Inexpensive Rental Property Upgrades For The Budget-Focused Property Manager

Posted on September 26, 2022 by author

Managing multiple properties by yourself can be a lot to handle, not to mention an expensive undertaking. With constant repairs, finicky tenants, and rising prices, real estate investors are struggling to maintain the finances of property management. That said, some repairs and renovations are necessary to maintain your property and increase its value. Fortunately, these improvements don’t need to break the bank. Let’s take a look at some rental property upgrades that are within your budget.

Sparkling New Floor

Choosing the right flooring for your property can completely transform its look. However, while there are many inexpensive options, redoing your entire house can get pricey quickly. Instead, focus on problem areas that draw your attention. A fraying and dirty carpet is one example that will immediately turn away prospective tenants, so ensure that your flooring is up to snuff.

A Fresh Coat Of Paint

Every property manager knows that a solid paint job can do wonders for a property. Again, a complete renovation of the entire home can be not only expensive but a time-consuming and tiring process to undertake. Simple touch-ups here and there and maybe a single room makeover can make your property shine. However, don’t go crazy with the bright colors. Tenants want to picture themselves living there, which means neutral, appealing palettes.

Upgraded Cabinet Doors

This project is often forgotten, but a simple replacement of your old, dingy cabinet doors can be a serious upgrade to the property. While it is also worthwhile to consider whether it’s time to replace the entire cabinet, only upgrading the doors can be a fantastic, cost-effective compromise until the time feels right.

Repairs and upgrades to your rental property don’t need to be expensive! Sometimes, a simple touch-up is all it needs to stand out from the competition and increase in value and overall appeal! If you own a rental property and are curious to learn more about some popular upgrades that will enhance your property, don’t hesitate to reach out with any questions. Or, if you’re curious about how to find the right investment that won’t require as many renovations, we’d be happy to chat. We’re always here to help.

New Business In Round Rock

Posted on September 26, 2022September 26, 2022 by author

The picturesque city located near Austin is easily considered one of the most exciting and livable cities in Texas. Known for its expansive outdoors, enthralling recreation, and booming business landscape, Round Rock has a lot in store. Highly-anticipated new businesses are on the horizon for the city. Here’s what’s new this month in the world of business.

Central Texas Pediatric Orthopedics

Austin’s only pediatric orthopedic group, this organization is welcoming a new location to the Round Rock area. After operating multiple locations throughout Austin, Cedar Park, Westlake, and Four Points for over thirty years, Central Texas Pediatric Orthopedics can now be found at 2051 Gattis School Road, Ste. 645, Round Rock, in early September. Learn more here.

The Learning Experience

Round Rock residents will be excited to hear news of a new location at 1101 Louis Henna Blvd opening its doors in September. This engaging child care center offers various Academic Programs for children anywhere from six weeks to five years old. This center is designed around their educational program, L.E.A.P (Learning Experience Academic Program), which encourages children to learn through exploring and doing. Learn more here.

Mojo Coffee

Energize your morning with some of the finest coffee around. This Texas-based coffee chain is located throughout Austin, Lampasas, Liberty Hill, Marble Falls, and Burnet. It is now expected to open a new location this August at 3100 RM 1431, Round Rock. Despite construction-caused delays, the ongoing development continues to progress at the retail center. Learn more here.

Sharetea

Tea-lovers can also enjoy their favorite drink this month at this Taiwan-based tea shop. Sharetea has a rich history and incredible story dating back to 1992, when it was first established by film director Mr. Cheng Kai-Lung. Serving over eighteen different countries, Sharetea has now turned its eyes to our stunning city, with a new location at 3107 S. 1-35, Ste. 770, Round Rock. Learn more here.

If you’re curious about what else makes the Round Rock area such a wonderful place to live, feel free to reach out. We can help you find a dream home near all your favorite spots.

Rental Property Maintenance Tips

Posted on June 23, 2022September 22, 2022 by author

We are entering a red-hot summer real estate season, so it’s time to consider your rental property maintenance. It can be a hassle to stay on top of these endless to-do lists to upkeep your properties, but the alternative can be much worse. Fixing a simple leaky faucet might not be your idea of a fun Sunday afternoon, but your tenants will thank you, and the value of your property will increase. Consider these tips as you make your list for home maintenance this month.

