top rental market trends to watch in 2023:

Record High Inflation

Inflation is at a 40-year high, and everyday items like food and gas cost more than they used to. The price increase is causing renters to struggle with household expenses and paying their bills on time. Property managers should watch how high costs rise and have an open line of communication with renters, both of which will play vital roles in property management going forward.

Mortgage Rates May Continue To Rise

Rising mortgage rates have made it difficult for some would-be buyers to purchase homes, so they are turning to renting. As much as this affects buyers, it affects sellers’ plans, too. Sellers are shifting their plans to sell, and many are looking to rent out their homes since many buyers cannot afford them. 

Renters Looking For A Diversified Space

Working from home remains prevalent going into 2023, so many renters are looking for more diverse rental properties. In addition to a home office, renters are looking for properties with outdoor space, larger kitchens, and flex spaces. 

Single-Family and Suburban Area Rentals

Due to high inflation, rising mortgage rates, and remote work, renters are coming from many different age groups. While most renters are millennials, many baby boomer renters are tired of the upkeep of a home. This is leading renters to look for single-family properties in suburban areas.

While none of these trends are necessarily new, they are still important to think about going into 2023. If you have any questions or need recommendations, reach out to us! We are always here to help.

Homebuyers Want Home Offices…Again

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The home office trend didn’t stop like the homemade bread trend that started at the beginning of the pandemic. Home offices are now considered a necessity for homebuyers as many work remotely or have relocated during the pandemic. 

Why Does a Homebuyer Want a Home Office?

The “Emerging Trends in Real Estate® 2022” reports that “almost two-thirds of real estate professionals believe that fewer than 75% of workers will come to the office at least three days a week in 2022.” Additionally, a recent McKinsey survey found that nine out of 10 companies will keep their remote work arrangements even after the pandemic. 

 

A home office has become an essential part of a homebuyer’s needs. It’s as critical as other home-defining criteria like location, square footage, and price. The National Association of Home Builders found in their survey that 64% of today’s homebuyers want a home office. Almost a quarter of them call a home office essential. 

What Do Homebuyers Want in a Home Office?

After talking to several agents, Money.com found that real estate agents agree that homebuyers are very particular about the home offices they want. One agent said buyers want a closed-off space for privacy that still allows for natural light. Another REALTOR® noted the size and style of the home office are essential to most homebuyers since Zoom has become the primary form of communication, and they want a neat and professional space to make calls from. 

They also want answers to technical questions like the strength of the internet connection, download and upload speeds, internet providers, fiber connections, and cell phone carriers. This is novel since many haven’t provided such specific information before. 

KB Home, the fifth-largest builder in America, has caught onto the trend and is capitalizing on it. In August, they launched a home office package for buyers to add to homes. It ranges from $2,000 to $3,000 and will include extra-wide counter spaces, USB charging outlets, data ports, and open shelving. If homebuyers want to get technical, they can pay extra for upgrades like soundproofing, phone jacks, and custom lighting packages. 
As you can see, the home office trend is returning, and it’s staying. Contact us if you need help marketing or selling your home with a home office! We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

7-Day Plan For an Organized Home Office

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The new year is almost here, but you don’t have to wait until it’s 2021 to change! Start the new year with an organized home office. With sudden changes in shutdowns and everything else that 2020 has brought, working from home might not have been in your original plan. Now is the perfect time to finish this year strong and start 2021 with an organized home office.

While this is written as a 7-day plan, the time required may vary, depending on your home office size and organizational needs.

Day One: Paper

Get your recycling can out and get ready to declutter the paper on your desk. Don’t feel defeated if your desk initially looks messier than when you started. It’s part of the organizational process! 

Ask yourself, “Do I need to keep this?” Sometimes we keep things because we’re unsure of how long we need to keep them. So, this step might require some additional research to discover what to keep and for how long. 

Once you’ve answered that question, it’s time to sort and stack paperwork. Use quick, temporary labels for your categories as you work. If you have documents that don’t belong in your office, return them to where they belong immediately. 

