Company Update
I'm excited to announce that Gamze Bouffartiguez has achieved the Texas Residential Leasing Specialist designation! She is now one of 391 agents in the State of Texas that has this designation, with four of those agents here at Rollingwood Management. You can read more about this designation here on our website. Gamze’s continual hunger for education to better her craft is a core part of our philosophy and approach to our trade. Don't be surprised if there's another designation or certification soon!
Congrats Gamze!
ACH Regulatory Changes
As of March 20th, the governing agency for ACH payments (how we pay you and our vendors) has made changes to enhance fraud prevention and improve fund recovery. One of these changes is that if the name on your bank account doesn't exactly match the name we have on file, the delivery of your funds could be delayed until the bank completes secondary verification, or those funds could be fully returned to us. More than likely, this won't impact you. However, if we receive notice from our bank regarding an issue with your ACH Payment, we will reach out to you next week to update our records. We are prepared to process payments again to any impacted clients on Friday, April 24th, as long as we receive updated banking information by Thursday, the 23rd.
If you haven't received your funds today, and don't receive anything by the end of the day Monday, the 20th, please contact your property manager to let them know. If you don't hear from us and receive your funds as normal, this hasn't impacted you!
Thank you for your understanding and cooperation as we handle navigating you through the ever-changing world of bank regulations.
Market Statement for Rentals:
As we head into the start of the summer rental season, we are seeing rental rates stabilize in line with seasonal trends. March showed average rates for three bedrooms only $50 below last year's averages at this time, averaging $2250 vs. $2300 last year. That's a good sign, as the 2024 to 2025 average difference was over $100. This points to a stabilization of rates in the market, which I believe is primarily driven by the decline in new inventory entering the local market.
Market Statement for Sales with Mike Minns of Atlas Realty:
With the uncertainty and turbidity in the economy at the moment, which looks to continue for the near future, now is the time to hold onto your properties if you don't absolutely need to sell. If you do need to sell, there are buyers looking for condition-appropriately priced homes, but those buyers are rare and looking for bargains. On the flip side, if you're in a position to buy, now could be a good time to "buy in the dip".
The core reason for the market's uncertainty right now is the Iran conflict. Concerns over rising oil and fertilizer prices, due to the shutdown of the Strait of Hormuz, may lead to increasing inflation. Don't expect things to calm down immediately if it opens up, due to the damage to core infrastructure. Mortgage rates rose over the last week, bouncing back slightly but staying below a 6.5% national average, and we probably won't see another Fed rate cut this year.
~ Mike Minns // Atlas Realty
**Thank you for your continued trust, relationships, and business.
Christopher M. Francis // Owner
Rollingwood Management, Inc.
See your team members here: https://rollingwoodmanagement.com/management-team