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.

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.

5 Steps to Fix & Flip Houses The Right Way

Posted on December 17, 2021January 14, 2022 by author

Deciding to purchase a home as an investment property is one of the most important financial decisions in a lifetime. Whether you’re a seasoned investor or a newbie, flipping houses can be a little scary. But it doesn’t have to be! With over 12 years of property management experience, we have learned a few things over the years. Here are five steps to fix and flip houses the right way.

1. Create Your Budgets

Before even shopping for a home, you need to create your budgets. One budget should estimate how much it will cost to purchase the home and close on it. The next budget should account for the renovation. When it comes to budgeting, it’s always better to overestimate and have more money than less. If it’s your first time fixing and flipping, a professional contractor should be your first stop to get accurate pricing. When you work with TALK Property Management, we can help you find credible contractors.

2. Find Fix & Flip Properties

Now that you’ve done the beginning research, you’ll want to continue finding outdated properties to remodel. It requires a particular skill to find these undervalued opportunities, evaluate them, and manage them, so they’re completed on time and within budget. We can handle remodeling on your behalf when you choose TALK Property Management to help you on your fix and flip journey. The secret to finding a good fix and flip property is to find off-market homes and homeowners who are highly motivated to sell. As your REALTOR®, we can help you find these covert opportunities.

3. Make the Right Offer at the Right Price

The price you pay for your property will determine the profit you’ll make when you sell in the future. So if you overpay, it’s likely you won’t make any profit at all. If it’s in good condition, it means you’ll have to do less work. If it’s in bad shape, you can make a fair offer that’s under the market value as you’ll need to put in more time and money to fix it up. It could mean you could have a lower offer accepted. Essentially, the better the condition, the closer you’ll want to pay to market price, and the worse the state it’s in, then the less you want to offer.

4. Hire Contractors & Begin Remodeling

After closing, the property is yours and ready to be broken down and brought back to life! Don’t make the newbie mistake of trying to tackle everything by yourself. An investor is only as successful as their team, and part of your team is your remodeling crew.

In an ideal remodel, you’ll finish remodeling the property in five or fewer weeks. Again, timing is crucial because the longer you hold onto a property, the more it will cost. Because, as the famous saying goes, “time is money.” Make sure your time and money are going to a credible and efficient contractor, so get several quotes.

5. Market & Sell Your Fix & Flip Property

Now that the property is remodeled, it’s ready to go live! Any good REALTOR® will tell you that marketing is essential if you want your property to sell. That’s why you can’t skimp out on marketing your newly renovated place. With TALK Property Management, we run a Comparable Market Analysis to get you a fair rent price based on the current market trends and photograph your property for advertising on social media, the Multiple Listing Service, and our website.

Contact us today if you’re ready to buy your next investment property or need help creating a plan! Reach out to TALK Property Management–we are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Homebuyers Want Home Offices…Again

Posted on December 15, 2021 by author

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.

Summer 2021’s Hottest Decor Trends for Austin Homes

Posted on August 12, 2021August 12, 2021 by author

Summer is here, and it’s time for your home to reflect the temperature change! These decor trends are timeless and regret-proof, as they’ll go with anything already in your home.

1. Throw Pillows

Throw pillows are the quickest and cheapest way to upgrade your seating area. Enhance a neutral couch or chair with a bright color or bold design. You can layer complementary hues and textured fabrics to add depth. The beauty of pillows is all the fun shapes and colors they come in!

2. Duvet Covers and Sheets

New bedding will transform a bedroom, plus it’s a fun way to keep you and your bedding clean. Options include a botanical print, graphic designs for a contemporary look, or patterned sheets and sham for a more subtle approach.

3. Bath Mats and Towels

Another easy and hygienic change is a new towel and mat set. Earth-inspired hues and unique textures like terra-cotta or clay-colored bath towels will give you a spa-like feel in your own bathroom. For maximum comfort, make sure they’re absorbent and soft on the skin!

4. Bowls and Vases

These small decor items will enhance a room when they’re strategically placed. It’s essential to find the balance between clutter and decor when choosing bowls and vases. That’s why stylish and functional pieces are recommended. Examples could be a painted bowl or plate, an antique mirror, a sculptural vase for flowers, etc.. Sculptural vases and planters are the trends this summer.

5. Rugs

A new rug will add comfort, protection, and style to any area and flooring type. Area rugs are great for families with children because it helps soften the room, while also offering a chance to add in a new color, pattern, or trend into the room. The summer trend is neutral color palettes with an over-the-top texture like a plush pattern.

