What a difference a decade makes. Not only has the U.S. housing market recovered from the Great Recession, but in some cities, housing prices now top the 2005-06 peak. Developers are racing to bring new apartments online. Nationwide, apartment construction is at its highest level in 20 years.For perspective: between 1997 and 2006, annual apartment completions averaged 212,740 units. In 2017, apartment completions were expected to top 346,310 units, a staggering 21% increase compared to the year before, according to Yardi Matrix.Most of this growth is happening in large coastal cities, from Boston to Miami, Seattle to San Francisco.The San Diego-Carlsbad, CA region added 4,668 new apartment units in 2017. This puts the region just 150 units shy of cracking the top 20 metros in the U.S. for new apartment supply last year. ().There’s reason to believe San Diego is set to catch up. San Diego apartment deliveries hit a high in 2017, with a noticeable spike towards the end of the year. An estimated 2,800 rental units were expected to come online in Q4 alone – the strongest quarter for delivery volume since at least 2001. Nearly half of these units are located in downtown San Diego.What’s more, these numbers only reflect the units that were actually delivered last year. San Diego is experiencing a surge in multifamily construction, as vacancies continue to drop and developers try to cash in on a strong economy and growing population. Throughout San Diego County, an estimated 11,000 additional units are still under construction. Outside of downtown (), the most prominent submarkets for new construction are Mission Valley (), North Country () and the South I-15 Corridor ().Notable multifamily projects include One Paseo in Carmel Valley (), Phase II of Pinnacle on the Park in East Village (), and Hanover Mission Gorge in Grantville () which actually just began leasing.
One would think that all of this construction would relieve some of the pressure on San Diego’s red-hot rental market. Yet high construction costs, including a lack of developable land, continue to be a barrier for the level of development that’s needed to meet pent-up demand. Historically low vacancy rates, which hover around 3%, will mostly negate the effects of upcoming apartment deliveries.As a result, we expect to see San Diego rents – which reached all-time highs in 2017 – continue to climb this year.The apartment market will continue to flourish, buoyed by the county’s growing innovation economy, tourism, large military presence and some of the most desirable weather in the U.S. Employment is expected to increase another 1.6% this year, with employers on pace to add nearly 24,000 more jobs. This will further strain San Diego’s already tight multifamily market.“There’s a lot to love about San Diego’s apartment market,” says Denia Ray, Mynd Regional Property Manager. “Record rates of absorption, increasing rents, and strong market fundamentals make San Diego a prime target for real estate investors looking for long-term buy and hold opportunities.”Interesting in learning more about the San Diego apartment market? Email me at brian.shields@mynd.co.
If you’re thinking about investing in San Antonio real estate, you need to get to know the market and the opportunities. You need to surround yourself with local experts and industry leaders who can help you make smart business decisions. To be a successful real estate investor in San Diego, you need to be willing to watch and learn.It’s very important to study what other investors have done.Every investor is unique. But, our years of experience have demonstrated that many investors are successful for the same reasons.Today, we’re sharing some of the top reasons that investors are successful in the San Antonio, New Braunfels, and Converse markets. We work with a lot of investors who are enjoying great success while their investment portfolios continue to grow and perform.We’ve found that three things in particular can predict success in people who invest in our local market:
They know their numbers.They treat their rental property like a business.They value professional advice, and leave their property managers alone to do what they do best.
These three things nearly guarantee success. If you’re thinking about investing in a rental property in San Antonio, make sure you are ready to embrace those characteristics.
