Did you recently buy a residential property in Austin, TX, with plans to turn it into a rental unit? Or perhaps you inherited a home and have decided to rent it out.
If you answered yes to one of those questions, now's the best time to learn about effective residential property management practices. These strategies can help you maximize your rental income and ensure your property is always occupant-ready.
So, without further ado, here's what you need to know to manage your residential rental property.
Stay on Top of Rental Price Trends
Unlike other parts of the country where rental prices have increased, those in the Austin area dropped from 2022 to 2023. For instance, compared to December 2022, prices were 4% lower in Austin in December 2023.
Ideally, you should set a rental price that reflects current trends. If you charge considerably higher than what's typical in the area where your property is, you may put off prospective tenants. On the other hand, charging too low can attract the wrong tenants and cut your rental income.
One of the most effective ways to determine rent is with a comprehensive rental analysis. You can do this yourself, but be ready, as it can be time-consuming and complex.
You can also have a property management company do it on your behalf. Luckily, the most reliable ones offer free, no-obligation analyses.
Implement Thorough Tenant Screening Practices
Non-payment of rent and lease violations are two of the most common reasons Texas landlords evict tenants. The second one can be due to tenants damaging the property or lying about something on their application. In some cases, renters break the lease by committing an unlawful act, such as using the property for criminal activities.
You don't want any of that, as evicting tenants in Austin, TX, is costly and time-consuming. Fortunately, you can minimize such risks with a thorough tenant screening policy. It should include the following:
- Criminal background check
- Employment and income verification
- Credit check
- Rental and eviction history check
If you don't have time to do all that, consider hiring a residential property manager. With their skills, knowledge, and network, they can screen tenants quicker and more efficiently.
Maintain Your Property
Under Texas law, tenants have a right to habitable living environments. They can demand landlords to repair any condition that may impact their physical health and safety. They can file complaints against or even sue landlords who fail to do so.
For those reasons, never skip regular rental property maintenance and inspections. In addition to keeping your property safe for tenants, they can retain or even boost your property's value.
Hire a Residential Property Management Company
Charging fair rents, screening tenants thoroughly, and maintaining your property are all crucial residential property management practices. They can help you attract qualified renters, keep your best tenants, and maintain your property's habitability. However, they require proper planning, and their implementation can be time-consuming.
Luckily, you don't have to do them yourself because our full-service property management company, PMI Heart of Texas, is here to help. We're part of PMI, a national franchise that has served the property management industry for over 20 years and manages over $5 billion in assets.
So, schedule your consultation with us today! We'd love to answer all your questions and give you your free rental analysis.
