19. December 2014 19:35
Managing a property is very challenging task especially if you are new to the rental market. Investing in a rental property is usually a source of an additional income however in order to get regular money you need to ensure that you have good occupancy.
Here are some tips that will help you manage your rental property.
- Understand The Fair Housing Act: For any landlord or property manager, it is crucial to understand the ‘Fair Housing Act’ before they advertise their house for rent. Under this act, you cannot evaluate your potential tenant on the basis of religion, race, color, gender, nationality, disability and family status. Rather you should use financial data, background data and credit histories for evaluating them.
- Know Your Tenant: To avoid any problems at a later stage you should screen the background of all the potential tenants. You can conduct a professional credit check to know about applicant’s credit history, as this will help you avoid any tenant with bad credit. You can also ask for references from previous landlords to know about their rent history and general behavior in the house. You must verify the tenant’s criminal background, eviction history and employment details to ensure a hassle free tenancy.
- Prepare A Lease Agreement To Protect Your Real Estate Investment: To manage your property effectively it is essential that you know about the laws that apply in your state. You should use a state specific lease rather than general lease and charge a security deposit according to your state laws. The agreement should clearly state who is responsible for paying bills, maintaining and repairing appliances, and term for which the lease is valid.
- Know Everything About Eviction Process: You may need to file for eviction if a tenant does not pay rent on time or violates any clause in the agreement. You should be well informed of the eviction process should the need arise.
- Inspect The Property Regularly: To know that your property is well maintained and all the appliances work properly, you must inspect the property regularly so that you can fix anything that needs attention.
If you are new to the rental business you must consider hiring Cloud Real Estate. The property managers at our firm will take care of everything from advertising the property, finding reliable tenant to collecting rents. They also take care of the repairs and maintain your property. For details, call us at (254) 690-3311.
4. November 2014 14:21
Realizing the benefits of renting properties as a source of income, many people are renting out their properties to tenants. If you are a first time renter here are a few tips that you should keep in mind being the landlord.
- Find a reliable tenant: When you decide that you want to rent out your property, you will have to find good tenants who follow the rules and take good care of your property. You can advertize your property online or in local newspapers to attract potential tenants.
- Screen the tenants: Finding a good tenant is essential and to ensure that you find someone with a trustworthy track record, you should screen the potential tenants. This involves checking their rental history, eviction records, job details and information from previous landlord.
- Decide appropriate rent: To attract potential tenants and ensure that you quickly find a tenant, you need to decide an appropriate amount of rent. For this, you can research your local area, visit rental sites and find the rental price of comparable properties. You can also take the assistance of a real estate agent to help you decide the right rent.
- Understand the tenant-landlord laws: You must be aware of the legal aspects of renting your property. You should have knowledge of legal contracts and leases. You must complete all the paperwork and ensure that your tenants abide by the laws.
- Update your property: Before renting out your property you should ensure that it is updated and clean. A clean home not only attracts good potential tenants but also helps you get a premium rental price. Check out the electric and plumbing fittings and fix any problems. You can also ensure that the safety features of your home are updated to make the property more desirable.
- Change your homeowner’s insurance: Ensure that you have an insurance plan for the rental property before a tenant moves in your property.
- Hire a property manager: If you are totally new to rental world, you should consider hiring the services of a professional property management firm. Their managers look into all the aspects of the renting process and they ensure that you do not feel the burden. From finding good tenants, to maintaining the property and collecting rents they handle everything and give you a hassle free experience.
These tips will help you effectively manage your property as a rental property.