Do you own a rental property in Denton TX, or are you planning to buy one?
Denton is one of the most lucrative real estate markets for investing in rentals. Denton has a steady population growth, favorable cost of living, and affordable housing options, making it a favorite location among investors and residents.
If you plan to own a rental property in Denton, it’s important to know how to manage your investment property. You need to understand the responsibilities involved in operating a rental property, as well as understand the local rental market. This will help you become a successful Denton rental property owner.
Below are the essential things that you should do so you’ll be a profitable rental property owner in Denton:
1. Know and understand the duties and responsibilities of a landlord
Being a landlord involves a lot of duties and responsibilities. Before you decide to venture into rental properties, make sure that you know and understand your obligations as a rental property owner. Landlords in Denton have legal responsibilities that you should know of and comply with.
Contrary to what most people believe, investing in rental properties does not necessarily provide you with a passive income. Being a landlord means you should perform day-to-day tasks, including taking care of your property and your tenants. Sometimes, landlords even need to work beyond office hours, especially in times of emergencies.
Among the most important responsibilities of a landlord is to provide a habitable space for the tenants. To do so, you should perform routine inspections to check the property’s upkeep. Regular inspections allow you to identify potential problems that need to be addressed.
In addition, you should also attend to tenants’ maintenance and repair requests to ensure that the property is in good condition. Repairs that are due to normal wear and tear should be covered by the landlord. So, it’s important to set aside a budget to perform regular repairs.
Aside from maintaining the upkeep of the property, you should also ensure that your tenants are happy and satisfied. Maintaining a good relationship with your tenants is essential if you want them to stay on the property for the long term, providing you with a continuous income stream.
On top of this, you are also responsible for collecting rent payments and paying for the expenses related to owning a rental property, such as property taxes and insurance.
2. Know the landlord-tenant law
As a landlord, it is your responsibility to know and understand the law related to owning a rental property. Understanding the landlord-tenant law in Texas is crucial if you want to become a successful Denton rental property owner.
For example, Texas landlords are required to respond to repair requests within seven days. If the repair requests involve a lack of drinking water, heat, or air conditioning, then the landlord must attend to the issues within three days.
.jpg)
Denton landlords should also be aware of the rules and regulations regarding security deposits in Texas. While there is no maximum amount of security deposit in Texas, landlords are required to return the amount to the tenants within 30 days after the end of the lease.
You should also be aware of the Fair Housing Act in Texas to ensure that you don’t commit any violations. This law prohibits landlords from discriminating against renters who belong to protected classes. For example, you cannot refuse a tenant because of his/her color, race, religion, sex, or national origin.
Knowing the laws associated with owning and operating a rental property is crucial so that you remain in compliance. Any violations may result in hefty fines and other consequences that may adversely affect your rental business.
3. Fill-in vacancies with the right tenants through effective marketing and tenant screening strategies
A vacant rental property is not generating income. As soon as a property gets vacant, it is your duty to ensure that it is marketed effectively to have it filled right away. Extensive marketing strategies should be in place so that you can attract quality tenants.
It’s important to prepare your rental home for staging. Make sure that it is rent-ready and aesthetically appealing to renters. It’s important to take professional photos and highlight your property’s best features to attract tenants.
In addition, make sure to increase its exposure by listing it on various real estate sites and platforms. You may also utilize other forms of advertising, including both online and offline advertising methods. This allows you to reach a wider pool of audience.
.jpg)
As a landlord, you should aim for a high occupancy rate. But you should not settle for just any tenant. That is why it’s important to also have a strict tenant screening process in place. It is your duty to ensure that the tenant you accept is responsible for paying rent, will take care of the property, and follow the rules.
Make sure to perform background checks to verify an applicant’s financial resources, credit record, criminal record, and past tenancies to ensure that you’re not dealing with a potentially problematic renter.
4. Hire a professional property manager
Did we mention that owning a rental property is not a source of passive income? The truth is, it can be—only if you work with a professional rental property manager. If you don’t want to do these tasks on your own, you have the option to work with a property manager who will handle all these things on your behalf.
A property manager will market the property for you and screen the applicants to ensure only qualified tenants are accepted. Property managers will conduct regular inspections to ensure your property remains in top shape and they will also address tenants’ repair requests on a timely basis.
Plus, they will be the ones to handle rent collection and even provide you with detailed financial reporting through an online portal. Make sure to choose a property manager who is an expert in the local area where your investment property is located.
Bottom Line
If you’re not sure how to handle renting out your house in Denton, Texas, rely on professional property managers like Legacy Realty & Management. We’ll help you get the most out of you investment property.