Safety Is Key

While this does encapsulate changing and maintaining locks on all doors and windows, the idea of safety for your rental property runs much deeper. Ensuring that the entire property is well maintained and safe for tenants is essential and keeps you out of any tiresome legal battles. Boost your property’s value by keeping an eye on any water leaks, unsafe walkways, worn-down wiring, and potential safety hazards.

Curb Appeal

Enhancing curb appeal can entice more prospective tenants to view your property and will allow you to increase the value of your property overall. Consider which responsibilities should fall to you or the tenants. Lawn care is a tricky topic, but it is generally believed tenants in residential areas with lawn equipment space should be responsible. In most other situations, it will be the landowner’s responsibility to maintain. Different ways to increase your property’s curb appeal include a paint job, sealing driveways, upgrading the foliage (a.k.a. planting some blooming flowers), and keeping the exterior clean.

Home Improvements

Rental properties often require more upkeep and maintenance than other real estate investments due to the frequent turnover of tenants. The general wear-and-tear that comes from this means that your property simply needs a little more love. Whether these home improvement projects are up to you or your property management team, here are some quick and easy ways to keep your property in prime condition:

Recaulk your bathrooms, showers, and any loose tiles
Replace air filters
Test your smoke and carbon monoxide detectors
Do a pest check, and identify any problem areas
Walk through the property and identify any water damage

Rental properties will never be completely hands-off, but the rewards are immeasurable. Implement these tips this summer, and you’ll be surprised how much it will boost your property value. If you are worried about managing multiple properties or taking on big maintenance projects, we can help with that burden. As always, contact us here if you’d like help managing your rental property or would like more tips on property maintenance!

High-Value Home Improvement Trends for 2022

Posted on May 24, 2022May 24, 2022 by author

Homeowners are constantly looking for creative ways to distinguish themselves from the competition and increase their home’s value. Home improvement is one of the most effective ways to upscale your property. 2022 brings a distinct set of home improvement trends that all real estate investors should keep in mind.

Bringing the Office Home

With remote and hybrid work becoming the new norm, homes need to be multipurpose even more than before. In order for their homes to seamlessly transition between an office space and their comfortable homes, owners are enhancing their home offices and even transforming their kitchen countertops into professional workstations.

The Cozy Outdoors

Homeowners in 2022 want the comfort and convenience of their indoors to spread to their outdoor patios, porches, and even backyards. Large fireplaces, unique gardens, and elegant seating areas protected from the weather by pergolas are all elements that could enhance these outdoor spaces.

An Accent of Wallpaper

Buyers are looking for ways to showcase their individuality, and wallpaper is stepping up to the plate. A cost-effective option that can save homeowners quality time, wallpaper is used as a bold accent piece to catch visitors’ eyes and pop against the rest of the home.

A Personal Spa

Tranquil, spacious, spa-like bathrooms are taking the home improvement market by storm. Consider calming bathrooms with huge bathtubs as the focal points and numerous cabinets and shelving to keep the space orderly and clean.

Home improvement is undoubtedly a worthwhile investment for first-time and seasoned homeowners. Follow these 2022 trends to add value to your home and entice new buyers. If you need help selling your home or are looking to become a homeowner, contact us today!

5 Ways to Make Your Home Feel and Look New This Spring

Posted on April 21, 2022 by author

Whether you’ve lived in your home for years or are looking to sell this spring, we’re sure you’re tired of looking at the same walls for years on end. A new study discovered that homeowners now spend about 13 years in their homes. This is a considerable increase of about ten years compared to a decade ago. Many factors determine the length of homeownership: older homeowners aging in place, a home supply shortage, and more affordable housing payments if homeowners refinanced and took advantage of the low mortgage rates last year. Whether a seller or homeowner, here are 5 ways to bring your home back to life and make it feel and look new this spring!

1. Paint the walls

Paint is the most cost-effective way to make a massive difference in any room. This will be especially noticeable if the walls are chipped or show other flaws.

