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Its Expensive Hiring the Wrong Austin Property Management Company

 

Vantage Residential Equity was recently hired to clean up a mess that another Austin Texas Property Management Company had allowed to occur. I took over a property whereby the tenants had not paid rent in several months. I had to go through the eviction process. I went through the proper channels and followed the legal process. I also notified the tenants that things are about to change real fast and that if they wanted to save face at this point, to simply move. They chose not to do so. It will take an additional month to go through the eviction process.

The costs for not properly screening the tenants and not being on top of the situation.

3 months rent: 1100$x3: $3300

Austin JP costs:$201, Writ of possession: $165. Total Cost: $367

The cost of my crew to remove items from the house at $45 per hour times 2 people. It will be a 4 hour job easily. $360

I know that the make ready will not be cheap either. I know that it will need a paint job and a big time cleaning.  There will be holes to be patched too. I noticed that one of the windows was busted out. A rough estimate will be close to $2500 because the place was in shambles. I am hoping that the carpet won’t have to be replaced. $2500

Once the make ready is done then I will have to lease it out. Lets say that it takes a month to lease out then its another $1100.

The leasing fee is 100% of one month’s rent at $1100 of which I will pay the tenant rep if there is one. $1100. Our job is to screen that tenant and get the best possible tenant for that property.

Total cost is $8,727.

Interestingly, as I was sitting there waiting for my turn to present the case to the Austin Justice of the Peace I heard a very interesting case about an eviction regarding a short-term rental situation. It seems that the tenant was using the space for an Airbnb. The property manager forgot to send a notice to vacate using certified mail. The case was dismissed. It cost the owner money. Not smart.

It’s Imperative to Hire the Right Austin Property Management Company

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