How Much Money Should You Charge For Rent?

By Vestpro Residential Services

HOUSTON – As longtime Houston Texas property managers, one of the most common questions that we’ve seen every single owner have after they’ve purchased a rental property in the Houston area, or elsewhere across the United States is: what should I rent my property for?

The answer to this question depends on who you ask but, thankfully determining the right amount to rent for your Houston Texas rental property is a lot easier than you think especially if you follow these simple steps.

#1 – What Does Your Houston Texas Rental Property Offer?

The first thing that you need to do when determining what to charge for rent is to think about all of the features and amenities that your Houston Texas rental property has to offer a typical renter.

Some of the features and amenities that your rental property might offer a typical renter could include:

  1. Your rental is located in a quiet neighborhood.
  2. It’s close to the University.
  3. Offers more storage space because it has a garage, attic or basement.
  4. It’s located near the best restaurants, bars, shops or stores.
  5. Your rental property is close to public transportation like: trains and buses.
  6. Your Houston Texas rental property is located in a walkable neighborhood, meaning that anything that a typical renter could want is within easy walking distance.

#2 – What Is The “Ballpark” Rent In Houston Right Now?

Depending on when you’re reading this article, that Houston Texas rental market could either have gone way up, or it’s gone down, depending upon economic conditions, job gains or losses and the state of the global economy.

This is why it’s important to establish a ballpark rent for the Houston Texas rental market right now that includes the average high rent, and average low rent for single-family homes, condos and townhomes in the Houston area.

Now you’re probably asking “how in the world am I going to determine the ballpark rents for an average Houston Texas rental right now?” I’m not a property manager. The answer to this question is a lot easier than you thought, to determine the average ballpark rent for a property in Houston right now just go online and visit websites like Zillow or rent jungle.

What’s great about websites like Zillow is that they offer you plenty of historical data and also accurate information regarding the rental market so you know what your property may have rented for in the past and what it should be renting for right now because the goal is to always rent your property for what it’s worth right now.

#3 – What Do Comparable Properties Have To Offer?

Last of all, but most important, think like a renter and take at least one day to visit comparable rental properties in the area and find out what those properties offer.

Do they offer the same bedrooms, bathrooms and square footage that your property offers? Do they have plenty of amenities like a hot tub, on-site fitness center, dog run or laundry area?

After taking the time to come up with a ballpark rent for Houston Texas rental properties, analyzing all the features and benefits that your rental property has to offer and visiting comparable properties in the area you should have more than enough information at your fingertips to come up with an accurate rent to charge for your Houston Texas rental property.

Get Houston Texas Property Management

To save time and money with renting your Houston Texans rental property yourself, contact the team of property management experts at Vestpro Residential Services today by clicking here to contact us online or by calling us at (832) 498-0016.

Are Low Oil Prices Affecting Multi-Family Rental Performance In Houston?

By Vestpro Residential Services, LLC

HOUSTON, Texas – Earlier this year the multi-family rental market in Houston was booming as the city remained one of the top relocation destinations in the United States and in spite of low oil prices Houston still continues to remain strong and doesn’t show any sign of slowing down.

Rent Growth Levels Are Increasing

Thanks to recent statistics from Jay Parsons of MPF Research we know that lease renewals have actually increased every month of this year instead of decrease like many people initially thought they would.

As of April 2015 lease over rent growth increased by 6.1% and that’s much higher than the 5.3% lease over rent growth that we saw back in 2011.

Renter retention has also increased for 20 months straight and hasn’t shown any sign of stopping but the big question is why are renters staying put and renewing their leases?

In a recent interview Jay Parsons had this to say about renter retention in 2015: “Renters are increasingly choosing to stay put and renew their leases in spite of rapidly rising rents and historically large levels of new supply, which logic would suggest would be driving down retention. And the fact that retention is still so strong speaks to the depth of demand for apartments and to the absence of any sort of affordability crisis in conventional, investment-grade apartments.”

Grow Your Rental Property Portfolio Now

Another great reason to grow your portfolio of rental properties now is low mortgage interest rates which have continued to remain at 4%, or lower, all year long.

Recent news from Janet Yellen and the Federal Reserve indicates that the Fed most likely will not raise interest rates this year so if you’ve been thinking about adding more properties to your portfolio there’s never been a better time than right now

Get Houston Texas Property Management

Stop managing your rental properties yourself, save time and money with effective Houston Texas Property Management by contacting Vestpro Residential Services today by clicking here, or calling us at (832) 498-0016.

