Property Management Companies East Austin Austin Texas

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Are you a real estate investment property owner in or near East Austin Austin Texas? Ask yourself, do you know what your current property management company is going to charge you next month?

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If you are looking for a flat rate property management agency in East Austin Austin Texas RentVest Property Management welcome you! The number of property management companies in East Austin Austin Texas is quite substantial. Nevertheless, whether you’ve had a positive or bad experience RentVest PM would like to show you how we make owning a rental real estate property easy.

Precisely what do property managers in East Austin Austin Texas do? Are you aware what Property Managers do? The reality is they do many different things, with the main one being rent collection. rent collection can be a strenuous task for most propery owners. The more tenants they have, the greater the task it is to stay up to date with collecting rent, but property managers take care of the whole rent collection process.

In addition they take care of maintenance issues. For example, they may send someone out to perform standard repairs or give upkeep services if they are needed. All you need to do is agree to payments or pre-approve payments ahead of time, that way the manager of the property do not need to contact you when ever repairs has to be done.

Locating prospective renters who will pay their rent by the due date is yet another thing property managers see about. They could run credit checks, conduct interviews and carry out a thorough background check. They are aware of what to look for with regards to choosing renters.

Bookkeeping is generally included in the help offered by property managers. They are able to maintain correct records, which is useful when taxes are concerned. Bookkeeping is not really a fun task, but it should be done and it needs to be done efficiently, which is one of the reasons property owners should use property managers.

Working With a Property Management Company in East Austin Austin Texas.

Employing a property management person will cost you money, but it can help you save considerable time. If you have apartments that you own and rent out to renters, whether they are professional or private, then you have many things to care for. If it is only 1 or 2 units, perhaps you could keep on top of all this, however when you get more, things get problematic rather quickly, and having a property manager will turn into a permanent job, which happens to be something you were looking to avoid or already have.

A rental property management company is the middle person between you and your renters, managing queries with renters, maintenance requests, yard work, and in many cases locating and putting out tenants when required. In exchange, the property management company receives a percentage of the rent for themselves, before giving the balance to your account.

So, your profit margin drops, however, your schedule is totally free. Also, worthy property management services are worth the money considering how they may get rid of horrid tenants that set you back money, keep your properties in good shape, and locate stable tenants that reduce your vacancy rates and provide you reliable and steady rental income.

RentVest Property Management growth as taking many other property management companies in East Austin Austin Texas off guard. The reality is that East Austin Austin Texas investment property owners had been asking for a flat fee property management agency in East Austin Austin Texas for some time now but he appears that they were not paying attention. RentVest PM is the agency of chores for many rental property owners throughout East Austin Austin Texas and we would like the opportunity to show you how we can improve the ROI of your real estate investment property. If you would like additional information about RentVest Property Management we ask that you visit our property management rentals blog!

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Time-Saving Tactics Efficient Real Estate Management Companies Employ

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Real estate management companies and landlords understand the value of efficiency when it comes to effectively supervising rental properties. In fact, efficiency is critical. Below are five time-saving strategies every property manager and landlord should know:

Adopt Effective Real Estate Management Strategies to Reduce Tenant Turnover

Filling vacancies with new tenants is one of a property manager’s most time-consuming tasks. The key is to focus on reducing vacancies and retaining good tenants by providing services and resources that encourage tenants to stay.

Setting extended lease agreements is a common practice property managers use to reduce tenant turnover. Maintaining consistent rent rates is another tactic to avoid vacancies. Some might argue that without rent increases you can’t increase earnings but the opposite is true. Maintaining a lower rent rate can actually save the property owner money.

For example:

You decide to raise the current monthly rent price of $1,000 by $100, that leaves you sitting on a vacant apartment for at least one month. An attempt to earn just $1,200 more in a year will cost you $1,000. Plus there will be additional fees to cover—cleaning costs for the vacated apartment, listing fees, and the expense of tracking the whole process. It’s not worth the expense involved.

However, keeping your rent price low isn’t always the best strategy. Depending on your rental property’s location, if rents in your market are surging (15 percent increases or more year over year), without increasing your rent price accordingly, you could lose quite a bit of money.

Real estate management companies with rentals in small towns or cities that aren’t experiencing a lot of growth are wise to keep rent rates where they are. Tenants will appreciate the steady rate and stay, sparing property managers and landlords the bother and expense of filling new vacancies.

