As a landlord, you have certain responsibilities and duties towards your rental property. You not only need to prepare your home but also find trustable tenants. Collecting rent, advertizing and maintaining the property are other important tasks which should be done efficiently.
Let’s take a look at some tips which can help you to manage your property in a better way:
Prepare the property
When you are planning to rent out your property, it is important to first prepare it. The house should be clean and have all the necessary repairs done. Make sure all the appliances are working properly. You can consider furnishing the house in case you plan to rent out to students or young executives.
Once you are done preparing and staging the house, you can advertize it through various online property listings. Make sure your advertizement contains important details such as rent, location, occupancy, amenities included and high quality pictures of your rental home. Remember to include your name, contact number and email address so that people can easily reach you. You can also schedule a meeting for the prospective tenants to visit your property.
Interview the tenants
Inquire about their employment, income, previous tenancy records, reason for moving in etc. You should also ask if they have any pets or wish to keep one in the future. This will help you decide if they are a suitable choice for your rental property. Clarify all your doubts and maintain complete transparency to ensure a smooth tenancy period.
Take the tour
During the property visit, walk along with the tenants and highlight the important features of the house. However, make sure you do not go overboard and allow the tenants to evaluate the house freely. If they point out any repairs required, ascertain them to get them done before the date of move-in.
Follow the legal procedures
The landlord should know about all the legal formalities that are required to complete the renting process. A clear lease agreement should be framed that states all the important terms and conditions to be followed by both the parties. It should also include name of the tenant, number of people moving in and their names, if they have pets or not, the duration of tenancy, amount of rent and security deposit.
Collect the rent
Rent collection is one of the most complex tasks for a landlord. He should be very clear with the date of rent deposit and the modes of payment available. In case the tenant repeatedly delays paying the rent or pays in fragments, the landlord has the legal right to take strict action. To avoid this, you can also provide the facility to pay the rent online. This can ensure timely payments by the tenant.
Inspect the house
You should conduct regular inspection to make sure the property is well taken care of. (You can consider clicking photos of the property before renting it. This will helps to draw comparison during inspections. Make sure you follow the tenant privacy and inform them before dropping in at the property.
You should be updated with the market price and set the rent price accordingly. Charging a higher rent compared to the local rates can make you lose valuable tenants. In case you wish to increase the rent, make sure you go through the legislations and make changes accordingly.
A good landlord should be responsive to the calls and needs of the tenants. Make sure you address their maintenance and repair requests in a timely manner. You should have all the required contacts such as plumbers, electricians, roofers and other technicians to resolve the issues faced by the tenants.
Hire a property manager
In case you live far away from the rental home, own multiple properties or lack time and experiences of being a landlord, you can consider hiring a property manager. He can help you to save time and carry out all the required tasks with efficiency.
We, at John Reider Properties, offer comprehensive property management services in Harker Heights, TX. For more information, you can call (254) 699 – 8300 or visit 455 E. Central Texas Expwy Suite 101, Harker Heights, TX 76548.