Working in property management, we have learned that there’s a difference between a landlord and an investor. The challenge of being a landlord is that you’re committed to doing everything yourself. You’re marketing the property and screening residents. You’re managing security deposits and lease agreements. You have to maintain the home and respond to tenant issues and conduct routine inspections. You have to collect rent and figure out what to do if it’s late. You have to know the laws and follow them.There are two limits that you’ll bump up against with every home you self-manage: time and knowledge. You have to make sacrifices elsewhere in your life when you decide to be a landlord and take care of your rental property on your own. You run out of time in the day. If you have two rental properties, managing them on your own might seem completely possible. If they’re low-maintenance and you have great tenants, it’s probably not bad. With 10 or 15 rental homes, however, you’re not going to have enough hours in the day. You will always have one property with a vacancy or a maintenance emergency or a resident who needs to be evicted.Your free time vanishes and your income is no longer passive.You also have to come to terms with the fact that you probably don’t know everything you need to know as a landlord. There are a lot of laws to work with, from federal laws such as the Fair Housing Act to state and local laws like the Texas Property Code. Things are different here than they are two towns over. If you don’t know what the laws are, you can find yourself getting into some expensive legal trouble, and that’s going to hurt you.Move from the mindset of a landlord into the mindset of an investor. This will dramatically increase your odds for success. You’ll start with one property and maybe manage it on your own, and you’re doing fine as a landlord. But, as you begin to buy more properties and think about future investment opportunities, you need to allow a shift in what you’re willing to do yourself and what you’ll hire others to do for you.
Numbers are important when you’re investing in rental property. Sometimes, new investors don’t understand that the numbers indicate whether a deal is good or bad. You have to do this math before you invest, otherwise you could be in for a surprise. For example, maybe you will expect a higher rent than the market will allow. If you hold out thinking that you’ll get your higher rent, the property is going to remain vacant for much longer. Find out where the rent will be before you buy.Your property management company can perform a rental market analysis and let you know the starting point for any investment you’re thinking of making. The market changes from season to season and even from month to month. If you want a certain rental amount and you’re unwilling to be flexible, you might find it difficult to be successful as an investor. You’ll have no rent coming in, and your numbers are not going to look good.Rely on your professionals. Property managers can find you a good resident at a good rental price.At Mynd Property Management, we have the belief that when investors win, we all win. A vacant property isn’t going to make anyone happy. It’s stressful and it’s expensive. Putting the wrong person into the property can be just as bad, so you don’t want to be in a position where you’re feeling desperate for a resident. Just having a resident in your property and paying rent doesn’t automatically mean you’re going to be successful with your investment. A bad resident leads to more problems.To be a successful investor in San Antonio, let your numbers dictate your deal. Put together a smart team of experienced professionals to give you advice, resources, and support. And remember – you’re running a business.If you want to learn more about investing in San Antonio, New Braunfels, or Converse, you can contact us at Mynd Property Management. We’d be happy to help you throughout your entire investment experience.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
We have talked about how investors in our market can succeed, and it’s just as important for real estate investors to know why they might fail when investing in the San Antonio housing market. When you know what can hurt you, it’s easier to avoid. Generally, we have found that investors in San Antonio fail because of one of these reasons:
They become too emotionally involved with the property or their residents.They don’t know or understand their numbers very well.They don’t set or work within the parameters of their investment goals.They get greedy about what they think they should be earning, and they fail to listen to their professional partners.
Let’s talk about how you can avoid falling into one of these traps when you buy a rental property in San Antonio, New Braunfels, Converse, or the surrounding areas.
As professional San Antonio property managers, we want our investors to succeed. When you succeed, we succeed. Our team of experienced professionals do our best to steer investors away from the things that will lead to failure. Many new investors will have an idea of what they should be doing, but those ideas are often not predicated upon a specific outcome or goal.Perhaps you have an idea of what type of resident will live in your home, and you’ll unknowingly violate a fair housing law during the screening process. Or, you might decide what you want the property to earn every month, even if the market doesn’t support that number. Maybe your property needs a lot of work but you don’t have the money to fix up the property.Everything you do should start from a solid and strategic investment goal. That goal needs to have specific numbers attached to it that make sense for what you need and expect to earn.When you have goals in place, you’ll know whether you’re looking for a property that needs work or a property that’s move-in ready. You’ll have a realistic timeframe for what you need to do and how the scope of work is planned.
