Maximizing rental property income in Austin, Texas can be a challenging and rewarding endeavor for Landlords. As one of the fastest-growing cities in the United States, Austin is becoming increasingly popular with renters. Landlords can benefit from taking the right steps to maximize their rental income. Here are four ways to maximize rental property income in Austin, Texas:
Research the Local Rental Market
Identifying the right rental rates for your living space is key to maximizing rental income. Before listing your property on the market, research comparable listings to determine what the market will bear. Additionally, keep up to date on changing rental rates as they can fluctuate over time.
If you aren’t sure how much your property is worth in rent you can do a comparative analysis on your property vs others like it. We offer a free CMA service for landlords interested in renting their homes.
Request your free rental market analysis for your rental property in Austin, Texas.
Properly Market Your Home to Renters
Utilize online platforms such as Facebook, Craigslist, Zillow, and Trulia to advertise your rental property. These platforms are great resources to reach a wide range of potential renters and generate interest in your property. This is all great advice for self-managing owners and you’ll need to work with each platform to get your property visible on their sites.
If you decide to work with a property management company in Austin, they should have membership status with the Austin Board of Realtors. When they list your property on this MLS system, it is syndicated to every real estate website imaginable. This gives your property way more impressions online from potential renters and helps in reducing the time it takes to lease your home.
Invest in Property Maintenance and Upgrades
Investing in maintenance and upgrades can increase the value of your property. Focus on improving curb appeal and addressing any aesthetic issues first. Additionally, consider upgrading appliances and adding amenities such as a washer/dryer or a dishwasher.
In Austin, Texas, your rental property is but a fish in a sea of rental properties. Tenants do have options, depending on price, and more than likely you are competing with other properties for renters. By investing in maintenance and taking care of your Austin, TX rental property you can help increase the attractiveness of your property and help find renters who value quality.
Use an Austin Property Management Company
Consider utilizing the services of a professional property management company in Austin. Property management companies can be invaluable in managing tenant inquiries, collecting rent payments, and overseeing property maintenance and repairs. Everyone dreams of being a landlord until they receive emergency calls at 3 AM. By having the team and depth of an Austin property management company behind you as the owner, you ensure you're covered in all facets of being a landlord in Austin, Texas. Your property will meet Texas property code requirements, your leases will be official documentation from the Texas Association of Realtors, a maintenance team will be ready to service your property in the event of any emergency, and you’ll enjoy peace of mind that you have boots on the ground working for you as the Owner.
Learn more about the services you should expect from an Austin property management company and how they help you find structure and success in being a landlord!
By following these four tips, landlords in Austin, Texas can maximize their rental income and reap the rewards of owning a rental property. With the right strategy and planning, landlords can enjoy a successful rental experience in the vibrant city of Austin, Texas.
Take the first step toward success with your Austin, Texas rental home, and contact Stone Oak Property Management.
Interested in purchasing a rental home in Austin? Review the best areas of Austin, Texas to purchase a rental home.
