Tag: tenants

How To Become A Successful Landlord: Mastering The Basics

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Being a landlord can be hard work, but it’s also rewarding when done correctly. And, as long as you have the skill and time to complete all of the tasks associated with managing your rental property, you can be successful as a landlord and save a little money in the process.

At TALK Management, we have mastered the many responsibilities of property management, and we handle all of the duties of our landlord clients so they can focus on what they do best (not having to be a landlord). If you get started as a landlord and realize it’s too much, we’re here for you, and we would love to earn your business. 

Now, let’s dive into some of the key factors of becoming a successful landlord. 

Set Up Your Business

Prior to purchasing your first property or signing your first lease, make sure your business is fully prepared on the backend. You want to set up things like asset protection, insurance, and your bank account to ensure your investment is protected and everything is set up as much as possible. 

Consider keeping a folder of your important documents for each property to keep everything organized and ensure you have everything you need to prepare for tenants.

Make The Commitment

Landlording is no small feat. It takes a lot of time, energy, and responsibility to be done correctly. Before you decide to become a landlord, make sure you have thought about what this will mean for you. When purchasing properties and selecting tenants, take the time to make sure your decisions are the right ones. Nothing should be done on a whim; you need to take the appropriate amount of time to make decisions that will make you money and help your business in the long run. 

Understand Your Tenants

Not only is it important to properly screen your tenants to make sure they’re the right fit, but you should also take time to connect with them and understand their wants and needs. Establish trust with them by always being transparent and having an open line of communication so they feel they can come to you with questions and concerns. It’s also important to understand what they expect from you and what you expect from them, including following the lease agreement terms and paying their rent on time. 

Handle Issues Appropriately

Regardless of how excellent your tenants are, there will be times when issues will arise. As much as we don’t want to deal with problems, it’s part of the business. When issues arise, it’s important to have the appropriate systems in place to ensure they’re handled efficiently and correctly. Taking issues personally doesn’t help anyone, so try to keep your emotions out of it and navigate problems appropriately. 

Reach Out To The Professionals

If you get overwhelmed by everything you need to do to be a successful landlord, contact the professionals at TALK Property Management. Here are a few of the value-added services we provide that can save you work, stress, and, often, money:

  • Rigorous tenant screening process to select quality tenants
  • Attend court proceedings on your behalf
  • Handle HOA correspondence and violations
  • 24/7 maintenance for tenants for emergencies
  • Utilize licensed professional vendors and handymen for maintenance issues

Being a landlord can be a gratifying job when done correctly. If you have any questions about becoming a landlord or need someone to handle property management services on your behalf, reach out to us! We would love to offer our expertise and services!

The Benefits of Staging Your Investment Property

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While most investors might think staging their investment property isn’t worth the money, the benefits of staging can outweigh the cost. Deciding whether or not to stage your investment property is entirely up to you and your situation, but there are many pros to staging that could work in your favor in the competitive Austin real estate market.

Let’s dive into a few of the top pros to staging your investment property. 

Pro #1: Helps The Property Stand Out

Many investors aren’t utilizing staging for their investment properties, so staging yours will help you stand out among the competition. Potential tenants are more likely to look at your listing with staged photos over listings that aren’t staged because they’re more attractive and inviting, which helps them picture themselves living there. 

Pro #2: Increases The Value

Staged properties offer a more move-in-ready vibe that many potential tenants are more willing to pay for. In addition, they tend to have higher rental rates, meaning you can potentially charge tenants more money to live there. This means you could be marketing to tenants with higher incomes and higher quality tenants. 

Pro #3: Less Turnover & Vacancy Rates

Investment properties that are staged tend to attract more involved tenants who are looking for long-term rentals. Attracting this type of tenant can reduce your turnover and vacancy rates, meaning less stress on you and more money in your pocket over time. 

Pro #4: Shows You Care

Starting on a good note with tenants is huge. Taking the time to stage your investment property shows you’re willing to put in the effort to show the home in its best light. This sets you up to be viewed positively by potential tenants and shows you care about your tenants, their comfort, and the property.

If you have any questions or need ideas on how to stage your investment property, reach out to us! We would love to offer our expertise! 

Top Features Tenants Look For In A Rental Property

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Whether you’re purchasing your first rental property or your 10th, you want to ensure the property attracts tenants. In addition to location and accessibility to highways and amenities, certain interior features will help steer tenants toward your Greater Austin area rental property.

