Owning rental properties is a dream for many people living in Texas, and for good reason.
You can get passive income for years or decades by buying real estate at reasonable prices and finding quality prospective tenants — and then you can monetize your investment by selling the real estate.
According to one source, pundits aren’t sure what to expect for the real estate market in Texas this year. The Austin Board of Realtors and the Texas Real Estate Research Center believe the market will flatten or dip a bit, and experts at the Texas Real Estate Research Center say factors like global conflict, economic output, and interest rates will impact the market.
So, is it time to get a rental property in Austin, Houston, or anywhere else in Texas in 2024? If you have the resources, the will, and the patience, you can find great deals in any market. Now may be as good a time as any to enter the market or add to your existing portfolio.
Many Texans who purchase real estate investments initially operate it themselves, but many of them decide at some point that hiring property management companies make sense. You can serve as owner/landlord, but there are good reasons to get expert help.
Continue reading to see five signs that hiring property management firms is the right decision.
One reason to retain the services of a certified property manager is to get the help you need, which is especially important if you’re unsure how to manage your rental property. Investment properties aren’t turnkey unless you have the right things in place. You must maintain the property, find good tenants, handle tenant relations, and do many other things.
If your dream of buying a rental property doesn’t include serving as the landlord and maintenance department, you owe it to yourself to explore how a property manager can help. That help can make your rental property a turnkey operation that generates income.
Successful property managers will make owning rental property more enjoyable and less stressful since you won’t have to shoulder landlord duties independently. That’s a great benefit if you’re new to the space and don’t know or understand everything you should be doing.
Another sign you need a professional property manager is if you don’t want to shoulder responsibility for tenant relations. Your tenants are vital. After all, without them, you won’t have monthly rental income. But unless you insist on doing everything yourself, you don’t want to be on call 24/7.
What will you do if a tenant calls at 1 am or 2 am during the height of winter to report that their furnace is short-cycling and not working? If you’re a good landlord, you’ll get out of bed, get on the phone, and have an HVAC technician perform an emergency service call. But do you want to be that hands-on? If not, hire a service provider to serve as landlord.
If you don’t want to deal with those maintenance requests, hire a property management company that offers tenant relations services. The last thing you want or need is for good tenants to leave at the end of their leases and go elsewhere. Yet, that’s what they may do if they don’t appreciate the standard of care or responsiveness. Don’t drop the ball. Get some help.
Real estate value appreciation depends on proper upkeep and repairs. If you’re not keeping up with maintenance and repairs for your rental unit, the chances are the valuation will take a hit. Hiring a real estate property manager will safeguard your investment. The service provider will:
Rental property owners seldom have the contacts and the expertise to find workers and materials at the prices property managers can. So, you can save time and money by getting some help.
The last thing you want is to hand over the keys to tenants who don’t live up to their end of the bargain. Fortunately, Texas is a landlord-friendly state. That means landlords have the upper hand, legally speaking, in matters related to eviction notices and security deposits. But even though Texas’s laws favor landlords over tenants, that doesn’t mean tenants in Texas can’t put you through the proverbial wringer. It can be a stressful ordeal.
A property manager can increase the odds of you getting quality tenants who won’t cause any problems. And even if there are issues down the road, the real estate manager will handle them.
When you retain the services of a property manager, the service provider will screen applicants to find you the best possible tenants. It will do things like the following:
A property manager will find out which applicants are the best candidates and then book in-person interviews to speak to the best candidates. You can rest assured that a property manager is your best option to get suitable clients for your rental unit.
According to one source, 94% of U.S. service professionals spend 50+ hours working every week, and many work on weekends. Imagine working that many hours per week and adding landlord duties on top of that. You’ll feel tethered to your rental property and won’t have a good work-life balance. But hiring a property manager can make things easier and free up some time.
Need a Property Manager? Green Residential Has You Covered
Whether you own a single rental property or a portfolio of multiple properties, Green Residential has you covered. We specialize in helping every property owner to manage their rental units and take good care of their tenants. You don’t have to look any further for Austin property management or Houston property management. For a confidential consultation or to ask any questions, get in touch.
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