New investors will sometimes dive head-first into a deal because someone told them it’s a great house or a good price. Those things may be true, but does it make a good rental property? Will you be able to attract residents quickly? Will ongoing maintenance be required? Some investors learn too late that they have to make a lot of repairs to a property before it’s habitable and ready for the rental market.Making renovations isn’t necessarily bad; but, if it’s not part of your investment goals, you may not have planned on the extra time and expense. A low price tag means nothing if you have to wait three months to rent the property out and spend thousands of dollars to bring it up to code.Another major mistake that investors might make is deciding to rent the property out even if work still needs to be done. This will lead to failure because you’ll be summoned by the resident over and over again to take care of repairs and maintenance. That resident is going to lose trust very quickly, and the entire rental experience will be stressful for everyone.There is a formula for success, and if you’re working with an experienced property management company in San Antonio, your property managers will share that formula with you. The formula is pretty simple:
Find the property.Make sure the property matches your investment goals.Have a good product before you put it on the rental market.Market and advertise your property widely to the right people.Keep your expectations realistic.
If you can follow that formula, you can avoid failure.Surround yourself with professionals before you buy the investment. Owners who want to rent a property for more than the San Antonio rental market demands usually did not consult with a property manager before making the purchase. They often set a price based on their mortgage payment or the amount of cash flow they want to achieve. The market changes from season to season and year to year. What you saw homes renting for last summer may not be the same as what they are renting for this winter.Put your rental property in the hands of a qualified team that can help you reach your investment goals.At Mynd Property Management, we provide a comprehensive market analysis to our investors before they buy and rent out a home. Having a current analysis is very important to your success.
It’s easy for investors to get emotionally attached to their properties, especially if they lived in the home themselves. Some people rent out the house they grew up in or they have a home they’ve inherited from a family member. It’s hard not to be sentimental because there’s an emotional value there.You have to let go and see the bigger picture. Once you rent out the property, it becomes a business.Treating it like a business means avoiding fair housing discrimination, understanding the requirements of the Texas property code, and working through the different regulations for service and emotional support animals. A lot of laws protect your residents, and not a lot of landlords know them. That can lead to instant failure.Hiring a professional San Antonio property management company is the right thing to do. It protects you from failure.If you’re interested in avoiding the common mistakes that San Antonio investors make, please contact us at Mynd Property Management. We’d love to help you succeed.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
The San Antonio rental market has long been a desirable place for investors who want to earn both cash flow and long-term returns on their investments. As its popularity has grown, some of the areas around San Antonio have also attracted the attention of investors and homebuyers. One of those areas is New Braunfels, which is about half an hour northeast of San Antonio. Today, we’re talking to real estate investors about why buying rental property in New Braunfels is such a great idea.
There are a lot of investment opportunities in New Braunfels at the moment. The area has become extremely popular recently, which has led to a lot of new construction. The demand for high quality, well-maintained housing is high, giving investors an opportunity to access some great deals and a large and qualified pool of potential residents.People are moving to New Braunfels because it allows them to live close to the city without actually being in the city. Recently a huge water park has been built, and there’s a university and plenty of commuters who have an easy time getting to and from San Antonio from their homes here.
San Antonio will always be an opportune place to buy investment property. When you’re looking at your overall portfolio, choosing a community just outside the city is wise. There’s a lot of traffic in San Antonio, and as people move outward from the city, they’ll be looking for great properties. The growth in the New Braunfels economy has been organic and steady.Get ahead of the curve now, while the economy and the population are still growing.In a few years, the investment opportunities we’re currently seeing in New Braunfels may not exist. The housing market is really surrounding the entire area and contributing to its growth. But, it’s also a response to the increasing population and the interest that’s been shown in the area.
