This is an absolutely necessity for renting out property. Renting to the first person who is willing to write a check isn't always a smart idea, because you want to find someone long-term who is willing to look after the property. Do a credit check, actually call rental referrals and make sure you're always playing by the paperwork rules. If you aren't sure what to look for, a good agency will carefully screen candidates and ensure that the people renting your property will look after it.
2. Expect Repairs
Even the best tenants will need repairs to the home. Landlords are required to look after the general wear and tear on a home. This includes an array of minor maintenance issues, as well as bigger problems like plumbing and electrical. Pest control is also the responsibility of the landlord. Landlords are advised to budget 1.5% of the property's value for repairs.
3. Set Your Price Competitively
Sometimes making slightly less on the rental is worth having your pick of excellent tenants. Setting a price too high may exclude fantastic opportunities to find the right people to rent your house. Just because someone is willing to pay more doesn't mean they are willing to look after your property. However, you still want to choose a rent that's comparable to the neighborhood and high enough to be beneficial.
4. Know The Texas Laws
A lot of experienced landlords are wrong about their rights, so don't just take someone else's story as the law. Misunderstanding the tenancy law can have huge financial repercussions and result in ugly legal battles. Look up the legal documents yourself and ensure that you are familiar with every line of them. When dealing with a tenant, follow every rule, even if it seems uneccessary. You'll want to be familiar with the Texas Fair Housing Act, as well as Chapter 92 of the Property Code. You may also want to look at Chapter 91, 94, 24 and 54. For those who find these government documents overwhelming, TexasTenant.org has created a more user-friendly resource.
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The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from December 10th, 2013 at 11:50pm CST. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
All information provided is deemed reliable but is not guaranteed and should be independently verified.