When renting out your home, it is important to follow an effective strategy to attract potential tenants. This can be achieved by comprehensive planning and a systematic approach. Mentioned below are some do’s and don’ts that can assist you in renting your home in a way that offers maximum benefits.
Hire A Property Manager – If you do not have enough time to look for tenants or maintain your home, hire a property manager. He will thoroughly inspect your property and suggest the most economical ways of upgrading it. A property manager will assist you in the entire process of renting out your home and also address the needs of tenants afterwards.
Advertize Your Property – Effective marketing is a prerequisite to attract prospective tenants. You must take good pictures of your home and post them on the online listings as well as social media websites. You may also try the traditional ways of advertizing i.e. through print media, classifieds, etc.
Perform Thorough Tenant Screening – You would always want to rent your property to the tenants who will stay for a longer duration and maintain it like their own. In order to do so, you must conduct a systematic tenant screening. To begin the process, ask the interested candidates to submit an application, based on which you can shortlist and conduct an interview. Following this, you may perform a comprehensive background and credit check.
Upgrade The Home – Your home should look warm and inviting at every instance, no matter its day or night. Therefore, it is necessary that you declutter your house, repaint the walls, repair all the leaky faucets, jammed doors etc. You may also install new lighting fixtures at the entrance and the driveway.
Prepare A Lease – You must create a lease that explains all the responsibilities to the tenants. You may take the help of a professional property manager to get the documents ready.
Do Not Overspend On Modification – Giving your home a new finishing is important to attract new tenants, but spending too much over it will not give more benefits. Attend to only those aspects that are responsible for making tenants’ stay more comfortable in the house.
Do Not Overprice– Keeping the rent higher than the market value may prove to be a bad decision as it would distract many tenants. If the rent is not set reasonably, the candidates may start looking for other properties.
Don’t Be Biased – Selecting a tenant must never be based upon caste, color, nationality or gender. You must never ask any such question or judge anyone on these grounds. This will not leave a good impression among the interested candidates and you may lose the chance of renting out your property.
We, at REAL Star Property Management, LLC can provide complete assistance in renting your home in Killeen, TX. For more information, feel free to call at (254) 693 – 7850 or visit 3901 E Stan Schlueter Lp Ste 100, Killeen, TX 76542.