Renting out your house is definitely a profitable move but you need to plan out certain things before you actually take the plunge. In order to successfully manage your rental business, you need to work with a professional attitude. You should have a complete knowledge of what all its takes to sign a profitable deal.

Read on to know what all mistakes you need to avoid before renting out your house:

• Screen The Tenants: Tenant screening is the first thing that you must pay attention to. You must verify your prospective tenant’s employment history along with his conduct with previous landlords. Also, you must seek information about his credit score and other relevant financial details.
• Set The Right Price: Rental prices keep on varying throughout the year depending on the economy, location and the local real estate market. Therefore, keep a check on what the current rental prices are in your area so that you don’t end up quoting an incorrect rent. Overpricing or underpricing your home than its actual value can drive off many potential tenants.
• Maintenance: Maintaining your rental property is an ongoing process. Not only when your property is vacant, but you should keep it properly maintained even after it has been rented out. You should regularly inspect the plumbing fixtures, electric wiring, damaged window panes, mossing roof shingles etc. and get them fixed as soon as possible.
• Rental Agreement: All your policies as well as clauses relating to the rental property must be clear to the tenants. There must be no confusion in the rental agreement so as to avoid any legal hassles later on. Everything including maintenance charges, security deposits, pet policies etc. must be mentioned explicitly in the agreement.
• Rent Collection: When it comes to rent collection, make it a point to adhere to time constraints. You should let the tenants clearly know about due date and grace period, if any. Also, tell them about the fine levied each month if the rent is paid after a specific number of days following the due date.
• Move-In Inspection: Before your tenants move into the property, make a comprehensive list of all the items in your home. This includes the furniture, electronic appliances and decorative art pieces. The condition of the property should also be mentioned therein. This list should be viewed and signed by both the parties to avoid any issues at the time of move-out.

We, at REAL Star Property Management, LLC, can help to rent out your house in Harker Heights, TX. for more information, you can call us at (254) 693 – 7850 or visit 3901 E Stan Schlueter, Lp Ste 100, Killeen, TX 76542.