A number of homeowners are turning into landlords by renting out their properties. It not only helps them keep their additional property occupied and maintained, but also generate a consistent income. If you are planning to rent out your home, there are a lot of factors that must be considered in order to streamline the entire process.
Here are some tips that can help to rent your home:
- Be prepared to handle the responsibility: Being a landlord is an obligation that you should be prepared to handle. Though it comes with a lot of monetary benefits, you also have certain responsibilities such as maintaining the house, carrying out required repairs, collecting rent and ensuring that the tenants are living comfortably in the rental home.
- Prepare the house: In order to attract the attention of potential tenants, you need to stage your house efficiently. You should clean the house thoroughly, fix any leaking fixtures, repair the electrical appliances and make sure that proper safety features are installed. To boost the demand of the house, you can consider adding certain desirable amenities such as washer, dryer, central air conditioning, garage etc.
- Advertize the house: You need to market your house effectively for maximum exposure in the rental market. You can post advertizements in the local newspaper, credible websites or other reliable sources. By marketing your property in the right manner, you can increase your chances of attaining occupancy in a much lesser time.
- Hire professionals: Professional real estate agents are well-versed with the laws and procedures of renting. They can help to streamline the entire process and increase returns from your rental property. They will assist you with property marketing, tenant screening, lease preparation etc.
- Determine rent amount: You must set a competitive rent amount for your property. Check out the rent quoted by similar properties in your locality or surrounding areas. Overpricing or underpricing your rental home can drive off many potential tenants.
- Screen the tenants cautiously: Before you rent out the house, make sure you screen the tenants and check their background. Get in touch with their employer or previous landlords to get a better idea about their temperament and conduct. You should also verify their credit history to ensure that they will be able to pay the rent on time,
If you are planning to rent your home in Killeen, TX, contact Lone Star Realty & Property Management, Inc. at (254) 699 – 7003 or visit our office at 1020 W Jasper Dr, Killeen, TX 76542.