When renting out a property in Killeen, TX, the ultimate goal of all landlords is to earn a significant and consistent profit from their investment. It is important that you use the right techniques to increase the demand for your rental home and live up to the expectations of the tenants.
Given below are some tips that can help you to get maximum returns from your rental home in Killeen:
Rent A Furnished Home
Renting a furnished home can be your best step towards securing a higher rent from the tenants. A lot of people, particularly students, short term renters and those who have recently moved to the city, look for furnished properties that are ready to move in. Having quality beds, sofas, dining room furniture, lighting, bathroom fittings etc. can seem to be appealing for the potential tenants. While furnishing the property, make sure you choose a modern and minimalist decor instead of going by your personal choices. This will make the property attractive to a broader pool of tenants.
Provide Some Additional Amenities
Besides the basic furniture and furnishings,you can even consider providing some additional amenities in your rental home. These may include electrical appliances such as refrigerator, cooking range, microwave, washer, dryer etc. If you have a patio or lawn, you can furnish these areas as well to create a comfortable seating area for the tenants or a place to host outdoor parties. Spacious wardrobes, cabinets, kitchen shelves, fenced yard, garage, security systems etc. are some other amenities that can increase the value of your rental home.
Invest In Home Improvement
Before showing your property to the potential tenants, it is advisable to invest in the necessary maintenance and repair tasks. Replace the rusty door knobs and handles as well as burnt out light bulbs. Mow the lawn, remove weed, trim overgrown bushes, clean the driveway and plant blossoming flowers to give an inviting look to the property. Look for any issues in the roof, basement and attic area as they may lead to major problems in the long run. You can also consider repainting the house if required. However, ensure that you invest in only those improvement tasks that can potentially increase the rental value of the home.
Install Energy Efficient Fixtures
You should focus on making your rental property energy efficient. Install advanced electrical fixtures and appliances that consume less electricity and help to reduce your utility bills. You can even invest in solar panels to further save on energy consumption. Making this initial investment will indirectly help you to retain tenants for a longer time and avoid the expenses of advertizing the property as well as finding new occupants again.
Allow Pets In Your Rental Home
Considering the shortage of pet friendly rental homes in Killeen, TX, it is a wise idea to allow tenants to bring their furry companions along. Renting to pet owners may decrease vacancy cycles as they are likely to stay for a longer period to avoid the hassles of moving and searching for another pet-friendly home. They may even be willing to pay a higher rent in return for a comfortable abode for their pet. If you are concerned about the damage that it may cause to your property, you can charge a security deposit and set guidelines about the type/number of pets allowed.
Increase Rent Strategically
Although setting a rent higher than the average market price may lower the demand for your home, keeping it the same for years can affect your revenue. You must follow a strategic approach so that you do not overcharge from the tenants and maximize your profit at the same time. The terms and conditions should be mentioned in the lease agreement, clarifying the time period and percentage with which the rent will be increased.
We, at John Reider Properties, can help you to get the maximum returns from your rental home in Killeen, TX. Our agents will guide you on the most effective strategies to set your property apart from the rest. For more information, you can call us at (254) 699 - 8300.