Day Two: Space

Day two is for increasing available space. With your now newly stacked and organized paperwork, review it once more to remove duplicates. Consider scanning the documents to the cloud–if you haven’t become a paperless home office yet, today is an ideal day to make the switch!

Day Three: Organize

Day three is all about discovering an organizational system that works for you. Some ideas are clipboards on the wall, wall-mounted cups containing office supplies, labeled, open-top baskets on shelves, or traditional files.

Day Four: Clean

Now that everything has a home and is organized (the hardest part!), it’s time to clean so your office is a more pleasant place in which to spend time. Cleaning tasks typically include vacuuming the floor, window treatments, high corners, and lampshades, wiping down shelves and surfaces with a damp cloth, cleaning your computer monitor, and using a keyboard duster or cotton swabs to remove dust in between the keys on your keyboard. Plants are also a great way to help freshen the air. 

Day Five: Comfort

You’ve cleaned and organized. Now you need to assess the comfort level of your office. Your home office should be comfortable and inviting. Does your chair have proper support? Consider upgrading your lighting or adding a stool under your desk for a footrest. 

Day Six: Decor

Let the creativity begin! The beauty of a home office is the location, your home. Personalize your office with photos, treasures, fabrics, or office supplies that really express your style. Add flowers or candles for fragrance. Make it truly, uniquely yours.

Day Seven: Maintenance 

Now that the hardest part is finished, focus on upkeep. Handle paperwork as soon as you receive it rather than letting them pile up, note documents with their life cycle, schedule a weekly time to empty your inbox, and remove any cups or other kitchen supplies daily. 

 

Now you’re ready to tackle 2021 with a spotless and organized office! If you need help lightening your workload, contact TALK Property Management to see how our services can help you as an owner, property manager, or real estate investor. We are here to help–(512) 721-1094 or dbrown@talkpropertymanagement.com. 

The Home Office | Why Investing In this Space is Crucial in Selling or Renting an Austin Home in 2020

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As health concerns reshape daily lives and force businesses to reconsider their workplace infrastructure, Austin home seekers will have new priorities. If you have a home to sell or an investment property to rent to those looking to move in Austin, pay attention to this developing trend.

The last decade of innovation has created opportunities through technology to work more creatively. Educational institutions brought the classroom to the home, and many businesses offer flexibility to allow employees to work and meet from anywhere. With the current COVID-19 landscape, these innovations are perfectly timed. While current headlines collide with tech tools, the shift in workplace structures and priorities is unavoidable, and it will ultimately impact what people are looking for in a home, whether they are buying or renting. In other words, home offices have just moved to the top of the most-wanted list for searchers. 

Home Office Must-Haves

If you are selling a house or offering a home for rent as an investment property owner, adding or boosting a home office or flex area may help attract the right buyer or renter. Whether it is ensuring the room or space is ready for office equipment, or you are highlighting the most pertinent information in your marketing, be sure to include these home office must-haves:

  1. Good Lighting. Make sure there are plugs available for lamps or overhead light fixtures are installed.
  2. High-Speed Internet. Know what type of internet is available, have it connected, and include it in your marketing information. 
  3. Proper Outlets for Office Equipment. Ensure the outlets are up to date and in convenient locations to handle computers or printers. 
  4. Space. Add built-in shelving or stage the room to show off how it can be used for work or school. 
  5. Privacy. Ensure any space you are allocating as the dedicated office offers privacy with a door or is set apart from the main gathering area. 

Home offices are the next wave of must-haves in a house, so if you are selling a home or offering a rental, it is time to invest in a dedicated space to meet the needs of potential buyers or tenants.

Are you interested in more information about buying an investment home in Austin or need a property manager to help navigate Austin’s rental market? Contact me. I am always here and available to answer any questions you may have. Set up a virtual appointment with me by contacting me below or give me a call at 512-721-1094. 

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