There are a handful of colleges and universities in San Antonio, and it’s easy to study there and live in New Braunfels. There’s also Howard Payne University, which is right here in the community. There’s not a big city feel, but it’s easy to access all the conveniences and opportunities that are found in San Antonio.Military bases are also found throughout the area, especially San Antonio. Members of the military are often stationed with their families, and they prefer to live on the outskirts of San Antonio and not in the city itself. New Braunfels is an ideal place for military residents to find housing. It’s a huge area for them, and you’ll find that active-duty military members make great residents.There’s a lot more we’d love to tell you about investing in New Braunfels, Converse, and other communities that surround the greater San Antonio real estate market. If you want to learn more about how to invest successfully here, please contact us at Mynd Property Management.We also have other opportunities to connect with us and learn more about investing in New Braunfels and San Antonio. You can visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
When you’re investing in real estate, you’re looking at a number of factors in any market that will tell you whether buying a rental home there will help you reach your investment goals. Some people like to invest in large cities and others prefer smaller suburbs. One of the considerations that often escapes the attention of investors is what a military presence can do for a community. San Antonio has a large military presence, with several different bases. This has an effect on an investment portfolio, and today we’re discussing the benefits of owning a San Antonio rental property in a military town.
In San Antonio, there are four military bases that cover both the army and the air force. This helps our rental market and our economy stay stable. As an investor, you’ll find that many of your prospective residents are working at one of the military bases. This is a huge positive for your leasing strategy; it delivers a good pool of residents who pay rent on time and take care of your property. They have excellent rental histories. This population of people are also quick to understand rules, procedures, and regulations – so following the terms of the lease agreement is rarely an issue.Military families are stable residents, and unless they receive orders elsewhere, they can be counted on to continue renewing their lease agreements and staying in place for the long term.
A military town usually contributes to a strong economy, but even military bases shut down, and when they do, it can be devastating to the local economy and the real estate market in that city. Luckily, San Antonio has four military bases, so that means if one base should shut down, there are still several others keeping the industry and economy afloat. Investors should be careful of investing in markets where there’s only one industry fueling the entire economic system. It’s hard to ride out the storm of that industry failing. San Antonio and its military presence can protect investors against that risk.When we talk about military operations in a community, we also have to think about the benefit of attracting additional residents. In San Antonio, many family members move into the area in order to be close to the people they know working at the bases.Investors in San Antonio should know that people who were once stationed at one of the military bases here often stay here even after they’re out of the military. Their children grew up in San Antonio and their families created a home here. It’s not the type of city that people spend a little time in and then they leave and never come back. It’s a stable city and when people live here, they tend to fall in love with it. Not a lot of people relocate out of San Antonio if they don’t have to.
There’s also a thriving tourism industry in San Antonio, and combining that with the strong military economy makes this a great market for investors. There’s a lot of money moving in here, contributing to higher property values and better rents.New investors can benefit from what San Antonio has to offer. There’s a beautiful River Walk area and a Six Flags. People enjoy exploring the Natural Caverns. A lot of companies move their workers here, and military members who rent here attract friends and family members who visit. Once they visit, they tend to think about staying. This contributes to constant growth within and around San Antonio. Investors have a stable and logical long-term rental market.To learn more about investing in San Antonio and the benefits of the city’s many military residents, please contact us at Mynd Property Management. We would be happy to talk to you more about the opportunities here, and share some of our professional management strategies with you.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
Every rental property comes with maintenance and repairs. When you’re renting out a home, you have to expect that there will be both routine and emergency maintenance issues to take care of. Smart investors plan for these things ahead of time and create a budget and a preventative maintenance plan. The most common maintenance issues are different from region to region, and the hot climate here definitely impacts how you must maintain your rental property. Today, we’re discussing the top three things that will cost you money when you own a rental property in San Antonio.
The first and most common repair that rental property owners in San Antonio will have to make pertains to the air conditioning unit and the entire HVAC system. This is due to the climate in San Antonio, which is hot and humid. The air conditioning in your property will run almost all year long. South Texas is not known for its comfortable summers, and the heat is only made worse when things get windy and dusty.In this type of environment, the air conditioning at your rental property is not only going to run for longer; it’s also going to run with more force. You’ll need a powerful cooling system that can reliably run all day long.To prevent costs from being higher than average, we have some recommendations.
You can prevent huge costs by making periodic filter changes. This is usually the responsibility of your resident, so make sure they understand how frequently to change the air filters and what types of filters they need. It’s not a bad idea to send reminders every month, or you can even have them delivered to the property.
