Making You Feel At Home For More Than 40 years!
Lonestar Realty
1020 W JASPER DR
KILLEEN, TX 76542
Telephone: (254) 699-7003
wwww.lonestarrealty.net/

Ways To Maximize Your Rental Income

Rental property is a great form of investment. Your rental income is directly proportionate to the condition of your property. In order to maximize income from your rental property, you will have to uplift its appearance. This will attract tenants who are willing to pay the desired amount. Also the area in which the property is situated is important, as you will have to prep it up according to the unique demands of the people there. 

If the property is situated near a college, your clients would probably be students so the house should be practical for them. The same rule applies to property in a residential area. It will attract people with families so you will have to cater to the requirements accordingly.

Here are some tips on how to maximize rental income:

A Touch-Up - Your tenants would love a property that looks well taken care of. A fresh lick of paint, upgraded kitchen countertops, and thorough cleaning etc. are enough to boost the prospects for your property. When the property is well maintained, it will help you cut down on the repair costs. Consequently, if you spend less on maintenance, your rental income will automatically go up.

Long-Term Tenants - Keeping your property filled for a long time is great for your pocket. You must somehow encourage your tenants to stay for longer terms. Offer them a referral code for your satellite TV or free Wi-Fi. Happy tenants are more likely to stay longer. A long-term tenant means less vacant property which translates into steady income.

Location - If you are looking for property to invest in for rental purposes, it would be helpful to do some research and look for a place that is buzzing with activity. There should be schools, markets, provision for basic amenities and transportation facilities. Tenants are usually interested in property, which adds to their convenience and are ready to pay a good amount of rent for that.

Online Reviews - Online reviews are an unbiased platform to know what tenants think of your property and what they expect. Feedback from any source is valuable to gain better insights.

In-Unit Laundry - Most tenants prefer property with an in-unit laundry facility. Consider adding a coin operated laundry system, it is definitely worth the investment.

For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 W Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699 – 7003.


Tips To Upgrade Your Rental Home

When you rent out a home, you need to follow the terms and conditions of the lease strictly. Generally, the agreement does not allow you to make major structural changes; but you can surely remodel your living space. Add the personal touch to make your rented apartment feel like home. Here we have listed some pocket-friendly tips to revamp your rental home -

  • De-Clutter - Remove all unnecessary items to make your rental home look spick and span. The key areas of your house should be organized and not have unwanted miscellaneous items lying all around. One can always donate things that are no longer required or in use.
  • Lighten It Up - Replace the shabby lightening fixtures and install portable table lamps to brighten up your home. Add chic lanterns or fairy lights along the staircase and doorway to give it a fresh look altogether.
  • Upgrade The Décor – Revamp your home with new curtains and rugs to add value to it. Also change over the worn out carpets. Try experimenting with the décor, because you never know what clicks off instantly and helps you turn your dull and drab rental home into a new upgraded version of itself.
  • Change The Furniture – It is often a good idea to change your furniture for a better and improved look of your home. Buy the furniture that suits your personality, but make sure that your room does not look congested and overstuffed with furniture items. Buy second hand furniture if you wish to refurbish your home without shelling out dollars.
  • Clean Around – Try to keep the home clean and spotless to let your home puff in. Clean up the dusty layers that sprawl up on your furniture and windows. Do not forget to clean the attic and garage as well as to mow the lawn.
  • Let The Air In – Open up all windows and relatively less used spaces. Letting in some natural fresh air can literally breathe in life to your home.
  • Close To Nature – There is nothing better than placing plants and flowerpots on your windows to add the natural aesthetic value to your house. Place in bunch of flowers in a vase to decorate your living room. Highly beautiful, budget friendly and free oxygen, what more could we ask for!
  • DIY Projects – Let the artist in you make and create DIY items. Create modular shelfs, customized wall hangings etc. to add in style and utility.
  • Use Empty Spaces – Do not stray away the odd corners of the house as they have huge potential to be utilized. You can build shelves, display your art or place a plant in the left out corner. The space under the staircase can be used for storage or as small reading station for your kid.

Nevertheless, you can follow these simple yet efficient tips to accentuate the overall look of your rental home without irking your landlord.

Tips To Create The Perfect Rental Home Inventory

An inventory is a list of all items in the rental property along with their exact condition. The inventory is sometimes also referred to as “schedule of condition”. Landlord’s inventories are essential to check for any damage caused during the tenancy period. Not only this, an inventory also comes in handy in case you need to make an insurance claim for property damage due to fire, flood etc.

It is best to understand the renter’s perspective and note down the problem areas in the inventory before they move in. Consider spending some money in undertaking the requisite repair and upgradation work. Make a positive impact so that when potential renters come in to view your property for the first time, they get attracted towards it immediately.

Some simple tips and suggestions can help you create the perfect rental home inventory. Read on:

  • List all the items: Note down the items present in your property and also mention their present condition. It is imperative to jot down the condition of not only the movable items but also the non-movable ones such as floors, walls, doors, windows etc.
  • Click lots of pictures: Take photographs of your rental home items as this will help you to compare the condition at the end of the tenancy period. You can even go a step ahead and make video inventories as they are a more reliable proof.
  • Describe ‘wear and tear’: Since you will have tenants come over to reside in your property, it is bound to experience wear and tear. For instance, the paint may fade, appliances may be used,, carpets may become dull and so on. Therefore, you need to clearly mention in the inventory list the extent of wear and tear that is acceptable. This will avoid any disagreement with the tenants later on.
  • Get a third-party witness: Having a third-party witness for your inventory can make it even more reliable. You may have a professional real estate agent or an inventory conductor as the witness. This will be of great help to support your inventory once the tenancy period comes to an end.
  • Get it duly signed: An inventory is an important document like the lease agreement. So, it needs to be duly signed by you, the tenant and third-party witness as well. Without signatures the inventory does not hold any relevance in the eyes of the law.

For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 W Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699 – 7003.

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