Should You Rent Your Houston Rental Property to a College Student?

Houston Rental Property

By Vestpro Residential Services

As you move forward with the process of buying another Houston Texas Rental Property you will eventually have to ask yourself the question if you should rent your property to a college student or not.

Although some landlords may tell you that it’s not a good idea to rent to a college student the truth is that you can establish a consistent and profitable income stream when you choose to open your Houston Rental up to college students and not just traditional renters.

In this post we will share with you some of the benefits of renting to college students and what else you should know when you start renting to this segment of the rental market.

Benefits of Renting To College Students

Some of the benefits that come from renting to college students include:

Year-Round Occupancy – Since most college students go to school for 4 years they will also will many times want to stay in the same rental property during the time that they are going to college and this means year-round occupancy for the landlord and less turnover.

You Can Charge Premium Rent – Another great benefit of renting to college students is that you can charge premium rent especially the closer your Houston Texas Rental Property is to the university or college, and most tenants won’t have a problem paying premium rent especially if they live with roommates.

Getting Started With Renting To College Students

Before placing an ad online to rent to college students you should do the following:

  1. Create an airtight lease that protects your best interests.
  2. Create strict rules for your property including no fireworks, weapons or drugs in the house and no charcoal grills outside the house.
  3. Always do a complete background check before approving a new college student to rent from you including viewing their credit report because this will only protect your best interests.
  4. Require college students under the age of 21 to have co-signer on their lease just to make sure you will continue to get paid each month even if they don’t pay their rent.

Learn More

To learn more about renting your Houston Texas Rental Property to college students contact Vestpro Residential Services, LLC today by calling us at (832) 498-0016 or click here to connect with us online.

3 Tip for Getting Your Houston Rental Property Ready for fall

By Vestpro Residential Services, LLC

Fall is right around the corner and if you own a Houston Rental Property there’s never been a better time than right now to get your rental property in Houston ready for fall and winter by following these simple tips.

Inspect Air Flow Sources 

Since your tenants will be using their HVAC systems during the fall and winter months now is the best time for you to confirm that your HVAC system is ready for use during cooler weather.

Hire an HVAC maintenance company to have your HVAC unit professionally inspected plus serviced and during this time you should also check other sources of air flow in your home like room fans, vents, dryer vents and baseboard heaters as well.

Another important thing to have done is to have the heat turned up in your rental property to confirm that the heater is working properly plus you should also hire a service technician to check any wall heaters so you can avoid calls from your tenants if heaters are not working after we have the first cold winter days in Houston. 

Clean The Fireplace 

If your rental property has a fireplace you should have it professionally cleaned and tested to insure that your it will function properly for your tenants as well since fireplaces are one of the most common sources for accidents and house fires during the winter.

Check Insulation And Weatherstripping 

Last of all, but most important, you should check the weather and insulation in your Houston Rental Property as well because a properly insulated and sealed home will keep your rental property warm and dry during the winter plus help your tenants to save money on their electrical and gas costs.

download

Get Houston Property Management 

To get started with Houston Property Management contact Vestpro Residential Services, LLC today by clicking here to connect with us online or by calling us at (832) 498-0016.

What Are The Best Investments For You To Make In Your Single Family Houston Rental Property?

By Vestpro Residential Services, LLC

Now is one of the best times for you to remodel your single family Houston Rental Property because mortgage interest rates are still historically low and thanks to recent news it’s likely we will not see a rate increase at all this year.

The big question is what investment should you make in your Houston Rental if you want to increase the value of your property?

Should you add a deck, more closet space, improve the kitchen or have a new roof put on your home?

In this article we will break down some of the best renovations you should consider making to your Houston Rental Property.

What Is The Cost Vs. Value?

During the process of making renovations to your Houston Rental Property one of the biggest things you must ask yourself is what is the cost vs. the value of the renovations or improvements you want to make to your Houston Rental?

Thanks to a recent article by Remodeling Magazine we know that the average return on investment you can expect from major renovations to your rental property.

