Owning a rental property is an excellent way to earn passive income. If you have an additional home or plan to move to another area and would like to keep your property, consider renting it out and earning additional income.
Right now is an excellent time to own a rental property, as the rental market continues to stay strong. Depending on the size and location of your investment, it’s possible to earn more income from it. As a real estate company that helps rental property owners in the Central Texas area, Isbell Rentals knows what goes into preparing a home for rental as well as all aspects of property management – including helping you find quality tenants.
Here’s what you need to know about getting your rental property ready for potential tenants:
Preparing a House for Rent Checklist
Preparing a home for rent involves several steps. They can include:- Familiarizing yourself with the rental laws in your area or state
- Inspecting your property for any damage
- Checking all home appliances, including heating, cooling and plumbing systems
- Cleaning (and deep cleaning) all living spaces
- Applying a fresh coat of paint, if necessary
- Replace drafty or broken windows
- Installing fire or carbon monoxide detectors, if necessary
- Removing clutter from areas such as the attic, garage and storage shed
- Spraying for pests
Marketing and Screening for Potential Renters
After getting your property ready for rental, the next step is to market your rental home to the right audience. This can take a lot of work on your end, so we recommend hiring a property management company to handle most, if not all, transactions involving your rental property.How Working With a Property Management Company Helps Maximize Your Profits
Investing in a rental property can yield high returns, but managing apartments or homes can be difficult and time-consuming. To maximize your investment with minimal stress, we recommend hiring a property management company to manage your rental transactions. The benefits of hiring a property management company include:- Saved time: Looking for prospective tenants and screening them takes time. You can focus on your other endeavors and leave this to the professionals. By hiring a property management company, you don’t have to screen rental applications, review credit or background checks, or collect the security deposit. In addition, you don’t have to worry about contacting your renters for the monthly rent; property management companies – like Isbell Rentals, will handle this as well.
- Increased profit: An investor’s ultimate goal is to maximize their return on investment. A property management company can evaluate rental properties and advertise them to your target market, generating more revenue and maximizing your profit.
- Reduced stress: Collecting rent and taking care of maintenance issues and repairs can be stressful for property owners. The last thing you want is to worry about a plumbing problem or a tenant not paying their rent. With a property manager’s help, you can sit back, relax and wait for the profits to come in.
- Legal compliance: Managing a rental property also means you should be familiar with local, state and federal rental laws. If you don’t comply with the regulations, you could end up paying a fine for non-compliance. Hire a property management company instead to avoid financial and legal problems.
Property Management Services Offered by Isbell Rentals
Isbell Rentals has over 15 years of industry experience and a team of experienced professionals who can effectively handle real estate tasks and transactions. We have more than 800 properties in our care. Below are the services included when you choose Isbell Rentals as your property manager:- Free investment property evaluation: Our service package includes a property evaluation to determine how much you can earn with your rental property. Our team can also help with advertising and marketing your apartments or homes to the right audience, helping you attract more tenants.
- Regular inspections: Every quarter, our team drives by your properties to identify issues that can become major expenses and ensure your rental homes are in good condition. Mid lease inspections are conducted to ensure proper upkeep to both the interior and exterior.
- Tenant screening: Our job includes screening tenants to avoid late payments or evictions and minimize tenant turnover. We offer credit and background checks on all tenants to determine their history of paying debts, in good standing with current accounts and ensure they don’t have criminal records.
- Rent collection: Our team uses software that allows us to streamline payments or notify tenants of late or missing rent. We also strictly follow the eviction process (if applicable) to avoid legal problems.
- Maintenance requests: Tenants may encounter problems with plumbing, heating or other items from time to time. However, we have third party vendors that can handle all requests.
