What in the world is going on with the rental market in Austin Texas?
For about six weeks now things have been slow. At 1836 Property Management we run numbers at a minimum of every Tuesday and cross check showings and pricing for every listing. The problem has been however that the listings aren't moving. Now do more than anyone in town to move our properties and even have agreements with other brokerages that permits their agents to push out our listings, above normal MLS and MLS syndication, we pay a 3rd party to push out our listings on the web to 60 more sites, on and on. Even with all of that, Tuesday's are getting unpleasant. No one likes to deliver bad news or no news.
Now we've noticed that this pattern isn't unique to 1836. Not only are we a member of a forums for property managers, locally and nationally, but we also get feedback from inbound calls. The forums show that all Austin Property Management Companies are having trouble moving their listings right now. Members are sharing their experiences. The inbound calls we're receiving have been even more interesting. We've received more calls in the last 30 days specifically from owners needing our help as they've unable to lease their own listings. We've getting calls from owners at other management companies asking us what is going on. I don't think they're getting the same updates weekly our clients receive.
Either way what in the world is going on? Attached are two pictures that tell the story. One shows the traditional slow down for winter and the summer peak. The other shows something a little unusual. Look at the amount of inventory on the market today vs. the last 12 months. See something abnormal? So do we. New rentals have hit the market and/or others have come on at less than a peak time of the year.
So what's an investor to do? The same thing pilots do when landing a plane. You don't look down, you focus on the end of the runway. Real estate investing is not a get rich quick scheme. It's a long term approach to growing wealth and it works. It's just not fast. This bump is but a small one on a long road and it too shall pass. Hold on and stay focused. The rest will all average out.
For the best property management services in Austin, Texas give us a call or find us online. www.1836propertymanagement.com.