Renting out your home in Killeen, TX is only a part of a successful real estate business. You need to keep the property well-maintained to ensure a consistent flow of income and make your renting experience hassle-free as well as profitable. Knowing how to effectively advertize your rental property and avoid tenant turnover is the key to be a successful landlord. Apart from these, you should also follow certain tips to successfully management your rental home in Killeen. Some of these have been discussed below:
Keep Up With Property Maintenance
As a landlord, your responsibility does not end simply by renting your home. You need to make sure that the tenants are not facing any sort of problems and are able to live comfortably throughout the duration of the lease. For this, you should regularly inspect the rental home to identify anything that needs to be repaired. Also, if a tenant submits a maintenance request, you should be proactive in attending to the same.
Be Cautious While Screening Tenants
Finding the right people to rent your home is also a crucial aspect of managing your property. Make sure the tenants you select are responsible and trustworthy. Conduct a thorough background check, income and credit rating verification on each applicant. Get in touch with the tenant’s employer and previous landlord to know about his general conduct as well as any history of eviction. Make sure you follow the fair housing laws while screening tenants and do not discriminate them on the basis of race, sex, ethnicity, disability etc.
Get Landlord Insurance
Getting landlord insurance is important to protect your investment property from unforeseen damages. It covers the repair costs in case your rental home’s structure is damaged due to fire, water pipe burst, hailstorm, vandalism, riots etc. Discuss your requirements with the insurance agent to select the right type of policy for your rental home in Killeen.
Outsource Property Management
If you live outside Killeen or have other full time accountabilities, it is best to hire a property manager. He will perform all tasks on your behalf, such as marketing the rental property, screening tenants, performing repair work, collecting rents etc. The property manager will also keep you updated about all the financial transactions related to your rental home.
For complete property management services for your rental home in Killeen, TX, get in touch with Lone Star Realty & Property Management, Inc. We can be contacted at (254) 699 – 7003.