The Austin real estate market attracts a number of investors from out of state and even out of the country. Whether you are already investing in Austin rental homes or you’re thinking about purchasing one to add to your portfolio, there are two things you need to help you succeed as a non-local property owner.
Those two things are local property management and technology.
Find a Local Property Manager
A local property management company is essential for out-of-state investors because you’ll need to rely on your property managers to keep an eye on the property. You won’t be physically close, which means you cannot respond to a sudden water leak and you cannot show the property when it’s vacant. You need someone who can be there physically to manage maintenance work and take care of the move-in process.
You also need the local expertise. If you don’t live in Texas, you might not be familiar with the Texas Property Code. There are several rental property requirements included in the property code, and if your property doesn’t meet them, you could find yourself in a lot of expensive trouble. Your property manager will make sure that your rental home complies with all the necessary requirements.
Local expertise will also be invaluable when pricing your property, marketing the home, and screening tenants. You’ll need someone who can find the right vendors and supervise the turnover process between tenants. Every investor has a lot to gain by working with professional property managers, but when you’re investing from afar, you can’t afford not to hire a local management company to take care of everything from rent collection to lease enforcement and maintenance.
Get Comfortable with Technology
To stay informed and communicate across state lines or time zones, you’ll need to be comfortable with many of the tools that technology has provided. Make sure your property management company provides an online portal where you can check on rental payments, leases, maintenance invoices, and accounting reports. You should be able to log onto your portal from anywhere in the world and have instant information about your rental property.
Rental payments should be made electronically. Your property manager will likely collect rent online from your tenants, and then deposit it into your account within just a day or two. This is extremely helpful for non-local investors because it means you don’t have to worry about a paper check coming in the mail. All of your income and expenses should be tracked with great accounting software, and your tax forms should be easily available when it’s time to file.
Find out how your property managers use technology to market, lease, and manage your home. You can use online portals, instant messengers, and social media platforms to keep in touch with your management company and with your property. It makes owning a rental home in another city efficient and possible.
These are the two most important things you’ll need when you invest in Austin rental properties but you don’t live in Austin. We’d love to tell you about the work we do with non-local investors, so please contact us at AustinVestors Property Management