The decision of renting a property may be difficult one for owners but all said and done it’s a profitable proposition. Owners not only make money with their property but also add to its value. Renting out a property is not an easy job to begin with. Before renting a house and being dubbed a landlord, there are a lot of factors one must consider. Some important tips for successfully renting out your house are given below:
- The local state rules and regulations should be reviewed carefully, since every state has its own set of laws for landlords and tenants. Some basics clauses to understand include the number of people you can rent to, who is responsible for taking care of the damages of the house, limitations on rental increase if any and so on.
- Before renting your house prepare a rental budget for getting maximum profit. The rental charges must cover up the recurring expenses of the property like the mortgage payment and property taxes as well as unusual expenses like furnace replacement, flood damage etc. Make an estimate of the expenses that will be spent on maintenance of the house. Compare these expenses with the estimated rentals and then fix the appropriate rent. Also compare the rental charge of other similar properties and make sure that the rent is equivalent to the market rate.
- Using the services of a property management company would be advantageous. They will help the landlords by providing emergency repair services, collecting rent and cleaning vacant units. Hiring a property management company will keep you from any worries regarding your rented property. The expenses of a property management company can be added to the rental budget.
- Advertise the property in the "Houses for Rent" sections of the local newspapers. This will help the homeowners to find people who are looking for a property on rent. An advertisement on the local online sales website would also be beneficial. This must include the house features and rental rate. Also reveal that from when the property will be available for rent. Along with that also give a deadline for the rental applications in order to get an appropriate tenant after reviewing the applications thoroughly.
- Once the tenant is selected prepare a rental contract, which has its basis on the state rental laws. The contract will include the tenants’ rights, the notice amount that they will have to pay the landlord when they want to leave the house and what are they required to do in case of any repairs of the property.
For more information, visit us at Lone Star Realty & Property Management Inc. We are located at 1020 W Jasper Dr, Killeen, TX 76542.
In the real estate market today, buying or selling a home on your own is a tedious task. You may lack time and enough market knowledge and in the end if you are able to find a deal, you may not be probably satisfied with that. Therefore, it is strongly recommended that you hire a professional with an expertise in the real estate market. The real estate professional called realtor will firstly list your property on a Multiple Listing Service (MLS), which is important whenever dealing in any property.
A Multiple Listing Service or MLS is a comprehensive collection of private databases that is organized for a convenient access by several real estate agents. They agree to share their listings with each other to track willing and able buyers for properties, easily and quickly. This system is very advantageous for both the home buyers and sellers as it consists of entire information about the property on sale. The numerous features are determined by the realtors who have a complete know-how about that local marketplace.
Prior to the Multiple Listing Services, the property buyers had no other choice than to work with various companies for getting acknowledged with the available properties. With the MLS systems the buyers need not to work with different companies. The real estate agent who is subscribed within MLS has an access to the various properties in the list. On hiring such an agent, the buyer will be provided with full information about every listed property.
With the advent of internet, complete scenario of the working of the MLS system has changed. Earlier, only the agents had access to the system and it was only them who could see and control the listings. But now, through Internet it has changed to more of a consumer marketplace. The potential buyers and the agents have almost the same level of knowledge of the available properties.
The National Association of Realtors (NAR) allows only limited listings that can be seen by the property buyers on the MLS consumer website and other websites related to multiple listing services. A lot of potential buyers make use of these websites to view the available properties in the desired area. In spite of that, the buyers have to contact the real estate agents before actually getting involved into the deal with the seller because NAR deliberately withholds some information from the public, that includes the seller contacts and whether a home is vacant.
Are you getting your home ready to sell? If yes, then it would be wise to think of it as a product that is about to enter the market to compete with a range of newly constructed houses. Thus, to make it look better than the rest, the house’s exterior should be worked upon. It should be clutter-free and well kept. Since people lead a very busy life, they would be least interested in handling the major repairs after moving in.
In order to make your house score a “10 on 10”, you need to ensure your house looks fresh, clean and well maintained! The following tips can help you in this regard:
- Fix it first: If any improvement is to be made in the house, do it before you declare your house on sale in the market. After all, no potential buyer would be interested in knowing about your good intentions if he is able to see the defects in the house before the deal is finalized.
- Check your house’s curb appeal:
Let’s begin from outside: How does your house look from the street? This is what the potential buyers will consider when they first see your property. It will form the first impression about your house in their minds.
- Remove any clutter from your yard.
- Repair cracked or uneven driveway or walkway surfaces.
- If it is the right time of year, you can buy some flower-filled planters to enhance the appeal of your property.
- Make sure your lawn is mowed regularly to make it look neat and tidy.
- Make sure all your windows and walls are clean.
- Paint your front door if required.
- Check out the lights. Replace any missing or burned out bulbs.
- Clean fixtures of dirt and cobwebs.
Now, let’s go indoors:
- Get the clutter out of sight and make your buyer see a neat and tidy interior.
- Ensure that carpets are clean and floors are scrubbed and polished.
- The walls must show fresh paint (preferably neutral colors).
- Take a sniff around and make sure there are no unpleasant odors in your home. If so, track them down and eliminate them.
- Ensure all your lights work and are free of cobwebs.
- Make your home look spacious, bright and fresh.
For more tips on selling or renting your house, visit us at Lone Star Realty & Property Management Inc. We are located at 1020 W Jasper Dr, Killeen, TX 76542. You can also call us at (254) 699 – 7003 or (254) 290-4153.
Truly said, an ounce of prevention is worth a pound of cure. Regular maintenance and repairs of a house not only ensures its safety, also enhances its curb appeal and value. It’s important to realize that without proper maintenance, your home could lose up to 10% of its value!
When a property needs maintenance or repair, it must be done in the right manner. That’s the reason why you must choose a property management firm to take care of the maintenance and repair tasks. In addition to other management services such as tenant placement and rent collection, these companies employ in-house maintenance professionals to take care of all your maintenance tasks. They provide consistency and accountability throughout the maintenance tasks. These professionals also get acquainted with your tenants so that they feel more comfortable with their visits in the house, and so do you!
Plus, employing property maintenance people reduces costs that you would have spent by opting for an outside contractor, especially in the case of weekend visits. The home maintenance services provided by property management companies include but are not limited to:
- General repairs
- Painting and decorating
- Jammed garbage disposal
- Monthly filter changing (of air conditioners)
- Assembling furniture
We at Lone Star Realty & Property Management Inc. provide A to Z home maintenance and repair services of residential properties in Fort Hood and Killeen areas of Texas. All you need to do is submit a maintenance request in writing at our office. The form ‘online work order’ has been provided at our website. Once you have submitted the written request, we will assign the work to a local company in your area.
For more information on our property maintenance and repair services, visit our maintenance department at Lone Star Realty & Property Management Inc. We are located at 1020 W Jasper Dr, Killeen, TX 76542. You can also call us at (254) 699 – 7003 or (254) 290-4153.