But choosing the right paint color is the key to success. For a color that goes with everything, earthy colors or tinted neutrals are the colors you want. Both color types are soothing and easy to mix and match in your home. If you want to give off the illusion of more space, then off-white will be your friend.

If you’re selling this spring and want to attract homebuyers, it’s best to avoid colors that trigger a love-it or hate-it reaction. Think of trending colors like mint green, yellow, baby blue, etc.

2. Update the kitchen

You don’t have to renovate your entire kitchen to make it feel new, either! A few replacements and upgrades will help give it a new look. Some ideas are replacing old kitchen cabinets and handles with modern hardware, installing a touchless faucet, or installing or updating the backsplash.

3. Replace outdated light fixtures

Any REALTOR® or photographer will tell you that lighting is essential. Lighting has a significant impact on a room by defining the room’s look and feel. Lighting fixtures go out of style, too, so consider replacing old chandeliers, sconces, and pendants. It’s also a good idea to replace the light bulbs themselves, depending on the mood you want for the room. For bedrooms, it would be beneficial to use soft-white bulbs, while the kitchen could benefit from daylight bulbs. Don’t forget exterior lighting either!

4. Increase curb appeal

Did you know homes with high curb appeal sell for 7% more than houses with a less than pleasant exterior? Your home’s curb appeal is people’s first impression of your home, and you know that saying, “you only get one chance to make a first impression.” And that’s true with homebuyers this spring! Increase your home’s outside appearance by adding landscaping or changing what’s already there. If you don’t have a green thumb, a simple task like trimming trees and shrubs will still make a big difference.

5. Replace the carpet

According to a March 2021 poll by the National Association of Home Builders, most homebuyers prefer hardwood floors. 32% said hardwood floors in the main living area is a “must-have”! So if your flooring needs a tune-up, consider removing the carpet and going for hardwood. Another option is to restore the original hardwood floors found under the carpet. Laminate hardwood floors are less expensive than natural wood and easier to maintain if you’re on a budget.

If you need help sprucing up your home this spring to sell your home, contact us!

How Your Home Can Make You Money

Posted on April 4, 2022 by author

Owning a home gives you a sense of security, a place to call home, and regular monthly payments as you build equity and your investment portfolio (investor or not), but there’s another unknown benefit; how your home can make you money. Here are ideas to generate extra cash using your biggest asset: your home!

1. Become an Airbnb host

Becoming an Airbnb host is an excellent idea if you have the extra space. As an Airbnb host, you control how often and when you want to open your home. How much you earn will depend on how much space you’re renting out. Renting a house will get you more money than renting a bedroom. If you have a second property, listing a 4+ bedroom home can get you an annual income of about $29,000. If you go the Airbnb route, be sure to check the local laws to make sure it’s legal and if there are restrictions on home-sharing.

2. Rent out your home

Keeping with renting, renting out unused living spaces is also a great income source. You don’t have to own a second home to be a landlord. If you have a finished basement, tiny home, or accessory dwelling unit in your backyard, these are all rentable options. You can also stick to the classic renting arrangement where you rent out a room and share facilities with the renter in your home.

3. Store other people’s stuff

If you don’t want people in your home, how about their stuff? People have a lot of things and do not always have the space to store them. Take advantage of that extra garage or shed space and rent it out. This is the easiest way to get some extra dough since there’s no maintenance or repairs compared to being a landlord. The space you have will depend on how much you can charge. Closet space can be $5 to $10 a month, while a garage or shed can be $100 or more a month.

4. Charge for parking

If you have a prime location in a popular area of town, especially where parking is limited, like near a college university or downtown, you can capitalize on the need for parking! Neighbors, students, and office workers are a great source of reliable income since they’ll need a safe area to park their car regularly. According to specialized sites like Neighbor or Spacer, you can make as much as $200 to $500 a month renting out your parking space. Again, it all depends on location, though.

If you’re looking for an investment opportunity or want to become a homeowner, contact us today!

New Developments in North Austin and Round Rock

Posted on March 23, 2022March 23, 2022 by author

North Austin and Round Rock are expanding, meaning there are a lot of projects coming to the area. We cover some big ones like Pearson Ranch, Uptown ATX, and a new business moving to Round Rock.