  • Adding a backyard deck – This improvement will bring you a return of about 80 cents on the dollar.
  • Kitchen remodel – Making a minor kitchen renovation to your home will also bring you a return of about 79 to 80 cents on the dollar.
  • Adding an attic bedroom – One of the smartest investments you can make, this investment will bring you a return of about 77 cents on the dollar as well.

What about Multi-Family Renovations

When making additions or renovations to your multi-family rental properties it’s best to consider making the following renovations:

  • Add wood flooring.
  • Upgrade the kitchen.
  • Improve the interior lighting.

Get Houston Texas Property Management

For effective Houston Texas Property Management contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online. 

What to Look For In a Houston Property Manager

So you’re thinking about hiring a Houston Property Manager to manage your real estate

This is a smart move to make because as your portfolio grows so will all of your management responsibilities and this is why hiring a Houston Property Management company just makes sense.

Before choosing just anyone we will share with you several tips you can use for choosing the right Houston Property Manager.

What to Look For In a Houston Property Management Company:

Tip #1 – Look for a Team

When you choose a Houston Property Management company you should choose an organization that offers you a team instead of one individual because a team will be able to efficiently handle all of the duties required to efficiently manage a rental property including: customer service, maintenance and rent collection.

Tip #2 – Look for Experience

The Houston Property Manager you choose should be experienced in all forms of property management and provide you with verifiable references from satisfied owner clients and happy tenants they have managed over the years.

Tip #3 – Look for Growth

The right Houston Texas Property Management company you choose should also show signs of growth in their company by having acquired new clients over the last 24 months and they should also show signs of growth when it comes to the systems they use to manage their company.

Tip #4 – Look for Efficiency

Last of all, but most important, when you choose a Houston Property Manager you should choose a company that offers the most efficient online and offline tools possible for finding, qualifying and keeping tenants so you can continue to enjoy long term cash flow from your Houston Rental Property without having regular vacancies.

Get a Houston Property Manager Now

To get started with a Houston Property Manager contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.

Click here to like us on Facebook!

4 Tips for Successful Houston Texas Real Estate Investing

Are you thinking about getting started with investing in Houston Texas Real Estate?

Now is the right time to start investing in rental properties thanks to high demand for rentals and low mortgage interest rates nationwide.

Everyone from Robert Kiyosaki to Warren Buffet are advocates for Real Estate investing thanks to the steady cash flow you receive from your rental properties each month and the wide variety of other benefits which come from owning rentals like tax deductions and equity.

To get you started with Real Estate investing right here are our 4 tips for successful Houston Texas Real Estate investing.

Tip #1 – Continue Your Houston Texas Real Estate Education

This tip is vital to follow because once you stop learning about Real Estate investing you won’t continue to see the same success that you’re enjoying when you’re learning about Real Estate investing.

Establish a set daily time for studying and following what other Real Estate investors are doing so you can stay ahead of other investors and even find great deals no matter what shape the economy is in.

Tip #2 – Establish Goals For Acquiring Houston Texas Real Estate

Once you get started in Houston Texas Real Estate investing don’t get satisfied with just one property, set clear goals for yourself on how many properties you want to buy so your net worth will grow every year.

For example: one of your goals could be to save $20,000 and use that profit from your rental property to use as a down payment on one new Houston Texas Rental each year.

Tip #3 – Don’t Start Speculating

Although the market may be up, or down, NEVER speculate on where you think it’s going to go or speculate on what your short term gain will be if you purchase a new rental property in Houston Texas now.

Always use wisdom backed up by hard data when you’re investing because these are the two things which will ultimately contribute to your long term success as an investor.

Tip #4 – Make Cash Flow Your Primary Goal

When investing in a Houston Texas Rental property your primary question should be “what is the cash flow I will get from this property” because cash flow is king and also the key to your success if you’re trying to build cash flow for your retirement.

Get Houston Texas Property Management

For more information on how to get started with Houston Texas Real Estate Investing, or to get a property management quote, contact Vestpro Residential Services today by calling us at (832) 498-0016.

Rental Market News – Rents Show No Sign of Letting Up

images

By Vestpro Residential Services, LLC

HOUSTON – Thanks to the recent rental market news from the U.S. Labor Department we know that rents continued to increase by 3.5% year-over-year in the month of May 2015.

Rent is without a doubt one of the biggest costs consumers nationwide have to pay while food prices have also risen by 1.6 percent as well during the same period of time but one interesting thing to report is that clothing costs have decreased by 1.5 percent.