Another great idea is to have a semi-annual cleaning and servicing of the air conditioning and HVAC unit. This will help you maintain the system and you’ll also know if there are any issues that might cause problems in the next month, year, or even five years. Get a contract in place with a reliable HVAC technician who can help. We recommend that our investors schedule an inspection and cleaning in April or May and then again before the winter season. It cuts down on problems and emergency expenses.
A little prevention is key to saving money, maintaining your system, and keeping your tenants cool throughout the hottest days.
The second major maintenance expense you can expect when you invest in San Antonio is irrigation. Your sprinkler systems will work almost as hard as your air conditioning systems. With the heat and the dry season, your sprinklers in the yard work hard. Residents and owners both like to keep their grass nice and green, so sprinklers are going on a regular basis.Make sure you’re maintaining the irrigation and checking on how it’s performing. Otherwise, you can waste a lot of water or see your entire system deteriorate before it should.Check on your irrigation system seasonally. In the summer it’s typically always running, but when it gets cold, you don’t want the pipes to freeze and crack or burst. In Texas, that can be an issue. Make sure there is no water left inside the irrigation system when cooler temperatures approach.Your preventative maintenance plans will help you take care of your irrigation system and your sprinklers as well.
Flush the sprinklers at the end of the watering season.Make sure there isn’t any water inside the system when winter approaches.Check the sprinklers periodically to make sure they’re not frozen or damaged.
Roofs can also be a major expense, and it’s another area where a bit of prevention will save you a lot of money and hassle in the future. The heat takes a toll on your roof. The unwavering sunshine also wears the surface down. With shingle roofs, the heavy rains that we can get in San Antonio are often damaging. Sometimes we have high winds and hail. Weather in San Antonio is often intense. Thunderstorms and even tropical storms are not out of the question. Make sure your roof is ready for extreme weather as well as general wear and tear.Have your roof checked by a professional roofer on a regular basis. If there’s a minor repair, make sure you fix it so you don’t end up having to replace your entire roof. Trim away any tree branches that might be compromising your roof, and clean out your gutters. You don’t want to give water or debris an opportunity to enter your property. Water can be devastating for a rental property, and you don’t want to find out that you’ve had an intrusion after it’s too late and you’re cleaning up mold and rot.As you can see, the three main expenses for any San Antonio investor preparing a maintenance budget are air conditioning, irrigation, and roofs. This should help you prepare for what you’ll have to spend to protect the condition of your San Antonio investment property. Remember that preventative measures save you money and create a habitable, well-maintained home for your resident.Maintaining your property is like having a car. You have to rotate the tires and change the oil. Check the on and off switches, and don’t assume things won’t break. You need to be proactive and preventative. Get ahead of things and be financially aware of the things that can happen.If you have any questions about protecting your investment property in San Antonio, New Braunfels, or Converse, please contact us at Mynd Property Management. We have much more to share with you.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
Today, we are discussing maintenance emergencies in your San Antonio rental property and how you should respond. If you don’t have a plan in place already to respond to emergencies, we suggest you create a policy and a procedure that will help you effectively and efficiently handle these things. Your prompt response is important for two reasons:
It protects the condition and the future of your investment property.It keeps your tenants protected and feeling secure.
We’ll tell you what we do at Mynd Property Management, and we’ll offer some advice on how to get a handle on this yourself if you’re managing a rental property on your own.
When a light bulb burns out, that’s not exactly an emergency.The first thing you need to do is establish some boundaries and expectations about what constitutes an emergency and what doesn’t. At Mynd, we notify our residents about emergency procedures and the definition of an emergency before they even move in. We want to avoid any emergency calls that aren’t actually emergencies.Every repair issue is unpleasant. A toilet that doesn’t flush in one bathroom is a huge inconvenience, but if there’s another working toilet in the house, it’s not an emergency. Make sure you and your residents are on the same page about emergencies. You don’t need your residents calling and texting at all hours for things that you simply won’t be able to respond to right away.If the house is on fire or there’s a major leak that’s causing water to flood the home, those are obviously emergencies. Be clear and specific with your residents. Put the information in writing in your lease agreement, of course. But, it’s also worth it to have a discussion with your residents so they understand what you’re saying and how you define an emergency.
