No one can know for certain when we’ll be able to get back to “business as usual” but as property investors, it’s important to stay up-to-date on real estate market data in order to protect our investments and remain on course toward our financial goals. That’s why we’ve compiled data from our own portfolio of investment properties here in Austin, Texas, some 1836PM crafted resources for investors, and other highlights from our go-to industry thought leaders.
The statistics from our own portfolio seen below were collected via the software and systems which we’ve integrated over the years and currently have in place to efficiently monitor our clients’ investments. The information below is also indicative and specific to the state of the housing market since the introduction of the global pandemic in early 2020.
*Stats updated quarterly.
Tenant lease leads dropped in January – April of 2022 compared to the same time frame in 2021. This is likely due to an increased number of tenants moving after Covid quarantine measures were lifted in 2021.
A rental property’s condition and price are key factors that affect the number of days the property will remain on the market before it is leased. The investor, landlord, or property manager must ensure that the rental is in that ideal “make-ready” condition before it goes to market. The property must also be priced fairly and on par according to property specifications, location, and market trends.
*Stats updated quarterly.
Condition and price, as always, really determine DOM. 1836PM has been executing and perfecting remote showings for years. Now, we’re executing remote move-ins with the new software and systems we’ve established as well. Three days of vacancy and a sanitation-heavy cleaning process before any new residents move in have also been implemented when sufficient time has not elapsed between residents.
*Stats updated quarterly.
In this video, Matt Leschber, 1836PM Founder, discusses why you must not depend on online tools to evaluate at what price point you should set your rent rates or monetary targets.
To accurately determine what the fair market value is of your property, you will need to have an in-person appraisal, that will actually consider all of the property’s physical elements. Additionally, you need to work with real estate professionals that can help you determine the right rates based on numerous other factors like season, location, nearby attractions and infrastructure, market trends for your area, etc.
Simply put, there are just too many factors to consider when setting the right rental rate that will get you the best tenant while also providing you with a great ROI. Online tools just cannot provide or determine all the necessary elements that are required to do it correctly.
Why it’s Inappropriate to Use Online Valuations to Determine Rent Prices or Targets
4 Reasons Why You Should Let a Professional Property Manager Lease Your Client’s Rental
In this video, Matt Leschber, 1836PM Founder, lists 4 reasons why it’s in your best interest to partner with a professional property management company to help lease your client’s rental.
While yes, you can make a quick couple of hundred dollars by leasing it for your client, there are a number of reasons, both financially and legally, that you should consider when deciding not to.
*Stats updated quarterly.
*View the full 2021 Texas Real Estate Year in Review Report from TexasRealEstate.com.
*View the Full Q1 2022 Texas Quarterly Housing Report from TexasRealEstate.com.
$325,000
up 18.6% compared to same quarter last year.
up 5.6%
88,700 in 2022 Q1
down 8.2%
38,870 in 2022 Q1
1.1
Compared to 1.3 in 2021 Q1
37
10 days less than 2021 Q1
*Including the impact of COVID19 on the local economy.
The industry standard on whether to put a rental property on the market while the current tenant is still living in the property varies largely from one landlord or property manager to another. However, we can say from years of experience, that to give a rental property the best possible chance to get a great new tenant in contract and at the best possible rental rate, the property MUST be vacant and move-in ready.
In this video, Matt Leschber, 1836PM Founder, discusses a few reasons why investors want to take their rental property to market only after it’s vacant and move-in ready, as well as, what NOT to do and what TO do, to get it ready.
Time and again we’ve had excellent success renting rental properties quickly and at a competitive rate, simply by making sure the property is in a condition that you yourself would want your family to live in. If property owners want a great tenant that takes care of their property, investors must do the same. Show those well-intentioned prospective tenants that this property is their next home by making sure it looks and smells great before it goes to market!
Learn about the 9 service standards we hold ourselves accountable to, which enable us to provide better property management services than any other company in Austin, Texas!
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