6. Accent Lighting

Lighting can easily be changed, even on light fixtures you own. Options are buying a new light fixture to follow the trend or adding a new shade to your existing fixture. It can be as inexpensive and creative as you’d like.

If you need help decorating your property for renters this summer, contact us today! As part of our services, we make your property ready; whether that’s decorating or remodeling, we do it all! We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

What Investors Should Know About the Austin Real Estate Market

Posted on August 11, 2021 by author

Austin has become one of the most desirable real estate markets this year, thanks to its ongoing growth. Many companies are relocating and expanding to Austin, which is causing people to relocate as well. More residents mean more people who need housing. This is the perfect time to become an investor in the Austin real estate market! Before you take advantage of the market, here’s what you should know about the local real estate market.

Renters Can Afford More

Since many people are relocating for Austin’s incredible job market growth, that means there are people with higher education and higher incomes coming to Austin. These individuals need a place to live, which means you can increase your monthly rent. According to Apartmentdata.com, the rental price for July 2021 was $1,422/month. But don’t go above the market average, then your property will sit vacant for longer. If you need help pricing your property, reach out to us!

Occupancy Rates Are High

Occupancy rates have always been stable in Austin, but now they’re increasing. As stated in the Apartmentdata.com July 2021 stats, over the past 12 months, the rental rate growth increased by 9.4%, and occupancy is at 91.4%. This hot seller’s market makes homes unavailable for some due to low inventory or high price tags. This means they’ll continue to rent and renew their lease. This creates a unique opportunity for you.

From that same data, areas all around Austin are popular for renters, which gives you several locations and price ranges to choose from. The most growth came from a combination of downtown Austin, South Congress, and Barton Springs. The other hot submarkets are University of Texas/Mueller, “outlying metro”, Round Rock/Georgetown, and Cedar Park, Leander, and Four Points.

The Job Market Is Strong

The pandemic has made Austin an attractive home base for many big companies like Tesla, Google, Amazon, Facebook, Oracle, and more. Data from the Austin Chamber of Commerce show that in just June alone, over 20 businesses have relocated to Austin or opened their new business in Austin. More jobs = more people, and more people = more housing.

Why Invest in the Austin Real Estate Market?

Some other reasons to invest in the Austin real estate market are:

Quality Education
High Demand for Skilled Labor
Austin Has Plenty of Amenities
Austin is an Active Community

If this all sounds good to you and you’re ready to invest, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Hot Summer Color Trends for Austin Investors

Posted on July 13, 2021 by author

If you’re looking to spruce up your home for summer or need some summer inspiration for decorating your investment property, check out these hot summer color trends from HGTV.

1. A Touch of Spring Green

Spring Green is a vibrant mix between turquoise and sea green. This color works best as an accent when surrounded by primarily neutral colors. It can be just a pop of color like pillows or larger by choosing a furniture piece with this color.

2. Regal Purple

Regal purple can easily be used all year round for decor, but it especially pops during summer. You can even incorporate outside when you use fresh lilacs or liatris to accentuate the purple in the room.

3. Blue

Blue is a great accent color as well since it can have a masculine and feminine appeal. If you don’t want to commit to painting with this color, let accessories do the job for you. A blue rug with matching pillows and accented table settings is a great option.

4. Sunny Yellow

Mimic the sun’s bright hues with a shade of daffodil to brighten up any all-white room. This color pairs great with white, black, or navy and can quickly transform a space into a cheerful room.

5. Turquoise

We already mentioned blue, but we need to mention this particular shade of blue: turquoise! This color complements mid-century modern furnishing to help give the room a retro, urban feeling. The beauty of this color is its versatility in using it by itself or toning it down with muted hues.

6. Slate-Blue

The opposite of turquoise is slate blue, and it’s also a great color for summer too! While not as bright and cheerful as its blue cousin, slate blue can represent coastal inspiration and ocean waves, making it a hot summer color style. This color works best when paired with neutral furniture and accessories.

7. Yellow Green

If you’re looking for another color to make your home pop, yellow green is the color for you! This bright color pairs well with browns and creams and can be combined with darker shades of greens as accents. Yellow green will add a whimsy, graceful touch to your room.

If you need help with your rental property, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

7 Moving and Packing Tips for An Easy Move

Posted on July 5, 2021July 5, 2021 by author

Everyone dreads moving, whether it’s down the street or across the state, but it’s something we all have to face one some point. But, it doesn’t have to be dreadful! Here are some tips and tricks to make your move easy.

1. Get rid of clutter before the move.

Make your job easier by donating or throwing away items that no longer give you joy, as Marie Kondo would say. This will make moving easier and quicker! So, before packing anything, do an inventory check and purge unused and unnecessary items. Now you have less to pack, move, and unpack!