At Mynd, when an emergency occurs and our resident reports us, we immediately determine what needs to be done first. Our team handles the situation from start to finish, and while we’re taking care of things, we notify the property owner.You need to be responsive, and you need to have a procedure in place. If you don’t already have a process in writing, you need to create one.The most important thing you can do is stop the emergency as soon as possible. This starts by educating your residents. If the house is flooding, you don’t want those residents waiting for you to come over while the water rises. You want to make sure your resident knows how to shut off the water.When you’re thinking about maintenance emergencies at your rental property, you want to make sure you’re prepared for them before they happen. Does your resident know where the shut-off valve is for the water? Do your residents know where the gas line is, and how to shut it down? These are things you can show them with pictures and instructions in your lease agreement or through an orientation process when they’re moving in.Every rental property owner is afraid they’re going to get that call at 2:00 a.m. that something’s wrong. If you do get that call, you want your residents to be capable and prepared. Then, you can step in and take the necessary actions.Above all, make sure the rental home is safe and habitable.
In San Antonio, the Texas Property Code determines what is and is not an emergency. If you aren’t familiar with the Texas Property Code, you should really educate yourself on it. Renting out a property in San Antonio or anywhere in Texas is nearly impossible if you don’t understand the requirements and responsibilities in this law. Each state and city will have its own requirements, but for us, the Texas Property Code helps us establish the legal definition of what an emergency is.Following the legal definition of an emergency is not negotiable, and your standards and procedures need to follow the legal guidelines. There’s also good customer service. When you’re providing a great rental experience for your residents and you’re focused on retaining those good residents for the long term, you want to fix something right away whether it’s an emergency or not. Don’t leave things for too long because you’ll cause further damage to your property and you’ll have a frustrated resident who is not having their needs met.Responding to maintenance emergencies with good customer service in mind is important. At Mynd, we will notify our residents of our plan and let them know what they should do. We’ll guide them through any actions that they need to take right away, and then we’ll assure them that the first available vendor will be at the property to completely take care of the issue.Know the law and respond appropriately. Make sure you’re communicating well with your residents and have an established and written definition in place so they know what an emergency really looks like.This can get complicated, so if you’re in doubt about the legal requirements of maintenance emergencies or you’re not sure you have the time and resources to respond to an emergency at your rental home, you need to consider working with a San Antonio property management company.We’d be happy to help. Contact us at Mynd Property Management if you have any questions about emergency maintenance repairs in San Antonio or surrounding areas like New Braunfels, Converse, and neighboring communities.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
When you’re looking for a professional San Antonio property management company, you have to know what they are supposed to do for you before you begin interviewing various companies. Today, we’re talking about some of the things that your San Antonio property management company should do for you, your residents, and your rental properties.
A great management company will help you find good investment properties. When you’re looking for a rental home in San Antonio, New Braunfels, Converse, or any of the surrounding areas, you should be able to count on a management company to show you what’s available and make some recommendations on what you might want to buy. Not all management companies do this, but those with a passion for real estate and a real knowledge of the local market will want to help you build your investment portfolio.
When you have a rental property and you’re ready to start looking for residents, you should expect your property manager to ensure that property is in good shape and ready for the rental market. It’s never a good idea to list your home before it’s ready. If you do this, your vacancy time will be longer and you’ll have a problem attracting great residents.At Mynd, we do a thorough walk-through inspection and make some notes about everything that the house might need before we begin showing it to prospective residents. It’s important to maximize your rental income, and the best way to do that is by providing a property that’s both attractive and functional. You’ll also have fewer things to worry about when you do have people moving in. You don’t want to be called out for maintenance issues as soon as a resident moves in.