What Does This Mean To You?

One of the good things about the current economy is that after the recent havoc the economy has seen in the China and United States most economists and investors are predicting we’re not going to see an increase in mortgage interest rates this year and what’s shocking is that we could even see them lowered to 0 percent.

These factors mean that NOW is a great time for you to buy a rental property in Houston or elsewhere across the United States if you’ve been thinking about adding property to your portfolio.

How to Get Started With Buying Rental Property

To get started with buying rental property in Houston Texas or elsewhere across the United States make sure you do the following:

  1. Know what type of rental property you are searching for (example – 3 bedrooms, 2 bathrooms or 1,200 square feet). This step is important because knowing your ideal rental property will keep you from buying a more expensive rental because it has better features.
  2. Establish your budget and know the costs – This step is vital because it’s easy to go over budget when buying rental property and you will quickly realize that you can’t charge enough rent to cover your costs.

Learn More

To learn more rental market news, or to speak with us about our property management services contact us today by calling (832) 498-0016 or click here to contact us online.

Follow us

Houston Texas Rental Property Management Tips

 

By Vestpro Residential Services, LLC

HOUSTON – Tenant retention is one of the keys to success when it comes to owning Houston Texas Rental Property because if you don’t build great relationships with your tenants they will look elsewhere for rental properties when their leases are up for renewal.

One of the best things you can do build great relationships with your renters is learn to not automatically say no to them anytime they come to you with a special request.

In today’s post we will offer you four solutions for dealing with tenant requests.

#1 – Offer Clear Solutions for Dealing with Conflict

Instead of just saying no to every tenant request its best to take the time to hear what the tenant has to say, ask for documentation supporting their request, then provide them with a timeframe for when they can expect an answer from you.

#2 – Don’t Over promise Then Under Deliver

Over the years one of the biggest problems we’ve seen people who own Houston Texas Rental Property make is over promising and under delivering on their responses.

For example: Let’s say that the roof needs to be replaced on your rental property and it was leaking during the last rain storm.

Instead of telling your tenant that you’re going to replace the roof fast you should give them a time frame for when they can expect it to be replaced so you can have more than enough time to contact roofing contractors and ask for bids.

#3 – Develop Standard Responses to Tenant Questions

As you purchase more Houston Texas Rental Property over the years it’s inevitable that you’re going to face the same questions from tenants on more than one occasion.

To save you the time and hassle of answering these questions you should develop standard responses then print a question and answer form for tenants when they move in or you should consider creating a website to point your tenants to for answers BEFORE they contact you.

Get Houston Texas Property Management

Save the time, money and hassle of managing your Houston Texas Rental Properties yourself, contact Vestpro Residential Services, LLC today by calling us at (832) 498-0016 or click here to connect with us through our website.

 

Click here to follow us on Facebook!

4 Tips for Dealing with Houston Texas Renters

 

By Vestpro Residential Services, LLC

HOUSTON – You finally were able to purchase your first rental property and are getting ready to rent it out but the big question remains, are you ready to deal with Houston Texas Renters?

In this post we will share with you 4 tips you can use for dealing with Houston Texas Renters.

Tip 1 – Always Be Attentive

Anytime you speak with your tenants over the phone, email or in person, it’s always important to be attentive to what your tenants are really saying so you can do your part to resolve problems or provide them with assurance that you will deal with issues when they occur.

Tip 2 – Stay Positive

When you are in the presence of your tenants always stay positive and never let them know about other problems you may be dealing with in the moment because your attitude with them will also affect their desire to continue renting from you once their lease is due for renewal.

Tip 3 – Do Your Best to Be Personable

If your tenant calls you at 6:00 am in the morning or 6:00 pm at night it’s important for you to always be personable with them because one wrong word or action from you could motivate your tenant to move out and you could lose money because of your actions.

Tip 4 – Stay Calm

Regardless if you are dealing with problems big or small you should always stay calm when dealing with your tenants so they know that they can call you with any issue regarding your rental property rather than leave problems for months at a time or try to resolve issues themselves.

Contact Vestpro Residential Services, LLC

For more information on how to successfully deal with Houston Texas Renters, or to speak with us about our property management services, contact Vestpro Residential Services, LLC today by CLICKING HERE or calling us at (832) 498-0016.