Let’s dive into a few of the top features tenants look for in a rental property.

Open Floor Plan

One of the top features homeowners look for when purchasing a home is an open floor plan, and tenants are no different. Tenants want to be able to have a place to entertain, and it allows them to be more flexible with their furniture and decor. Many people are still working from home, so having an open space to add an office area is helpful.

Upgrades

When you hear upgrades, you probably think of dollar signs, right? If you have the funds to update everything, the more, the merrier! However, a few upgrades can go a long way. Cosmetic updates like new flooring and fresh paint are huge for tenants. If you want to take it a step further, tenants also look for bathroom and kitchen updates. If you have an older property, consider updating mechanical items like plumbing, HVAC systems, and wiring to save yourself some time and money down the road. 

Included & Updated Appliances

Having appliances included in your rental property means less money your tenants will have to spend on them if they don’t already have them. Tenants will be impressed to see appliances included, especially if they are nicely updated. If you already have appliances and they are dated, consider updating them. In addition, having an on-site washer and dryer is becoming more common among rental properties. Being able to do your laundry at home instead of going to the local laundromat will save your tenants time and money.

Storage Space

Tenants always appreciate having extra space to store their items. Nothing is worse than putting things in the corner of your living room or bedroom. Not only does it look messy, but it takes up space that could be used for entertaining or additional decor or furniture. Make sure your rental property has a basement, attic, or lots of closets for storage.

Make sure to keep these features in mind when you purchase your next Greater Austin area rental property. It will go a long way for tenants! If you have any questions or need recommendations, reach out to us! We are always here to help.

4 Questions To Ask Yourself Before Becoming A Landlord

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Investing in real estate is one of the most dependable ways to build wealth, but it’s important to know all the ins and outs before getting into it. Set yourself up to be successful by researching and making sure it’s the right choice before you purchase your first rental property.

In the midst of your research, ask yourself these four questions before starting your journey as a landlord.

Do You Have Enough Time?

Being a landlord isn’t as easy as buying a property and finding tenants; there is a lot more to it than that. If you are going to update the property before finding tenants, you’ll be taking calls and coordinating contractors to come out to the property. Once you have tenants, they’ll call if something needs to be fixed or something goes wrong, and those calls could come any day at any time. As the landlord, these are all things you will need to handle quickly to keep your tenants happy.

Remember, the more properties you own, the more calls you’ll take and the more issues you may need to handle. 

How Will You Screen Potential Tenants?

Making sure you choose the right tenants is important because you want to make sure they will take care of the rental and pay their rent on time. While it might cross your mind to let whoever replies to your online ad first move in immediately, that is not the smartest idea. As the landlord, you want to screen prospective tenants by performing background checks, checking credit scores, confirming income and job details, and calling previous landlords to make sure they’re the right fit.

Do You Have Legal Counsel Lined Up?

While you hope to never have to call your lawyer, it’s important to have one lined up that specializes in landlord-tenant issues. If nothing else, having a lawyer review your leases and ensure all paperwork complies with local laws is helpful. There may come a time when you have a tenant who doesn’t pay their rent, and in this case, an experienced lawyer will be a huge asset. 

What Is Your Why?

Understanding why you want to be a landlord is important for success. Are you doing this on the side to make extra money, or do you want to do it as a full-time job? Will the time you’re putting into being a landlord and the potential issues that could come up be worth it? Keeping your why at the forefront is important as you purchase your first rental and continue becoming successful.

Becoming a landlord is hard work, but the rewards will be huge if everything works in your favor. If you have any questions or need recommendations about how to start investing and becoming a landlord, reach out to us! We are always here to help.

How To Create An Eye-Catching Rental Property Online

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Your rental property is nothing until you get tenants and start generating income. Of course, to get tenants, you need to advertise your rental property online. Sounds easy enough, right? Not with all the other Greater Austin rental competition out there!

Let’s look at a few things to consider when creating your online advertisement to spark interest among prospective tenants.

Focus On Your Target Market

When creating your online ad, think about who you’re marketing to and highlight the things that are important to them. For example, if you’re targeting families, talk about nearby amenities like schools, parks, and more. This will instantly reel them in and make them want to continue reading to learn more about the property.

Make sure to focus on the best features of your property and the benefits of living in your property over others on the market. 