Another important function of your property management is resident screening. There should be a consistent and documented process in place that ensures the best and most qualified applicant is moving into your home.When you have a good resident in your home, you save yourself a lot of stress later. Many investors don’t realize that the screening process is one of the most critical parts of the leasing process. It’s always going to work out better for you when experienced professionals are handling the screening.You want your property managers to check employment and verify income. Make sure you are renting to someone who can afford the rent. There need to be standards in place to determine whether an applicant is a good fit for your rental home.In addition to employment and income, a property manager will check credit history and rental history. When you find a well-qualified resident, you know you won’t have to worry about late rent payments, potential evictions, and large expenses to repair damaged property after they move out. Good residents will pay on time and take care of your home and follow the expectations in the lease agreement. Good property managers know how to find and screen for those residents.Many investors don’t realize the perils involved in a screening process that isn’t legally compliant and well-documented. There are fair housing and discrimination issues involved every time you receive an application and screen a potential resident. You need to know how to handle the regulations in the Fair Credit Reporting Act. You need to understand the difference between an emotional support animal and a service animal and a therapy animal. Different laws apply to each category, and none of those categories are considered pets.You can get into serious trouble if you don’t know the fair housing protected classes. It’s very easy to make an expensive mistake when you’re screening applicants. Leave this process in the hands of a qualified property manager, and make sure they have high, well-documented standards for the people they’re moving into your property.
Your property manager can be expected to deal directly with residents and respond to their complaints and requests. If your resident stops paying rent or is consistently late with rent or you notice that they are violating the lease in some way, your property manager will know how to handle the situation. You don’t have to worry about chasing down late rent or filing an eviction. With a good property manager on your team, you won’t have to worry about any of it.Eviction is serious and something that almost every rental property owner dreads and fears. At Mynd, we have an entire eviction team that handles all of the notices, court forms, and the whole legal process for you. That’s what you want in a property management company; someone who won’t delay the process. You don’t want to spend any more time and money trying to get your property back.When you’re a San Antonio investor looking for a management company, the most important thing you want to look for is competent, professional experience. You want to make sure your property is being run as a business. The company you hire is a huge piece of the puzzle. Your property manager should be on your team as a major operating system and the foundation of your whole business model. It’s vital for your success as an investor, and it’s how you scale and grow.Don’t settle for anything less when you’re looking for San Antonio property management.If you want to learn more about how we can help you manage your San Antonio rental home or an investment in New Braunfels or Converse or other local markets, contact us at Mynd Property Management.We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
If you’re looking for a new rental property in San Antonio, New Braunfels, Converse, or the surrounding areas, you have a lot of options. Perhaps you’re looking for a single-family home in a great neighborhood and a good school district. Or, you might want a modern loft space that’s downtown. Whatever you’re looking for, you’ll have more success when you take advantage of the resources and tools of a professional San Antonio property management company.Today, we’re talking to residents. We want to help you find the best rental property in San Antonio, and we have some ideas on how to do that.
Most residents are seeking and finding their next home online. Start your search by visiting websites. A lot of San Antonio property management companies maintain a listing of available rentals. At Mynd Property Management, we have a list on our website that’s intuitive and easy to navigate. You can go to our website and look at what we have available. From there, you can search based on the rental amount, the size, the neighborhood, and several other filters. You’ll see everything we have available in the San Antonio area, and you can schedule a showing or ask additional questions.Beyond our own website, there are several other popular rental sites you can visit. Some of the well-known sites include Zillow, Trulia, HotPads, and Zumper. On these sites, you can search for rental homes, take video tours, and get in touch with property managers and landlords. You can also set up alerts so that you get notified any time a new listing that matches your search criteria shows up.
