Being a landlord entails a lot of responsibilities and it is natural to make errors along the way. You need to take care of various processes ranging from screening the tenants to listening to tenant requests. The 10 biggest mistakes commonly made by landlords are:
- Not Hiring A Real Estate Agent: Having an experienced real estate agent is a must, particularly if you have another job or reside in some place far away from your property. A real estate agent can handle all the issues pertaining to your property such as screening potential tenants, carrying out home inspections, staging your property, dealing with repair work etc.
- Not Screening The Tenants: Tenant screening is essential so that you get to know about all the details of your prospective tenants. This will ensure that no problem arises in the future due to irresponsible behavior of the tenant. Ask for employment record, credit record and criminal record etc.
- Hurrying To Fill The Vacancy: Do not be tempted to fill in the vacancy as soon as the previous tenant moves out. Instead, wait for a valuable tenant who will respect your property like his own and only then give your property on rent.
- Not Advertizing Effectively: You cannot sit back or relax and hope that new tenants will start coming in on their own. It is important not to underestimate the effectiveness of good marketing and referrals. This will get you prospective tenants at a faster pace.
- Not Communicating With Tenants: It is important to have a face-to-face conversation with your tenants regarding issues such as late rental payments or any other problem. Poor communication will eventually affect the landlord-tenant relationship in a negative manner.
- Overpricing The Property: Research online, talk to your real estate agent and know about the average rental income in your area. These are the factors that need to be considered while deciding on the rent. Don’t overprice as this will keep most of the prospective tenants at bay.
- Poorly Staging The Property: Every tenant wants to see his home in your property and therefore it is essential to stage it well. Poor presentation is a big turn-off and should be completely avoided. Beautify the interiors and exteriors if you want to attract tenants.
- Not Getting Enough Tenant References: It is important to get a good number of tenant references so that you know all the details about your tenant. Get in touch with the employer and previous landlord to get an indication of your tenant’s conduct and discipline in paying the rent.
- Not Investing Enough Time: As a responsible landlord, you need to be in regular touch with your tenants, take note of the house repairs required and resolve any tenant concerns etc. Not investing enough time may make it difficult for both the parties in the longer run.
- Getting Emotionally Attached To The Property: Your rental home should be seen purely from the business perspective. It is a means of earning cash and therefore you need to remain as objective as possible while dealing with any tenant concerns.
To rent out your Killeen, TX based home, get in touch with Hunter Rentals & Property Management. Our property managers will provide you with thorough assistance. To know more about our services, call at (254) 634 – 3311 or visit 1503 W Stan Schlueter Lp, Killeen, TX 76549.
Constant vacancies in the rental property can become a serious headache for any landlord. However, understanding the reasons as to why tenants leave your rental home can help in resolving those issues. This will consequently keep your rental unit occupied and also maximize cash flow. Below is a list of the most common reasons tenants leave a rental property:
- Your property is too expensive: A tenant might leave your rental unit because it has become too expensive for him and he is unable to afford it anymore. This could happen if he has lost his job or just willing to save more. Therefore, be sure to set the correct rental price beforehand. Apart from this, you can convince your tenants not to leave by either reducing their rent or offering some discount (if you own multiple properties).
- They have issues with neighbors: Noisy or troublesome neighbors are not liked by anyone and this could probably be one of the reasons why your tenants want to leave. If there are problematic tenants in your neighboring units, immediately contact him to explain the situation. Also, keep in regular touch with your tenants so that you are aware about any complaints they might have about the neighbors.
- Maintenance problems: Your tenants may be facing frequent maintenance issues like leaking pipelines, broken door handles or clogged drains etc. Therefore, it is important to keep your property in excellent condition and address any maintenance issues as early as possible. Always make it easy for tenants to contact you in case any repair work is required in the property.
- They want to downsize: Tenants might decide to move out of your rental property if it is too large for them. It could be possible that their children have moved out and they don’t require a big home anymore. Maintaining a big space may also take up a lot of effort and they might not be interested in doing it anymore. In case you have a smaller unit, you can offer the tenants to rent it.