North Austin

New $2 Billion Mixed-Use Project in North Austin

Near the new Apple campus will be the Pearson Ranch, a 156-acre development. It will have 2.6 million square feet of office space, 200,000 square feet of retail, restaurant, community, cultural space, two hotels, thousands of high-end residences, and 30 acres of parkland. The first phase will develop 41 acres for 600,000 square feet of office space, three apartment complexes, and retail shops. The entire project is expecting completion in 10-15 years.

Uptown ATX

Costing $3 billion with 66-acres, the new master-planned community near the domain is Uptown ATX. It will have almost 7 million square feet for workspace, multi-family, retail, hospitality, and a new Capital Metro Rail Station. The area will also have over 11 acres of parks and more than 23 miles of running and biking trails. Phase one is called One Uptown and costs $328 million.

Round Rock

New Data Center Coming to Round Rock

Round Rock City Council met with Sabey Data Centers, one of the oldest and largest privately owned multi-tenant data center operators/developers globally, and approved an economic incentive agreement. The agreement requires Sabey to invest at least $185 million in real property improvements, $5 million in new equipment and business personal property, and create 20 primate jobs over the next five years. The data center will be at 1300 Louis Henna Blvd. They’re demolishing the old Sears Teleserv building to build two new ones.

Residential Development Rising

City of Round Rock data shows that permit requests for residential developments have risen from 2020-21. In 2020, there were 471 permits filed for single-family, duplex, and townhome residential developments. In 2021, that number was 813; 715 were for single-family residential developments. Currently, the city has 1,200 multifamily units under construction. More significant developments can take up to 10 years to fully build-out, like the K.B. Home Salerno community that will bring over 1,100 units to be completed in the next five years.

If you want to capitalize on the homes in the area now, contact TALK Property Management so we can find you a home to own or rent nearby!

Benefits of Month-to-Month Tenants

Posted on March 22, 2022March 22, 2022 by author

Now that you have a property, you need tenants! But what kind of tenants? Do you want short-term or long-term? Month to month or fixed-term lease? Long-term and fixed leases are the most common, then short-term for vacation rentals. In this blog, we’ll discuss the benefits of having month-to-month tenants.

What are Month-to-Month Tenants?

Month-to-month tenants are renters who pay rent monthly to stay on the property without an expiration date. This means the lease doesn’t have a fixed end date and it will automatically renew at the end of each month. Typically, the renters will pay their monthly rent until either party gives a 30-day notice.

Benefits of Month-to-Month Tenants

More control over timing and financial flexibility are the significant benefits to month-to-month tenants. Month-to-month means the landlord can end a rental agreement at any time very quickly and usually doesn’t need a reason to terminate the lease. With month-to-month tenants, landlords have more financial flexibility as the landlord can change the rent easily. This is usually why monthly leases have higher rents than long-term leases. But most renters who enter this lease understand that they’re paying higher prices for the short-term lease. It is a great option for buyers waiting for their house to be built or people testing out living in a new city. There’s flexibility for both the tenant and the landlord.

Drawbacks of Month-to-Month Tenants

We want to be fair and explain both sides before landlords decide this is the leasing option for them. There are some drawbacks to month-to-month tenants like sudden vacancies and uncertainties. When landlords offer a short-term lease like this, they have to be aware that there might be sudden vacancies since the tenant is allowed to leave at short notice. If they want to fill the vacancy, this can be stressful for the landlord (unless you have a property management company like us!). Second and tied in with sudden vacancies are uncertainties like when the landlord will receive rent and finding short-term renters. On top of spending more time and money to prepare the property, advertise the property, screen new tenants, and show the rental (did you know TALK Property Management does all those things for you?).

As a landlord or investor, it’s up to you to choose the best lease option for you and your property. There are benefits and drawbacks to a short-term lease and rental with month-to-month tenants. If you need help discussing your leasing options, contact TALK Property Management!

Vacation Homes Are the New Starter Home for Millennials

Posted on February 18, 2022February 18, 2022 by author

Millennials are changing the way they buy houses and why they buy the ones they do. The usual path to homeownership and multiple homes was purchasing a single-family home to live in, then purchasing a second property as either an investment or a vacation home. But Millennials are changing it up by going out of order and buying their vacation home first.