Everyone who begins a search for their next home usually has a list of the things they want and the things they need. Maybe you want a four-bedroom home with a yard and outdoor space as well as gorgeous views that’s close to your office, but your budget prevents all of the things on that list. Prioritize what you really need and want, and balance that against your budget.The budget is really the most important factor when you’re looking for a home. You don’t want to rent something that you can’t afford. Be realistic in what you can spend, and focus all your energies on finding a home that you love in that price range.You also want to make sure you’ll meet the rental criteria for the home you hope to rent. Most landlords and property managers will have documented and consistent rental criteria that has to be met before they approve an application. Always ask what the income standards are before you apply.In addition to budget, you have to think about location.Location is important because you want to be close to school or work or any of the places that you go on a daily basis. You might find a place that you love, but if it’s an hour away from where your work is, you might spend extra money and time getting there and back every day. That’s going to impact your quality of life and your budget.Don’t just choose a property because the price is right. You don’t want to be too far away from your kids at school and you don’t want to have a miserable commute.Think about location and price, and then work down your wish list when you’re looking for a rental home in San Antonio. Make sure you can financially support the property and that there’s a great San Antonio property management company in place to ensure you have a great rental experience.If you want to find out what we have available, reach out to one of our leasing agents. Contact us at Mynd Property Management, and we’ll do everything we can to help you find a great rental property.
Signing a lease can be exciting. It means you’ve finally found a new home to rent in San Antonio, and you’re ready to move in. That’s great news, but there are some important questions that you need to ask before you sign the lease. Understanding exactly what your responsibilities are is important, and you want to make sure the rental property and the landlord or property manager are able to meet your expectations and requirements.At Mynd Property Management, we believe in open communication and transparent leasing processes. We encourage you to ask all the questions you have before you move into a property. This will eliminate surprises, expenses, and unpleasant situations that you weren’t expecting.Here are some of the things residents in San Antonio should ask and prepare for, whether they’re renting a home with Mynd or with another management company.
If you’re hoping to move in with your furry friend, make sure your pets are permitted and welcomed. You will likely have to pay a pet fee or an extra security deposit. Some homes will require that you pay pet rent. Ask if pets are allowed and make sure you can afford the additional financial requirements of moving in with your animal.
It’s very important that you find out how long the lease term is. Most leases for residential properties in San Antonio are for one year. But, there will occasionally be a lease agreement for nine months or 18 months or something outside of the standard one-year lease. Don’t assume that it’s just a year. Look at the lease and ask the question. You need to know what kind of time period you’re committing to when you sign that lease agreement.
It’s critical that you know how to pay rent. You’ll want to ask how rent is collected, when it is due, and whether there are any late fees when it’s not paid on time. If you’re renting from a San Antonio property management company, you will likely be able to pay rent online. Make sure you understand that system; ask if it’s secure and user-friendly. Find out if there are other acceptable ways to pay rent. Maybe you’ll be required to drop it off in person or send it through the mail.It’s also important to ask about any utilities that are included with the rent. This isn’t very common; most residents are responsible for setting up utility accounts and paying on their own. But, you need to know that. Some multi-family properties may also pay for water or trash and other utilities. You need to be clear about what your responsibilities are before you sign the lease. If you’re in the military, you’ll want to know what the process is if you receive new orders elsewhere and you need to break your lease.
Maintenance processes will be an important part of your lease agreement. Make sure you understand what you’re supposed to do to report both routine maintenance issues and emergencies. Talk to your property manager or landlord about what constitutes an emergency. Make sure you’ll have all the necessary contact information for your landlord or manager, and ask where the water and gas shut-off valves are.You’ll need to know what you’re responsible for in terms of maintenance as well. Your landlord or property manager is responsible for keeping the property habitable, but there’s no need to submit a maintenance request when you have a light bulb that’s burned out.Ask about maintenance fees or service charges. You need to know if you’ll be responsible for any of the maintenance costs and how you will be expected to fix things that you break.Most of this information is likely in your lease agreement, but before it gets that far, you want to find these things out and ask the important questions. You’ll need to be aware of any lease renewal fees before the lease renews, for example. Asking these things up front will provide you with a clear understanding and prevent any unpleasant surprises.Always ask your questions up front so you can decide whether you want to continue with the application, selection, and leasing process. You don’t want to have your important questions answered after you’re already renting the property and living there.If you have any questions about how to rent a property in San Antonio or you need help finding the right home, please contact us at Mynd Property Management. We’d love to be your resource.
