How To Be A Successful Landlord

Being a good landlord requires a lot of skills and sense of responsibility. It can be challenging to manage the rent payments and handle repair requests in a timely manner. The landlord has to make sure that the property is in an optimal condition before and after a tenant moves. Though it can be a little difficult, certain factors can be kept in mind to ensure a successful renting experience:

Pay Attention To Tenant Screening

The most important aspect of renting your property is to find good tenants. During the screening process, make sure that you ask the relevant questions such as why the tenant is moving out and what his monthly income is. He should be earning at least three times the amount of rent so that he can make the payments conveniently. You can contact the tenant’s former landlord to get an idea about his rent paying habits and overall behavior.

Document Your Property’s Condition

In order to keep a track on the damages to your property, you can document it before renting out to the tenants. Shoot a video and click photos of the entire house to draw a comparison when the tenant decides to moves out.

Keep Up With The Market

If you ask for a rent higher than the average market price, you may lose a number of prospective tenants. Carry out some research by talking to the local real estate agents, searching online and checking the newspaper ads to get a fair idea of the current trends. If your house is situated in a central location within the city or if you are providing free Wi-Fi or an upgraded kitchen, you can ask for a slightly higher rent.

Implement A Successful Marketing Strategy

To rent out your property successfully and ensure a high occupancy rate, it is important to list it online. Make sure you specify all the required information about your rental home such as location, number of rooms, amount of rent and your contact details. Click good photos of the property and upload them on online listings as well as on your social media accounts to attract a larger number of tenants.

Hire A Professional Property Management Firm

A property manager can help to maintain your home and focus on areas that usually go unnoticed by you. They use specified procedures for property advertizing, tenant screening, rent collection and maintenance work.

Have The Required Contacts

A successful landlord should be well equipped with important contacts. In case you are away for vacations and your tenant needs a plumber or electrician, you should be able to help him out.

Be Flexible With The Payment Methods

The renter may prefer to make the payments online or in cash. It is important for the landlord to be open to all options to avoid delay in payments. You can also ask for the tenant’s permission for automatic funds transfer from his bank account.

Set Rules And Regulations

Make sure you specify all the rules to your tenant before handing out the keys. Fix a date for property visits, which can be every 2 to 3 months. Let him know the due date for rent every month, beyond which a fine may be charged. If you have a ‘no pets’ or ‘no smoking’ policy, the tenant should be told about it.

Be Available

A good landlord should always be available for his tenants when needed. If he requires an immediate repair, try to help him as soon as possible. Fix a time when your tenants can reach you through phone and make sure you answer their calls.

Try To Develop A Positive Relationship

The landlord should try to develop a positive relationship with the tenants. For this, you can consider providing them with referrals of some good restaurants, dry cleaners and grocery stores to make sure their initial days are comfortable. Tenants who consistently pay the rent on time can be rewarded with gift cards or discounts on maintenance charges.

For any assistance in renting our your property in Killeen, contact REAL Star Property Management, LLC. You can call us at (254) 693 – 7850 or visit 3901 E Stan Schlueter Lp Ste 100, Killeen, TX 76542.