Tag: market trends

Tips for Reducing Vacancy Rates In Your Rental Properties

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As a landlord, you need to reduce the risk of vacancies in your rental properties to be profitable and keep your business afloat. While sometimes there’s nothing you can do to keep your tenants from leaving, there are some steps you can take to keep tenants happy and keep your properties occupied. 

Let’s look at a few tips for reducing vacancy rates and see how TALK Property Management can help!

Open Communication

Ensure trust and respect between you and your tenant by keeping open lines of communication. If there are changes in the works, be honest with them; you never want them to think they can’t talk to you. Reach out to your tenants a few months before their lease is about to expire to gauge their interest and see if they are thinking about renewing their lease or going elsewhere. Securing a longer lease is a huge win for you, and if they decide to leave, you have more time to find new tenants. 

How can we help? We keep you informed every step of the way and can handle accounting services on your behalf.

Understand Market Trends

If you want to purchase a new rental property, research the area, the current market, and vacancy rates. This will help you price your property right from the beginning. Make sure to look at what your competitors are charging for rent in the area so you can stay competitive. Sometimes, if tenants leave, it could be because your rent is too high for the area, and they can find something cheaper. 

How can we help? We use the Multiple Listing Services available only to real estate agents to obtain comparables to produce higher rents and fewer vacancies. Plus, we can run a free comparable market analysis and recommend your starting rate based on the current trends. 

Advertising & Marketing

Your rental property isn’t going to occupy itself. Make sure you have the right marketing strategies in place to advertise your property’s best features and obtain high-quality tenants. Advertising your property on home browsing websites is a good place to start, and be sure to post it to your social media pages, too, where people can share it with their friends and family. You never know who your sphere of influence might know, so be sure to inform them you have a rental property for sale and see who they can connect you with.

How can we help? We can photograph your property and place lockboxes and yard signs to promote the property. Advertising for your property typically begins 30 days before the home is vacant.  

Consider Tenant Needs

Sometimes, your tenants might have needs that your rental property might not offer, but could work out well for you and bring a whole new pool of tenants if they were included. For example, many people might have pets and would automatically be unable to live in your rental property if it’s not pet-friendly. Considering tenant needs shows you care about them and listen to their concerns.

How can we help? We can provide you with professional vendor referrals if there are repairs or updates you would like to have made to better serve potential tenants. 

Being a landlord and learning about vacancy rates can be a hefty task. If you don’t want to deal with the hassle, reach out to us at TALK Property Management, and let us handle it for you! We provide a variety of property management services that will save you time, work, and stress!

Benefits Of Using A Property Management Company

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While owning an investment property can be a great source of income, it can come with some stressors. If you decide to handle all of the landlord responsibilities on your own, that means dealing with tenant screening, rent collection, marketing, requests, and more, which takes away time from finding your next investment or working with other clients.

Property management companies provide many benefits that will help save you time and stress. Let’s dive into why hiring a property management company is the right thing to do.

Tenants

Tenant screening can be very time-consuming and complex, which is one of the biggest reasons investors hire property management companies. Property managers do screening all the time, so they know exactly what to look for when scoping out high-quality tenants. They look for long-term tenants who will pay their rent on time and cause limited issues. If any problems arise, property managers will be the point of contact for tenants and address issues accordingly. 

Rent Collection

One of the most uncomfortable landlord responsibilities is chasing after rent if it isn’t paid on time. Property managers handle that for you by collecting rent, enforcing lease policies, and handling evictions if necessary. If tenants are consistently not paying their rent promptly or are failing to pay it at all, property managers will know how to handle it appropriately. 

Marketing

Property management companies handle all the marketing to get your property in front of the most people. They will take high-quality photos of the property, write up rental ads, and list your property on the most prominent websites where tenants are looking. Some property management companies, including Talk Property Management, will run a comparative market analysis on the property and recommend a starting rent amount based on current market trends to make sure you’re in line with the competition.

Shorter Vacancy

Property managers know how to keep tenants happy, leading to more long-term tenants and shorter vacancy periods. If property managers take care of issues and repairs in a timely manner and are quick to respond, tenants are more willing to stay in their lease when reasonable rent increases arise. Ultimately, tenants don’t want to deal with the stress of moving, so if they are well taken care of, and their needs are met, they’re more than likely to stay.

Property management companies can be a big help if you’re starting out or handling multiple investment properties at once. If you have any questions or need recommendations, reach out to us or read more about our property management services! We are always here to help.

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.