Have A Structured and Catchy Ad

Short, sweet, and to the point applies here. Here are a few items you want to make sure are included in your ad:

  • Attention-Grabbing Headline (one sentence or less)
  • Unit Specifics: Number of bedrooms and bathrooms, square footage, & unique features
  • Features and Amenities: Highlight the best features & in-unit amenities
  • Location: Where is the property located & what nearby amenities are there
  • Rent, Utilities, Security Deposit: Mention monthly rent & security deposit amounts, as well as any other fees, plus the utility policy (included or not) 
  • Pet Policy & Restrictions: Are pets allowed? Are there other restrictions (noise, parking, smoking, etc)?

Show Your Property At Its Best

Photography is key. If you can’t have professional photos taken and take them on your own, take horizontal photos to make your property look bigger and use natural lighting whenever you can. Staging can also help as it helps prospective tenants envision themselves living in the home. 

Next time you are going to post an ad online to promote your rental property, remember these ideas. If you have any questions or need recommendations, reach out to us! We are always here to help.

Top Neighborhood Features of a Profitable Investment Property

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If you’re considering purchasing your next investment property for your portfolio, you’re probably wondering how to decide which Greater Austin neighborhood it should be in. There are many factors to consider, but which factors should you focus on to ensure your property is profitable? 

Neighborhood & Amenities

One of the main factors is researching the neighborhood and its proximity to amenities. You want to ensure the neighborhood is located in a low-crime area with affordable taxes and a good school district. Living near schools, parks, restaurants, and shopping will attract more renters overall. However, if the neighborhood is near a university, this could be a positive for some, but also a negative. This is because students will dominate your pool of potential tenants, which could make it challenging to fill vacancies when summer rolls around.

High Listings & Vacancies

If the neighborhood you are looking to purchase an investment property in has a high number of listings and vacancies, this could signal a declining neighborhood. Not only does it make it difficult to get tenants, but you may have to lower your rent prices to fill your vacancies. Low-vacancy neighborhoods are more popular for renters and are harder to get into, which justifies higher rent prices. 

Average Rent Prices

Speaking of rent prices, make sure to do your research on the area to stay in line with your competition. Renters are usually more inclined to go with the lower rent price if it’s in an attractive neighborhood. Try to gauge where the neighborhood will be in the next five years to ensure the money you’re bringing in from rent is enough for all the upkeep of your mortgage, taxes, and other expenses.

Financial Stability

Look for neighborhoods with stable economic conditions, low unemployment, and low crime rates, as these areas generally have high cash-on-cash returns. Neighborhoods near large businesses with growing job opportunities tend to attract more tenants and are a good sign that the area is growing and stable.

In addition to these factors, there are plenty of others to consider before you write an offer for your next Greater Austin area investment property. If you have any questions or need recommendations, reach out to us! We are always here to help.

Maximize Your Profit With These Rental Property Upgrades

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Landlords are always thinking about upgrades they can make to their rental properties that will increase their rental income and make their lives easier in the long run. But which upgrades are worth your time and money? Let’s look at four upgrades that will keep your tenants happy and increase your rental income and property value.

Upgrade Flooring

Replacing the carpet with hardwood flooring will increase your value and save you time. Carpet can stain and tear easily, making it more prone to need replacing. Hardwood flooring is easier to clean and more long-lasting. Installing hardwood flooring can be expensive up front, but it will save you time and money in the long run.

Fresh Paint

Painting rooms in your rental property can make a huge difference and make your rental property more appealing. Neutral colors like gray or beige with white trim go with all kinds of decor and are colors that tenants tend to gravitate towards. 

Update Kitchen & Bathrooms

The two rooms that tenants like to see updated are the kitchen and bathrooms. This can get expensive, but luckily, you don’t have to update everything to make a good impression. Small changes in the bathroom, like updating the toilets, vanity, or sink, or kitchen updates, like cabinetry or countertops, are all you need to give these rooms a new look.

Increase Energy Efficiency

Tenants will appreciate energy efficiency items like Energy-Star certified appliances or new windows as they will help lower their utility bills. Replacing old appliances will save you money on maintenance issues in the future. New windows are more aesthetically pleasing than old ones, and cold drafts from the old ones can cause higher utility bills.

As you can see, there are a lot of different upgrades that can benefit you and your tenants. If you have any questions or need recommendations, reach out to us! We are always here to help.

Pros and Cons of Month-to-Month Tenants

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Regarding leasing agreements, the two most popular agreements are month-to-month and year-long. Most landlords prefer the traditional year-long agreements because they lock tenants into a rental property for an entire year, but let’s dive into the pros and cons of month-to-month leases and see how they could be beneficial to you and your Round Rock rental properties. 

