Owning a rental property is a profitable business and a good source of income. You should use the correct strategies to make sure that you invite quality and long term tenants. This can be quite difficult if you have another full time job or other personal commitments. Given here are certain tips that will help you ensure maximum tenancy and returns from your rental property:
- Visual appeal: It is imperative to de-clutter the house, beautify it and add amenities to attract potential tenants. You can paint the outer walls and maintain the landscape to improve the curb appeal of the house. You can consider hiring the services of a professional property management company to prepare your house for staging.
- Advertizement: You should reach out to potential tenants by marketing your property through effective mediums like an online listing and local newspaper. You can also advertize your property through licensed real estate agents in your area.
- Screen tenants: You need to check the tenant for credit rating, rental history and criminal record. Once you have done the checks and everything seems satisfactory, the tenant can rent your property. You should try to complete the process as soon as possible to ensure quick tenancy.
- Rental amount: You must determine a competitive monthly rent after researching the rent of similar properties in your location. Quoting too high or low rent can put off most potential tenants.
- Inspect your home: You should ensure that all appliances, plumbing and electrical fixtures are in proper working condition. If the property requires any repairing, it should be done before making the property available for viewing.
- Safety: You should improve the safety features in the property to appeal to a larger audience. Installing fire alarms, changing the locks and smoke detectors can promote the property as a safe living place. You can also equip the kitchen with a fire extinguisher and sprinkler.
- Pet friendly: Many tenants search for a home that is pet friendly. Therefore, by allowing tenants by pets, you can considerably increase your home’s demand in the rental market. You can specify the type of pets allowed and mention these instructions in the rental agreement.
We, at Lone Star Realty & Property Management, Inc., provide property management services in Fort Hood, TX. For more information, you can call us at (254) 699 – 7003.