The real estate market in Northwest Houston is growing, as the surge gathers speed from coast to coast. Many newcomers to the real estate scene are looking to rent instead of buy – and the time is now to launch your rental career. We’ve compiled the top six steps that you can take to make your rental experience seamless. Read on for our six tips for successful rental property development.
1. Keep mortgage and insurance companies informed. The first step to a seamless rental experience is to ensure that your legal paperwork is in order. For example, some loan programs (like FHA) insist that the owner remains in the home for a specified period of time. This is a critical requirement to assess so you can accurately determine the terms of the rental agreement. You’ll also want to make sure you contact your insurance provider and inform them that you’ll be renting out your property at least part-time. This is crucial, as most rental activities may not be covered under your existing homeowner’s insurance policy. It is also important to keep yourself informed of any local, state, or federal regulations that pertain to landlords to ensure that you are operating this legally.
And lastly, it is important to be aware of the tax rules that apply to landlords. For example, according to the IRS, you are considered to be a landlord If you rent out your house for more than 14 days, This can impact your taxes, as you have to report your rental income. But it also means you can deduct rental expenses. In order to keep everything straight (and legal!) it is imperative to find a good bookkeeper.
2. Make sure it’s clean. A clean home can bring the WOW factor that will set your living area apart from other potential rental spots. Consider using professional cleaning services between renters to provide a polished and professional home appearance to your renter.
3. Spruce up the landscaping. The overall look of a rental property is critical. It can make all the difference in filling your rental space quickly and keeping it occupied over time. Plus, it sets the tone for how you’d like your property treated while it’s occupied. That means keeping the outside, as well as the inside, clean and tidy. Simple aesthetic swaps can burst curb appeal, perceived value, and ultimately allow you to raise rates. Consider this: how does your property look when someone arrives for the first time? You may opt for aesthetic improvements, such as planting a floral garden, installing nature-centered items like bird feeders and ponds, or decorating to boost appearances.
4. Check all safety features. Be sure to put the safety of the renters first. You can do this by taking steps to make sure that the safety features, like smoke and carbon monoxide detectors (or motion-activated lighting and alarm systems) are operating properly. Consider doing checks on a routine basis with the permission of your renter during set times throughout the year. This can help you to identify any potential safety risk to minimize renter complaints or possible litigation.
5. Include welcoming materials in your home. Renter relationships are important to maintain as you go through the rental experience. You want to work to develop a welcoming partnership, as your renter can then recommend your living area to other renters once it is time for them to move on. You can do this via heartfelt gestures, such as tourist guides to hotspots, a small gift, or a thank you note. You may also consider items to help them move and settle in, such as Amazon gift cards, or gift cards to other commonly-loved spots for new renters – like Target, Walmart, or Menards.
6. Enlist the help of a (local) expert. With our full-service property management services, you get a wide range of services and a full team of skilled professionals with the expertise to provide you with the highest level of service and the maximum return on your investment. We work in several local areas, including:
- The Woodlands
- Jersey Village
Your rental experience should be as easy as possible. Have questions? We have answers! PMI Northwest Houston works with the finest vendors to bring you the most advanced services in the industry, allowing you to maximize your investment and create a beautiful rental property. Our goal is to help you through the uncertainty of managing a rental property on your own and to help you reach your personal financial goals. Our industry experience and connections allow us to best serve you and help you achieve the success in real estate and investment income you’re looking for.
We’ll help you get optimized rental income out of your property, determine your cash flow from monthly rental value and gain critical insight into local real estate market conditions. Let’s get started writing your success story today!