Pros of Month-To-Month Tenants

Flexibility

Month-to-month agreements allow landlords to control whether they want to keep the tenants in the rental. All landlords have to do is give adequate notice per state requirements that the agreement will not be renewed and the tenant would have to move out. Texas and most states require a 30-day notice, but be sure to verify with your state.

Rent Raises and Policy Changes

With month-to-month agreements, it’s easier to implement rent raises and policy changes when your rental properties are vacant. You also won’t have to worry about losing any tenants during this time, so you can see what works and what doesn’t. 

Keep Great Tenants

If you have tenants who pay their rent on time and aren’t ready to sign a fixed lease, being able to offer them a month-to-month lease is a great option. It will keep them there longer, not cause you any problems, and will save you from having a vacant property. 

 

Cons of Month-To-Month Tenants

Lack of Stability

One of the biggest cons of month-to-month agreements for landlords is the lack of stability. It’s challenging to figure out how profitable you will be in a year with the unknown of how many tenants you will have and how much rent you will collect. 

Flexibility = Uncertainty

The flexibility of controlling tenants and end dates can also mean uncertainty. Not knowing how long a tenant will be in a rental property means you don’t know how much money you will make or when you will need to find new tenants. 

Short Notice

While landlords can provide notice to tenants to move out, tenants can also give a 30-day notice to landlords at any time. This means short notice for landlords to find new tenants, which could lead to further issues if landlords rush and don’t conduct a proper screening.

 

Overall, there are a lot of benefits to month-to-month leasing agreements, but it is important to compare them to yearly agreements and decide what is best for you as a landlord. If you have any questions or need recommendations, reach out to us! We are always here to help.

 

4 Ways to Prepare Your Rental For Winter

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The weather outside will soon turn frightful in Round Rock, which means it’s time to start thinking about winterizing your rental property.

 

Here are 4 ways to get your rental home ready for winter:

 

Service Your Furnace

With the colder temps coming, you’ll want to make sure the furnace is in working order. Make sure to get an appointment on the books to have the furnace serviced and the filters changed. Having your furnace checked doesn’t take very long and it will go a long way with your tenants to know they’re good to go.

 

Check the Roof and Gutters

Make sure there is no damage to your roof or gutters. In addition, make sure the gutters and downspouts are clear of debris to avoid blockage and potentially further damage.

 

Winterize The Pipes

The last thing you want is for your pipes to freeze because they are very expensive to have repaired, so make sure to have them winterized. Make sure exposed pipes are insulated and all exterior faucets and hose bibs are turned off.

 

Check for Cracks

Inspect the foundation, doorways, and windows for cracks and signs of moisture build-up. If water seeps in, it can cause additional cracks and further damage. Also, gaps in the doorways and windows can let in moisture and cold air so make sure to caulk any gaps.

 

Winter will be here before we know it in Round Rock, so it’s important to check these items off your maintenance list. If you have any questions or need recommendations, reach out to us! We are always here to help.



How To Make Your Rental Property Stand Out

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When advertising your Round Rock rental property, you want to make sure it stands out against other local rental properties. Each day your property sits empty is money out of your pocket. Here are a few tips to make sure it gets rented out quickly.

Curb Appeal

When prospective tenants are looking for rentals, they are looking online. The first pictures they see are of the exterior of the home, so you’ll want to make sure it looks nice. Make sure the weeds are pulled, the lawn is well-manicured, and trash cans are put away. You don’t need to go overboard, but small things will make a big difference. 

Staging

It’s hard to envision where the furniture will go and what the property will look like if it’s vacant – so consider staging the home to help tenants get a better idea. Avoid bringing in any personal items, but items to make the property feel more inviting that can help tenants imagine what it’s like to live there are helpful.

Repairs and Updates

Take care of your rental properties and make repairs and updates as needed. Even when you don’t have a tenant living in the property, make sure to clean regularly and make sure everything is in working condition. 

Know Your Competition

There are many rental properties in Greater Austin, and we want prospective tenants to choose yours. So make sure you do your research and know what else is out there. You can use this information to point out what’s special about your property compared to others in the area. 

 

At the end of the day, focus on what makes your property special against all others in the area. Keep it simple and do what you can to make it shine. If you have any questions or need recommendations, reach out to us!