How long does it take to rent a home in Austin, TX?
Our typical marketing time is 1-3 weeks. Time of year, type of property, and asking price all have significant influences on marketing time. Our average marketing time (from the day listed to a signed lease) has been 16 days, compared to the Austin MLS average of 24 days. Assuming a rental rate of $1500/mo, those 8 fewer days of marketing time saves you $400. We lease your home quicker, saving you money!
How do you determine the rental price for my property?
We complete a Comprehensive Market Analysis (CMA) of the rental value of your home before listing. Existing inventory, age of the home, size, number of bedrooms and bathrooms, condition, and schools all have an impact on the rent you can get for your property.
We closely monitor traffic and the competition when your home is for lease. If it is vacant and we have not received an application after 2 weeks, we will generally lower the asking price by $25/mo. Let’s look at a hypothetical house that we have listed for $1400/mo. After 2 weeks of vacancy, you have lost $700 in potential rent. $25/mo less in rent will cost you only $400/year in lost rent. Minimizing vacancy is the key to financial success in rental properties.
Will my property be vacant between tenants?
Depends. Great, answer, I know. We usually list properties for lease while the departing tenant is still in place, approximately 20-30 days before the end of the existing lease. It is possible, and does happen occasionally, that one tenant moves out on the 31st and a new one moves in on the 1st. We will only hold a property vacant for a new tenant for 14 days.
How long does a lease usually last?
Sorry, this is another ‘Depends’ question. The answer is as short as 1 year, as long as 9 years (in our current portfolio, that is). The average that we suggest investors budget for is a turnover every 2 years. We do everything possible to minimize turnover, as turnover and related make-ready, marketing and vacancy expenses are the largest cash-flow killers.
Who will rent my home? And can I have a say in who it is rented to?
Anyone that is qualified (more on that later), and No. We comply with all Federal, State and Local Fair Housing Laws and Guidelines. One of the many things that you hire a professional property manager for is to know all those regulations so that you don’t have to. Owner involvement in tenant selection slows down the process (remember, we want to minimize vacancies!) and opens up the process for (real or imagined) Fair Housing or Discrimination complaints.
How do you screen tenants? What qualifications are you looking for?
Our tenant qualification criteria is posted here. In a nutshell, we are checking for 1) income, 2) rental/ownership history, 3) credit history, and 4) criminal record. Occasionally, tenants may be deficient in one area, which may be compensated for with a larger security deposit or co-signer.
Who holds on to the security deposit?
Hendricks Real Estate maintains all security deposits and other owner & tenant monies in a separate Trust Account, as dictated by TX Property Code and the TX Real Estate Commission. The funds are held in a local, FDIC insured bank.
How much do you charge?
There are 3 fees, and only 3, that most owners will see from Hendricks Real Estate: 1) a monthly management fee (% of rent income that is collected); 2) a leasing commission for placing a new tenant; and 3) renewal fee for renewing an existing lease. Fee amounts depend on the size of your portfolio and type(s) of properties you have. Contact us today for an exact quote.
How often do you inspect the home?
We have several ways to assess the condition of your home. Our trusted contractors, whom we have been working with for years, are our best eyes and ears. We get reports back on any condition that causes concern when a contractor is in your home. At a minimum, that is once per year, for an annual HVAC maintenance service.
Before a renewal is offered to an existing tenant, we complete an interior and exterior inspection of the property. Condition of the home will have a factor in the renewal process.
Lastly, we are always out and about in our market. Exterior drive-bys are completed frequently. The exterior condition is usually a decent indicator of how the interior is being maintained. If we see something that concerns us on the outside, an interior inspection will be completed.
How and when do I get my money?
Owner statements and direct deposits are sent out on about the 10th of each month (can vary +/- a day based on holiday schedule, day of the week, etc). We collect rent from the tenants, deduct the management fee and any invoices that had to be paid for work completed, and direct deposit the balance to your bank account. You receive an emailed statement showing all transactions on your account for the month. If you wish to access copies of actual invoices or more detail, you can log in to the owner portal at any time.
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