One way to mitigate the turnover that results from rent increases is to structure small rent increases into lease agreements—$20 – $50 each year. Your tenants are likely to consider the increase small enough to manage and are unlikely to move out.

Thoroughly Vet Applicants before Approving a New Tenant

While it’s a time-consuming task, when done right thoroughly screening applicants before the lease is signed will save you time, money, and potential headaches in the long run. The goal is to screen applicants exhaustively to find tenants most likely to stay in your rental long-term. Good, potential long-term tenants will demonstrate a good credit rating, verified employment and salary, a clean rental history for paying on time, no previous evictions, references, and a clean background check.

Take the time to contact their previous landlords to find out more about the tenant’s conduct during previous tenancies, and the condition in which they left the rental upon vacating.  Finding reliable long-term tenants should be the goal, which means cutting no corners in the screening process in order to maximize efficiency, avoid problems down the road, and ensure a successful, long-term tenancy with you.

Set Up an Online Rent Payment System

If you’re still accepting paper checks for monthly rent payments, establishing an online payment system is a much more efficient and time-saving process for rent collection. Requiring tenants to pay their monthly rent online eliminates the risks of mail delays or bounced checks. An online rent payment system also allows you to automatically send out payment reminders to all tenants a few days before rent payments are due.

If you’ve put off setting up an online payment system to avoid the associated fees, consider how much time and money it costs you to deal with checks delayed or lost in the mail and checks returned for insufficient funds. Plus, there’s the value of your time or your management team’s time spent keeping track of check payments, recording them, and depositing them.

Online payment systems automatically deposit and record rent payments directly and immediately to the property owner’s bank account, eliminating the risk of human error or theft. Additionally, a majority of tenants today prefer and expect the convenience of an online rent payment option, making it an important selling point for potential tenants.

Regularly Scheduled Property Inspections

Scheduling regular property inspections may seem like a momentary inconvenience, but they’re vital to efficient property management in the long run. Regular inspections are crucial to preventing small problems from becoming much bigger costly and time-consuming catastrophes.

Routine property inspections are designed to identify and correct problems such as small, hidden water leaks before they have time to cause structural damage, collapse ceilings, cause flooding, or create an environment favorable to the growth of toxic black mold. These inspections cover a range of preventative structural and systems checks, such as making sure the building’s HVAC system is running properly and operating at maximum energy efficiency.

Think of routine property inspections as investments in long-term efficiency and security to keep the property owner’s investment in excellent condition for years to come.

Answer Every Possible Question Potential Tenants May Have When Writing the Online Listing

When creating your online listings, include as much information as possible about the rental unit. This will save you’re an extraordinary amount of time you’d be wasting tied to the phone answering heaps of questions from inquiring renters.

In addition, apartment seekers can learn all they need to know about whether your apartment is a good fit based on the listing’s detailed information before you’re stuck fielding calls from apartment seekers with questions that only confirm it’s not a good fit.

What detailed information should you include in your online listing? Here are just a few important details to start with:

  • Number of bedrooms/bathrooms
  • Amenities
  • Amenity upgrades
  • Washer/dryer and hookups
  • Number of units available
  • Preferred move in date
  • Lease term preferred or required
  • Location features
  • Images of the property and apartment
  • Parking options
  • Pet-friendly or not

Pool and outdoor features

Install Hardwood Floors Instead of Carpeting

Carpets may be less expensive at initial investment, but it becomes a colossal time and money waster for property managers who must deep clean or replace it each time a new tenant is preparing to move in. Most people prefer hardwood floors, which are a big selling point when it comes to attracting tenants.

While hardwood does require some maintenance, it’s less expensive to maintain hardwood than replace carpeting every few years. Additionally, hardwood floors will increase the value of the apartment—many renters are willing to pay more for an apartment with hardwood floors. From an efficiency standpoint, hardwood is a much better choice than carpeting.

By following these efficiency guidelines, real estate management companies and landlords can escape a host of preventable time sinks and expenses caused by ineffective processes that can be easily fixed. Plan ahead, stay organized and challenge yourself to address other inefficiencies as they arise and nip them in the bud. Efficiency is an integral part of every successful property management team, landlord and profitable rental income property.

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