If you own a rental property in Killeen, it is important to prepare it well before renting. In order to maximize the returns from your rental property, you need to understand your responsibilities well. There are a lot of factors that can increase the occupancy of your rental home. However, you need to go about the process in a systematic and skillful manner.
Here are a few mistakes landlords often make while managing their rental property:
- Poor screening of tenants: In order to find reliable tenants, it is important to conduct a thorough screening to check their credit history, previous rent records, employment status, income, criminal record etc.
- Not signing a lease: Having a well-framed rental agreement, duly signed by both landlord and tenant, can help to avoid any disputes in the long run. The contract should clearly mention the important details such as rent amount, due date, maintenance responsibilities, pet policy etc.
- Avoiding maintenance: In order to save money, landlords tend to avoid maintenance issues including leaky faucets and damaged ceilings. If left unrepaired, it can lead to bigger problems and make it difficult for the tenants to live comfortably. So, it is advisable to conduct routine inspections and pay attention to the repair work required in the house.
- Failing to revise the rent: You need to do a proper research to stay updated with the changing price trends in your area. Revising the rent periodically may help you manage your investment property effectively.
- Understanding housing laws: You should have a clear understanding of both state and federal laws. You must adhere to the rules to ensure a smooth tenancy. For example, discriminating any tenant on the basis of race, color, religion etc. can bring about legal repercussions.
- Failure to disclose information: It is the tenant’s right to know about the important details of the house including mold infestation, use of lead based paint, etc. Failure to disclose information may result in conflicts with the tenants.
- Not seeking professional assistance: Another common mistake landlords make is trying to manage the property themselves. Hiring a professional may help you in the entire process of renting, right from searching suitable tenants to keeping the property in an optimal condition.
It is important to maintain close communication with the tenants so that you can address their problems in a timely manner.
We, at REAL Star Property Management, LLC, can assist you in managing your rental property in Killeen, TX. For more information, you can call at (254) 693 – 7850 or visit 3901 E Stan Schlueter Lp, Ste 100, Killeen, TX 76542.