Austin Property Management Blog

If you’re in the business of renting out property, you know there are some hard parts to it. You can’t put a finger on it without running into a difficult tenant or two at some point. Sure, most renters will likely act responsibly and treat the property with care. Still, as a landlord, you’ll face situations that require more careful handling. It pays to have a handle on what makes a tenant a problem so you can put your foot down where you need to and keep your investment safe. Of course, you have to do it by the book and in line with local regulations. Here are some common tenant issues and some ways to deal with them.

Key Takeaways

• You can often prevent bigger issues later by spotting tenant red flags early in the rental process.
• A well-drafted lease makes it clear what’s expected and leaves little room for miscommunication.
• If you want to keep things in order, you have to be consistent with the rules.
• Always keep written records, since proper documentation can help protect you if a disagreement or legal dispute ever happens.
• Don’t rush through the screening process, since carefully vetting tenants is one of the best ways to reduce potential problems later on.

1. The Chronic Late Payer

Few things stress you out more than late rent payments, especially when they start affecting cash flow and monthly expenses. You&r...

For most people who rent their homes, the most upsetting unexpected crisis is when their rental property sustains accidental damage or requires large-scale repairs, forcing them to move out temporarily. Not only will you be overwhelmed and scrambling to find a temporary place to stay, but you will also inevitably wonder who should bear the extra costs incurred during this period.

Many people will think of renters insurance, but this type of insurance only covers part of living expenses in limited scenarios, and eligibility for compensation usually depends on the root cause of the damage. So, does renters insurance actually cover displacement? Here's what tenants should know about how this type of coverage typically works and when it may apply.

Key Takeaways

• Standard renters insurance policies typically include personal property coverage, liability protection, and additional living expenses (ALE) coverage.
• Displacement happens when a rental property becomes temporarily unlivable due to a covered situation, making it unsafe or unsuitable to stay in.
• ALE coverage may help cover temporary housing and other extra living costs while repairs are being completed.
• Coverage usually only applies when the displacement is caused by a covered event, such as certain types of fire or storm damage.
• Not every situation qualifies for coverage, which is why reviewing your renters insurance policy car...

Building a real estate portfolio is one of the most reliable ways to build your long-term wealth, create additional income, and strengthen your financial security. However, success isn’t simply about owning several properties. What's important is building a collection of properties that generate consistent income, align with your long-term goals, and support future growth.

However, just wanting a portfolio isn't enough. You’ll need to plan carefully, make clever choices, and be consistent over a period of time. Everything from deciding what you want your investment to do for you, to improving how each property does, will affect how things turn out in the long run. We’re going to look at 10 useful tips for developing a property portfolio with more assurance and in a more focused way.

Key Takeaways

• Clear investment goals guide better decision-making.
• Starting small helps reduce risk and build experience.
• Financing strategy plays a major role in portfolio growth.
• Cash flow and ROI are critical for long-term success.
• Due diligence helps you avoid costly mistakes.
• Diversification protects against market risks.

1. Define Your Investment Goals

First, you need to decide what you want your investments to actually achieve. Are you after a regular amount of money each month from rent, will the property grow in value over...

Market Update

The conditions haven't changed in a significant manner, so there is not much to report.  The overall sentiment is that we're in a buyer's market as we continue to come down from a strong seller's market during the Covid pandemic coupled with extremely low interest rates.   We don't know how long the market will take to normalize or if we've touched bottom, and there are many factors that can influence the overall trend.  Ultimately, our goal is to keep your property occupied, which we've mentioned may require incentives during vacancies and/or aggressive pricing in some areas.  There is a lot of competition for tenants, so concessions for renewals can be helpful.  If a turnover is in the cards, then approaching it with realistic expectations can be helpful in minimizing turnover costs and vacancy. 

4th of Jul...