Tag: TALK Property Management

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.

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.

Summer Maintenance Tips For Your Investment Property

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Summertime is just around the corner! Summer is usually the time of year when people are looking to move into a new property or renew their existing lease agreement, making it the perfect time to schedule annual inspections and handle any issues or repairs.

Here are some tips to prepare your investment property for the summer.

Inspect HVAC System

The last thing you need as a landlord in the summer is your tenants complaining the air conditioner is broken on the hottest day of the year. Do yourself a favor and have your HVAC system inspected by checking the filters and cleaning out the coils. If you don’t consistently maintain your HVAC system, it can start to lose efficiency, making utility bills higher than usual. 

Clean Out Dryer Vents

If you have a laundry room in-unit or in the building, having the dryer vents cleaned out is a good idea. If our tenants notice their clothes take a little longer to dry or are hotter to the touch when removed from the dryer, these are signs to have the dryer vents cleaned. This tends to be forgotten, but it doesn’t take long to do and can prevent dryer fires, saving you time and money down the road.

Tend To The Yard

Make sure your curb appeal looks its best by sprucing up the landscaping and taking care of the lawn. Take time to mow the lawn, remove overgrown weeds, and trim back bushes. In addition to lawn maintenance, you might want to have the sidewalks and patios power washed so they’re nice and clean for your tenants. This is important to do throughout the year, but more important now when tenants will be spending more time outside.

Handle Repairs 

Minor repairs like chipping paint or broken handrails are important to handle now, so everything is fixed for new or existing tenants. If you have multiple properties, do a walkthrough to ensure nothing has gone unnoticed and everything is in working order for summer.

Once these summer maintenance tips are handled, you can enjoy your summer! If you have any questions or need recommendations on preparing your properties for summer, reach out to us! We are always here to help!

Common Mistakes For First-Time Home Flippers

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Flipping a home is one of the most common ways to get started in real estate investing, but if it’s not done correctly, it could cause more time and money than it’s worth. You wrote a strong offer, the sellers have accepted the offer, and now you have to decide what to do next while avoiding major mistakes or setbacks.

Let’s look at three of the most common mistakes for first-time home flippers.

Not Doing Proper Research/Developing A Plan

Many assume flipping a home is easy; the most challenging part is finding the home, right? Wrong. You need to do a lot of research upfront to ensure everything runs as smoothly as possible. Take some time to develop a plan so you know exactly what projects you want to complete and the estimated timelines for each one. Remember, there will be some setbacks, but having a plan from the beginning will help with your overall expectations. 

Underestimating The Amount Of Time It Will Take

Flipping a home can be very time-consuming, and it’s not something you can do as a part-time job. Finding a home can take months, and renovating the property can take longer, depending on potential delays. After that, you must complete inspections before selling it to ensure everything is up to code. Once it’s on the market, it could take months to sell again. Don’t think this will happen overnight; it takes a lot of time if done correctly.

Not Having Enough Money

There’s more to flipping a home than just having money for the home and the renovations; you will need to make mortgage payments, pay property taxes, and often pay homeowner’s association fees, depending on the location. Keep in mind, you will also need to pay for utilities and any additional maintenance that’s needed while you’re renovating the property. Not to mention, if you have delays or setbacks, that could mean additional money out of your pocket to fix the mistakes. Make sure you have enough money saved up before getting started, or you could have major issues down the road.

Rental properties can be great investments to add to your portfolio if done correctly. If you have any questions or need recommendations on how to get started, reach out to us! We are always here to help.

Rental Property Red Flags

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Investing in real estate properties is a great way to make money and build your portfolio, but it can also end badly if you don’t see the red flags. The last thing you want to do is overlook potential issues, purchase the property, and find out down the road that there are bigger issues than you originally thought. 

Before purchasing a property, do your due diligence and avoid these four red flags.

Bad Location/School District

Homes located in less-than-ideal locations with high crime rates tend to be avoided by potential renters. They don’t want to be concerned for their safety or worry about their property being destroyed. When renters are looking for properties, they usually look within the school district where their children go for the ease of getting them on the bus or to school in the morning. If they can’t find anything in their school district, they will look in highly-acclaimed school districts, which could mean they would miss your property altogether. 

No Interior Pictures Online

When looking for properties to purchase online, keep an eye out for properties with beautiful exterior pictures and no interior pictures. This is a huge red flag because it makes it seem like they’re hiding something. Even if you know the property has a great floor plan and awesome amenities nearby, it suggests the inside of the home isn’t in good condition or wasn’t well taken care of.

Dysfunctional Layouts

Renters want their property to feel like a home, and having to walk through a maze to get around is a huge red flag. When looking at properties, renters like to see open floor plans and layouts that make sense. If you can only get to your bedroom by walking through the kitchen, or the only bathroom is on the main level when the bedrooms are upstairs, it’s not a good choice.

Questionable History

If you look up the property and see multiple owners have owned it over the past few years, this could imply it’s difficult to keep occupied or has underlying issues. In addition, if the disclosure sheet doesn’t provide much information on the property or the repairs that were made, it could mean more repairs for you in the future. 

At the end of the day, make sure to do your research before purchasing your rental property. It will save you time and money in the long run! 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.

Tips To Ensure Your Home Price Is In Line With The Market

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As the Austin housing market shifts, it has become even more difficult for homeowners to accurately price their homes. Too high and interested parties will back out, too low and you won’t turn a profit. While it is still a seller’s market in Central Texas, on the other side of the transaction, buyers and renters are gaining more leverage. There is a statewide cooling in the demand for homes as inventory increases, prices return to more reasonable growth rates, and competition cools. 

While this might alarm some sellers, there is still plenty to be done. Sellers that are in tune with the current real estate market are adjusting their prices and continuing to see substantial profits on their properties.

Partnering with a seasoned real estate professional continues to be the best path to success as you navigate pricing your home and the current market. As you consider your options, here are some tips on accurately pricing your home.

Get A Home Valuation Estimate

These estimates can act as excellent starting points as you research pricing and can be extremely useful when making any comparisons to other listed properties. We at TALK Property Management ensure our clients have a well-rounded understanding of their situation every step of the way through our comparative market analysis.

Review Other Listings

Pay attention to the market. Check listing sites for similar properties and their current listed price to gain a better understanding of where your home value falls. However, there is much more happening in the background than you might realize. Inspect how long each property has been on the market and if there have been any recent price reductions. 

Sellers can easily avoid losing potential buyers and renters to overpricing by connecting with an experienced real estate partner and getting a useful estimate of their home value. If you would like to learn more about your local market and discover the best price for your home, contact TALK Property Management today!



High-Value Home Improvement Trends for 2022

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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

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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

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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!