We, at Hunter Rentals & Property Management, can help you to retain your tenants by offering comprehensive maintenance and management services . For more information, you can call us at (254) 634 - 3311 or visit our office at 1503 W Stan Schlueter Lp, Killeen, TX 7654.
A furnished rental home not only gets occupied faster as compared to an unfurnished property, but also offers many other benefits. Read the following points to know more about this profitable venture.
- Higher Rent: Furnished apartments tend to generate more profit because they offer more benefits and minus the hassle of shifting with heavy furniture for the tenants. Also, when the tenancy expires, you have the option to either use the furniture of keep it in your rental home for future use.
- Brings Focus On Target Audience: When you have a furnished rental home, it is easier to narrow down potential tenants. Furnished homes are generally more attractive for people coming from far away cities or young tenants who are renting a house for the first time. So, you can accordingly target such people as they will be more interested in renting a furnished home.
- Less Wear And Tear: Furnished properties tend to have lesser wear and tear as compared to their unfurnished counterparts. This is because tenants do not move in or move out heavy pieces of furniture that can cause damage to the floor. Also, they hang less pictures or other artwork on the walls because the home interiors are already decorated. All in all, landlords can save themselves from the hassle of repairing chipped or dented walls, worn out carpets, damaged tiles etc.
- Tax Benefits: Landlords can also get certain tax benefits by having a fully furnished rental property. Since investing in furnishing a rental property is considered as spending on a consumable product that is mandatory for the business, this expenditure can be deducted as business costs. This is helpful in the longer run as you can add to your financial savings.
- Easy To Stage: Staging is the act of showing your property to probable tenants in a bid to strike a deal. In order to make the staging impressive, it is necessary to use furniture and accessories. If you already have a furnished home, you don’t need to think of other options to display your home in an appealing manner.
Contact Hunter Rentals & Property Management to browse through the extensive listing of furnished rental homes in Killeen. You can call us at (254) 634 - 3311 or visit our office at 1503 W Stan Schlueter Lp, Killeen, TX 7654.
Before you advertize your home for rent, it is imperative to make it look more attractive for the potential tenants. A well-maintained home can help you to get good quality renters and also fetch a higher return on investment.
Mentioned below are some tips that can assist you in preparing your home for renting:
- Inspect The Property - Check your home for any flaws, such as leaky faucets, cracks, drainage issues, etc. and address the matters as soon as possible. Even a minute fissure in the wall may leave a bad impression upon the potential tenants.
- Keep It Clean - Your house should look spick and span, so that the prospective occupants can visualize the space as their own. Remove the clutter, clean the floors and clear the cobwebs. Along with the interiors of the house, the exteriors must also be cleaned and staged properly. This can be done by keeping a few potted plants near the entrance, decluttering the backyard and trimming the lawn grass.
- Repaint – To give your rental home a new and refreshing look, you can repaint the walls with neutral colors. It will not only improve your home’s appearance, but also make it appear large and spacious. Newly painted walls serve a blank canvas and allow the property viewers to imagine themselves living in the home. A fresh coat of paint will also help in attracting the renters.
- Furniture & Appliances - If you are offering a furnished home, ensure that all the electrical appliances are in working condition. If there are any torn or tarnished furniture, either get them repaired or replace with the new ones. You may also consider replacing the old bulbs with energy efficient and trendy fixtures.
- Hire Professionals – Property managers can assist you in inspecting your house and prepare it for rent. The experts will help in home staging, repairing as well as conducting a strict tenant screening process.
- Insure The Property - You must purchase a landlords insurance before renting your house. It will safeguard the home in case of any unexpected mishap such as fire, water leakage, rental loss etc.
- Security Measures – For the safety of your tenants, you may equip your house with smoke detectors, fire extinguishers and security cameras. All these facilities will help you to raise the value and demand for your home amongst potential tenants.
- Set Up An Appropriate Price – Research well and update yourself with the recent trends in real estate market to determine the correct rental value for the property. A wrong estimate can drive away the tenants you expect.
Prepare your home for rent with the help of professional services offered by Hunter Rentals & Property Management. Our property managers will also guide you at every step of renting process. To know more about the services, call at (254) 634 – 3311 or visit 1503 W Stan Schlueter Lp, Killeen, TX 76549.