Renting out your property or the extra space that you have is an excellent way of generating some extra income. Many people consider it as their main source of income and rent out many properties that they own. Though it is a lucrative opportunity, renting comes with its own issues which every landlord needs to deal with. Some of these issues may be unique while others are rather common and faced by everyone. If you can foresee the issues you can deal with them in a prepared and effective manner.
Here are some helpful tips, to help you manage your rental apartments better:
- Delay in rent- The most common problem is that the tenants don't pay their rent on time. There are two things that you can do to solve this issue. Firstly, you can consider charging a late fee for every time the tenant delays their rent and secondly, if they still do not co-operate you can report them to the authorities and they can take the appropriate action.
- Damage to the property: Tenants don’t own the house and therefore their level of upkeep is not as good as it would be with their own place. Broken windows, stained walls and floors, damaged carpets are some of the common issues with rental apartments. You can have a contract signed beforehand regarding the condition of your apartment and then sue them for damages if applicable. It is also advisable to hire a professional care taker to make sure the damage doesn’t happen in the first place.
- Problems related to pets: Many tenants choose to keep their dogs or cats with them and can cause a hassle with the fellow tenants. When tenants come for a visit to look at your home for rent you can discuss your concerns and no pet policy with them. It is always beneficial to discuss such details before signing the contract.
- Complaints: If you have leased your property to more than one party, you are bound to get complaints about water, electricity, noise, cleanliness and you would be expected to take care of the issues. This problem accompanies renting out your apartment to more than one tenant.
You can contact us at Hunter Rentals & Property Management at 1503 W Stan Schlueter Lp, Killeen TX 76549 to manage your rental property. We can be contacted at phone no. (254) 634-3311.
As a homeowner, you might find yourself considering the idea of renting out your townhome. The housing market can have its eccentricities and it might be difficult for you to sell your home straightaway and to get a steady stream of monthly income to take care of your recurring expenses it is advisable to rent out your apartment till you find a suitable buyer. While renting out your townhome there are a few very important points that need to be kept in mind to ensure the safety of your property and to make the process smooth, and productive. Following these tips can help you find the right tenants and make the renting process easier.
Finding Good Tenants
To begin with, you should take advantage of every available medium to advertise your rental townhome and welcome tenants, including online advertisements and forums. Spreading the word through friends and acquaintances can also prove to be helpful. Ask all potential tenants to apply with a specific set of information which enables you to run background checks and find credit records. Have a concrete process in place to find out the viability of all potential tenants before renting out your townhome. You should also check references from previous landlords and confirm employment status.
Determining the Rent
Get a clear idea about the kind of rent that is currently being charged in the rental market by looking through rental ads in newspapers, magazines and on the internet. Hunter Rentals & Property Management can provide you with rental property information and deal with your queries. It is important to be realistic while determining the rent you want to charge otherwise you might end up with disinterested potential tenants. You should make sure your charges are comparable with what other renters are charging for similar kinds of property to ensure you stay in the competition.
Having a Concrete Lease Agreement
A well-made lease contract addresses all the different areas and factors that are involved in a tenancy, and protects your rights and property during renting. Having a clear understanding of the laws in your area and ideally working with a local property management firm in Killeen will help to set up a favorable lease contract for your townhome. You should make sure that the contract covers all important areas like terms and conditions, security deposits, due dates, maintenance, repair rules, behavior and eviction terms.
If you are unsure of what to do or are running into stumbling blocks, you should consider getting the services of a property management firm as this step can be a great help when you are trying to find the right tenants for your rental property.
First-time owners of apartments in Killeen TX are always faced with some doubts when it comes to renting out their properties to prospective tenants. There are so many issues to be taken into consideration; hence the confusion is palpable. But below are certain tips which will definitely help you, if you are a first time landlord. Read on to know how you can make the best property choices when it comes to giving out homes for rent.
- As a landlord, never fall into the trap of believing that earning profit from a rental property is a sprint. The decision to buy a property and renting it out involves setting a timeline before it starts generating profits for you. So be sure about the kind of rental profit that you are looking at and then set a definite timeline wherein you can achieve your goals.
- All rental properties need insurance and in case a tenant moves out, or something goes wrong with the rental unit it will help you cover the expenses. As a norm, the market will allow you to set the rent in a manner that these expenses can be covered on a monthly basis. However, to be doubly sure about how and where the money will come from, you can consult an attorney. He or she can guide you about the legal requirements in your state when it comes to landlords.
- Before a new tenant moves into the house, it always helps as a landlord if you can create a checklist of all things that need to be done. Routine and maintenance repairs, repainting the house are things that prospective tenant looks at. Rules and guidelines for the same may vary from region to region but you can proceed by gathering information about what is expected of landlords in Killeen TX, and how you need to manage and maintain the property before your tenant moves into it.
- When it comes to collection of rent having a contract beforehand always helps. The terms and conditions of the payment, the time when the rent is to be paid and the mode by which payment will be made; all these should be decided early on. Later, if there is any confusion, you can always take help of your legal contract.
- It always pays to be a little choosy when it comes to deciding who you rent out your house to. Colleagues and acquaintances make for excellent renters. If however, you wish to rent out your property to complete strangers, you can always go in for a thorough background check, and then take the final call.