Are you thinking about how to manage your first rental property in Austin and need some guidance on where to start? Then, you’ve come to the right place.
Investing in real estate, especially in Austin, Texas, can be a smart way to grow your wealth. But how to manage your first rental property in Austin effectively is the key to long-term success and maximizing your return on investment.
That is, of course, if you manage the property well, from start to finish. But, what’s involved in property management in Austin, Texas? We’ll discuss everything you need to know in this article.
Get Good Property Insurance
Everyone knows that if you own your first rental property, you need to protect it with the right property insurance. But, did you know that landlord insurance is different from standard homeowners’ insurance?
Landlord insurance is a special type of policy that protects your property and your investment if you rent it out for income. It protects you in the event that tenants cause damage to your property, in addition to providing you insurance against liability claims and if certain natural disasters happen.
Having the property insurance in place from day one is an essential part of property management. Make sure that your property is protected in the right way with landlord insurance, as unexpected things can happen.
Have a Solid Make-Ready Plan
Running your first rental property takes upfront work to prepare it for renters, as well as ongoing preventative maintenance.
There are multiple steps in the make-ready process, which is why it’s so great to have an experienced rental property management company in Austin on your side. They can ensure that you are taking the necessary steps to meet code compliance items and doing the right things to put your property in the best condition possible for renters.
Having an experienced property management company on your side also means you’ll have expert partners who specialize in certain aspects of the process. This includes make-ready experts, who can suggest the right repairs or upgraded amenities.
In addition to performing necessary upgrades to ensure your rental property is up to par with what else is on the market, you need to make sure that you’re in compliance with all local landlord laws when it comes to external doors and locks, fire alarms and carbon monoxide detectors. Some of these upgrades are recommended, while others are required.
It’s best to keep the property unfurnished before it hits the rental market, that way renters can truly see the space as their own.
Get Quality Tenants
Perhaps the most important factor in managing your first property successfully is finding quality tenants in Austin. Quality tenants will ensure your property is taken care of, and will be more likely to pay their rent on time.
That’s because these tenants have pride in their home, even if they’re renting it. They want to live in a nice place, and they play their role in ensuring it stays that way.
Finding quality tenants in Austin is only possible if you’re providing a quality rental property that tenants will be happy to call home. Once you’ve done that, you need a plan in place for how you can vet prospective tenants properly.
Create a Rental Lease
Once you’ve found quality tenants for your first rental property, it’s time to create your lease agreement. Austin landlord lease agreements must adhere to all the local landlord-tenants laws.
Everything must be in writing, with specific language that will protect you and your investment. If you make even minor mistakes, it can cost you dearly in the long run.
That’s why one of the most important aspects of property management is to invest time and money upfront so you can save yourself in the long run. 1836 Property Management, for example, provides custom lease agreements with proven strategies to gain quality tenants that stay long-term.
Perform General and Preventative Maintenance
Even after your property has been rented and is occupied by tenants, you’ll want to perform general and preventative maintenance. This will protect your rental, ensuring that it lasts a long time, while also keeping your tenants satisfied.
Some of the general maintenance items you’ll want to perform include cleaning and upkeep on HVAC systems, cleaning gutters and cutting the lawn, conducting walk-throughs to check for signs of wear and tear, and much more.
The goal of ongoing and preventative maintenance is to identify potential issues so you can address them before they become major problems. By creating a detailed schedule for this maintenance — including monthly, quarterly and annual things to address — you’ll never let anything slip through the cracks.
Work with an Experienced Austin Property Management Company
A reputable Austin rental property management firm will assist with all aspects of how to manage your first rental property in Austin, from tenant placement to ongoing repairs and compliance. They will help you find tenants and set proper rental prices. Additionally, they market your property, write good leases, do ongoing maintenance and repairs, and much more.
Beyond these services, you also gain expert local advice, guidance, and investment performance. Also, they ensure that you are protected in all facets of property management in Austin. Investing in an experienced partner such as this will ultimately be very beneficial. It will be one of the best investments you can make as a rental property owner.
Partner with 1836 Property Management
If you’re managing your first rental property, it’s important to follow the basic steps outlined above so you can set yourself up for success from the start. One of the most important things you can do as a new rental property owner is to partner with a local property management company. 1836 Property Management is a great example of such a partner.
Our team of local experts has years of experience providing guidance and support. We also offer hands-on management to help real estate investors just like you. We create an extensive property management plan for each client. Our goal is to help them achieve success in the greater Austin area rental market.
For more information, please contact us today.
