Circumstances change, and maybe you’re planning to move away from Temple. But what should you do with your residential property when the market isn’t favorable? Selling now could lead to minimal profits, which is why want to know if you’ve considered renting out your house in Temple.
Converting your residential home into a rental property requires a lot of thought, time, and energy. Before deciding to rent, you should consider if your property has the potential to succeed as a rental.
Being aware of the best features of your Temple property is important, but there are a few more things to consider before you move out. Keep reading to learn some of our top tips for renting out your property.
Be Aware of a Landlord’s Role and Responsibilities
Becoming a landlord means having enough time to ensure your Temple rental home is well-maintained. Under Texas laws, you can’t rent out your property if it doesn’t meet the requirements for basic health and safety.
Below are tasks every landlord in Texas must comply with in terms of providing a habitable rental space:
- While you don’t have to provide a heater, you’re responsible for fixing and maintaining it if you have one.
- Supplying hot water is a must, as well as smoke and carbon dioxide detectors. If there are issues with these items, you’re obliged to fix them.
Landlords in Texas aren’t required to provide kitchen appliances and garbage bins. As a landlord, you must also attend to critical repairs of your Temple rental home promptly. Failing to make the necessary repairs can cause issues for you. Tenants may be allowed to repair and deduct if you don’t make repairs in time.
Get Your Rental Property Ready for Tenants
To have an edge over your competition in the rental market, you might consider offering additional services at a lesser cost or for free. Convenience and a well-kept property are always valued by renters.
Improve Your Advertising Strategies
Once your property is rent-ready, you have to start advertising it to potential tenants. Highlight the outstanding features of your unit to potential tenants and talk about the amenities available in your unit. Most renters appreciate having access to more storage, a parking space, outdoor spaces, spacious bathrooms, and renovated kitchens.
Creating ads to increase property exposure also means you need to include high-quality photos that capture interest in a property listing. It’s also strategic to create a well-made ad copy and use different advertising methods to promote your property.
You also need to develop and adopt the best management practices as a landlord, as well as screen renters meticulously, set accurate rent, collect the rent on time, and market your property effectively.
If you have little time, you can opt to hire a property management company to carry out those responsibilities on your behalf. You gain peace of mind and more resources if you choose to partner with an expert.
Hire a Property Manager
Part of renting out your Temple home is creating a lease agreement that adheres to state laws. This requires deep familiarity with legal processes. If you prefer to engage with an expert, seek the services of a professional property management company that understands Texas landlord-tenant laws.
Another benefit of working with an excellent property management company is getting access to organized and updated financial reports. When tax season rolls around, you can ensure that everything is smooth and paperwork is organized.
Aside from lease creation and issuing financial reports, a property management company can help set accurate rent. Property managers will have the current data on rental demand so you can get the best return on your investment.
Screen Tenants Properly
When you rent out your property, especially if you’re moving out of state, you want renters who pay on time, take care of the property, and comply with the lease agreement. You need to find out about the tenant’s rental and employment history.
When you work with a property management company, you know that the screening process will be done in accordance with fair housing laws.
As a landlord of rental property in Temple, it’s expected that you understand Texas landlord-tenant laws and prepare for the responsibilities that come with having tenants in your home.
If you’d rather take a hands-off approach to owning a rental property, contact Real Property Management Talent! We’re here to take the responsibilities of being a landlord off your hands.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.