If you own a duplex that is vacant you should consider renting it out, as the rent will assist you in managing the property and be a source of extra income. However if you are a new landlord, it is crucial that you are knowledgeable about the basics of property management.
Here are some tips to help you rent a duplex in a profitable and hassle free way:
Find a reliable tenant
In order to rent out your duplex successfully, you should find a good tenant. For this, you need to advertise the property and spread the word that your duplex is available for renting out. You should ask all the potential tenants to fill out an application form. Once you get all the applications, screen the tenant’s background and look at their tenancy history. You can even call their previous landlords and check out their employment details to determine their rent payment capabilities. You can evaluate credit reports and conduct research through a credit-reporting agency.
Determine the appropriate rent
You should make sure you charge a competitive rent; otherwise, you will be repelling the right applicants. You should review similar duplexes and check what other owners are charging for similar properties.
Know your rights and have a written agreement
It is important that you understand the tenant and landlord laws of your state, as this will give you clarity on your rights and obligations. You should be aware of the details that need to be included in your lease agreement. If required, you can consult a lawyer to prepare the lease who will ensure that it complies with the rental, fair housing, and tenant and insurance laws. The lease agreement should mention lease term, security deposits, pet policies, and rental due dates. It should also clearly state routine upkeep and maintenance responsibilities.
Get your duplex insured
It is crucial that you get an insurance policy for your duplex. The insurance policy required when renting a house is different than the homeowner’s policy. The policy should cover house’s structure, medical expenses, legal costs and loss of rental income. You should also ensure your tenant gets renters insurance.
Hire a property management firm
You can consider hiring a property management firm that will not only look for a reliable tenant for you but also ensure that your duplex is well maintained. They inspect the duplex regularly and ensure every repair work is handled on time. The staff manages everything from collecting rent to handling eviction. However you should make sure that you hire a licensed professional to take care of your property.
To rent your duplex or any other residential property in Killeen, TX, contact the real estate agents at Hunter Rentals & Property Management. We are located at 1503 W Stan Schlueter Lp, Killeen TX 76549. You can also call us at (254) 634-3311.