2. Make a moving folder

Keep all your documents together in a folder to help ease any anxiety and stop stress. Have a hard copy of new addresses, rental or purchase papers, moving contracts, etc in case something happens where you can’t access them digitally.

3. Pack in advance

Ideally, you’ll know when you need to move so you can work backward from the end date and start backing early. We’re going into summer, so you could pack winter clothes now. You can also pack items like books and other once-in-a-while items. This way, there’s less stress and packing to do as the move date gets closer.

4. Book early

If you’re using moving services, renting supplies, or hiring professionals, it’s always better to book early. If you wait, you could pay a higher price or not book the service at all. This is crucial during the peak moving season.

5. Schedule services for new place before the move

Once dates are confirmed, contact your utility providers to schedule services like electricity, water, and heat for your new place. Schedule ahead of time so you can come home to a new functioning home after a long day of moving. Don’t forget to request a service stop at your old place!

6. Keep essentials close right before the move

The night before the move, place essentials like a change of clothes, toiletries, medicine, paperwork, etc., into a suitcase or bag that you’ll have access to in the car, cab, or plane. This way, you’ll always have essentials with you in case of a worst-case scenario.

7. Get a moving truck with a loading ramp

If you’re opting out of a moving service, then do yourself a favor and rent a truck with a ramp. It might be more expensive, but this luxury is worth every penny, especially if you’re moving furniture. It will help save time and prevent sore muscles later!

If you’re ready to move to Austin, contact me today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

10 Popular Decorating Styles for Austin Investors

Posted on June 10, 2021 by author

If you need help decorating or furnishing your property for future tenants, try one of these popular decorating styles!

Transitional

Transitional can be defined as an elegant combination of traditional and contemporary looks. Because of its simple style, it can appeal to people with different design styles. This style featured sophisticated furniture, serene hues, updated classics, and materials like marble and quartz. It works well with coastal or farmhouse styles too.

Traditional

Tradition is a blend of history, heirloom antique, rich woods, plush carpets. A traditionally designed room should feel warm and welcoming. A traditional design style will have antiques, a refined color palette, intricate architectural details, and materials like marble and wood. This style works best with these styles: rustic, coastal, or Mediterranean.

Contemporary

This style is whatever is current and new. This style is the complete opposite of traditional style because it embraces negative spaces, strong shapes, and clean lines. Contemporary style is defined by current trends and designs, open space, and minimalism. This style works best with rustic or coastal styles too.

Modern

A modern design style focuses on form and structure like smooth surfaces, glass, chrome, and black leather accents. This style has an emphasis on ample negative space, a clean color palette, and minimalism. This one works best with industrial, midcentury, and farmhouse styles.

Midcentury

This style emphasizes strong shapes and clean lines and combines the past with the present. Decorate with a midcentury style by having clean, uncluttered spaces, natural wood, graphic patterns, and organic shapes. Modern and industrial styles work best with this one.

Farmhouse

Farmhouse combines rural architecture with modern comforts by utilizing hardworking furnishings and natural materials. This style features wall paneling, sliding barn doors, natural and historic colors, and simple, functional furniture. It works best with modern, rustic, industrial, and transitional styles too.

Rustic

Rustic is inspired by Mother Nature’s woods, plains, rivers, and lakes. Popular features of this style are exposed wood beams, brick and stone, natural hues, and rugged furnishing. This style works well when combined with farmhouse, traditional, contemporary, or industrial styles.

Industrial

Industrial is usually seen in urban lofts and converted industrial spaces but can be used in a home when you use industrial finishes and decor. Typically defined as gritty, industrial is also characterized by salvaged and found elements for decor, wide-open space, exposed raw materials, and a neutral color palette. It combines well with modern, rustic, farmhouse, and midcentury styles.

Mediterranean

Just the word itself makes people think of sandy beaches and vivid oceans, and the goal is to recreate those cool and breezy or rich and warm locations in a property. Key elements of this style are a rich, earthy color palette, natural materials like wood, brick, and stone, and colorful tile. It works well with traditional and coastal styles.

Coastal

Don’t get Mediterranean confused with coastal! Coastal style is inspired by the beach and utilizes natural light, natural materials, and a casual tone. You don’t have to live by a beach to make coastal work for your property. If you decorate with coastal colors, whitewashed surfaces, bare wood floors, natural materials like linen, cotton, and wicker, you’ll get the theme across. Coastal style works well with traditional, transitional, contemporary, and Mediterranean.

If you need help with your rental property, contact me today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.