After a chaotic year of rent increases and rental shortages, the Austin rental market is starting to stabilize. Some landlords were quick to discover that their rent hikes priced tenants out and increased vacancy rates.
Stabilization is good news for both landlords and tenants. However, that doesn't mean that all of your problems as a landlord are solved.
Working with a property manager can make your life a lot easier. In fact, it can turn your real estate investment portfolio into a source of passive income.
Not sure if property management is right for you? Read on for five benefits of hiring a Texas property manager.
1. Better Maintenance
Whether you own single-family homes or massive apartment buildings, staying on top of maintenance calls isn't easy when you're doing it alone. Chances are, you're struggling to stay on top of regular inspections to perform preventative maintenance while also answering all of those emergency maintenance calls. A property management team can field all of these responsibilities for you to keep your properties in great condition.
2. Freedom to Travel
Many people assume that taking on landlord services will give them more freedom. The truth is that when you're beholden to your tenants, going out of town (or moving to another city) presents unavoidable complications. When you have a property management team, you can travel as you please without leaving your tenants high and dry.
3. Improved Legal Compliance
When you're in charge of someone else's housing, it's crucial that you remain compliant with federal, state, and local tenant laws. The problem is that they can change from year to year, and some of them are so nuanced that it's easy to break regulations accidentally. Property managers make it their business to stay on top of tenant laws to ensure compliance at all times.
4. Happier Tenants
When a tenant calls in to complain about one of your other tenants or to report a maintenance issue, they want to be made a priority. As one person tackling 100% of your landlord services, you can't prioritize everyone at once. A property management team can delegate tasks as needed to make sure that all of your tenants are taken care of faster
5. Reduced Vacancy Rates
Tenant turnover is one of the biggest expenses a landlord can face on a regular basis. The best way to reduce your vacancy rate is by ensuring that tenants are happy with their homes or apartments and have desirable amenities at hand. A property management company can improve tenant management and focus on value-add upgrades so that tenants keep renewing their leases.
Looking for an Austin Property Manager?
If you're a landlord in Austin, you've probably experienced a bit of turmoil in the last few years. You may find that you're ready to take a step back and let your properties generate passive income. A property manager can make that happen.
We're proud to serve the property owners and tenants across Austin. To learn more about how we can help, contact us today.