Why Are Millennials Buying Vacation Homes First?

One short-term rental platform discovered that millennials make up 40% of vacation homebuyers, an increase of almost 10% compared to 2019. It’s the largest share of any generation! Millennials cite reasons like extra income, building wealth, and having a property to vacation at as reasons why they purchase a vacation home as their first property. They get “the best of both worlds” as they continue to save for a down payment for their live-in home while also having an investment property to help pay the rent and mortgage.

Remote work is a massive factor in this trend as the pandemic forced many workers to work from home. And working from home is an increasingly common work environment for younger Americans. With flexibility over work location, many Millennials seek a new location for vacations and remote work. Hence why vacation homes are taking a priority.

Home prices are another factor as home prices have surged in many cities and metropolitan areas. Buyers consider new regions and locations to purchase a place, like in a rural location. Other living expenses are rising too, especially in popular cities. Homebuyers in high-rent markets use their vacation home as a loophole to avoid high home prices while still investing in real estate.

Why Millennials Should Buy an Investment Property Home in Austin

Austin has ranked as one of the top U.S. cities for remote workers. Austin is known for its warm sunny temperatures and outdoor activities, making it a popular location for Millennials. With popular attractions like Lady Bird, Barton Creek, Lake Travis, and Zilker, there are endless opportunities for outdoor activities to choose from!

It’s also quickly becoming the best city for employers as large entities like Facebook, Apple, Google, Tesla, and Oracle are expanding and relocating to Austin. More employers moving into the city will bring more residents moving for their jobs at these companies. And that means there will be more renters in the market for a home.

Plus, Austin is already the #1 housing market for Millennials. A homebuying platform collected data of the 100 largest metro areas to find the best home markets for Millennials, Gen Xers, and Baby Boomers. Austin ranked #1 with Millennials and #1 for Gen Xers. The study found that Austin has 40 times more new millennial residents on average compared to the other 99 metros in the study.

Contact us if you’re ready to buy your first investment or vacation home! Reach out to TALK Property Management–we are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

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What Does TALK Property Management Do?

Posted on February 4, 2022 by author

When investors hear the term property management, they may just think it’s a company that maintains the property and deals with the tenants. But at TALK Property Management, we do so much more than that! Our property management services include marketing the property, finding tenants, maintaining the property, and accounting.

Marketing

If you have a vacant property and don’t know how to advertise your Austin property to prospective tenants, TALK Property Management can do that for you! We create a complimentary Comparable Market Rent Analysis to provide a recommended rent based on the current market. This helps you optimize your monthly rent and may reduce vacancies. Lastly, we market your investment by photographing your property, writing an enticing description, and advertising it using social media marketing, email marketing campaigns, yard signs, and more.

Tenants

When you choose TALK Property Management, we find you reliable tenants through a rigorous tenant screening process (always complying with the Fair Housing Act). If the tenants turn out to be troublesome, TALK Property Management will attend eviction court proceedings on your behalf. We send a “Notice to Vacate” if rent isn’t received by the third of the month, then file eviction on the eleventh if it’s still not received. We enforce all provisions of your lease.

Maintenance

TALK Property Management maintains your Austin property, as well. For minor repairs and maintenance, we use local, reliable handypersons and licensed professional vendors for significant issues. If you have one, we work with your Home Warranty company for any extensive repairs or replacements like HVAC systems to make the process easier and less costly for investors! When we have access to your property, we use a licensed locksmith to handle all locks and ensure your property is up to the Texas Property Code. We ensure the team we use on your property provides the best quality and service.

Accounting

Besides the essential property management services, we go above and beyond to make real estate investing easy for our Austin investors. We utilize a professional software and accounting system to help manage your property’s finances. This means we send you a monthly statement on the tenth of each month with copies of any paid repair bills. We can also send a year-end summary statement and 1099 to help make your taxes easier. Lastly, our software makes it possible to send funds directly to your bank the first business day after your tenant paid rent.

At TALK Property Management, we want your real estate investment to be a success, which is why we pride ourselves on our quality services! Reach out to TALK Property Management–we are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.