Property is a sound investment in Texas, but that doesn’t mean it’s one without challenges. To make the most of your rental properties, you’ll need to put in a little effort. Here are five tips to make the most of your undertaking.
Communication Is Key
A landlord who communicates clearly and consistently goes much further than one that’s loathe to answer a phone or respond to a maintenance request. A sound policy is to deal with problems while they are minor, it will keep your tenants happy and paying rent on time. Happy tenants will tell their friends you’re running a great place to rent from.
Know Your Responsibilities
Depending on where your properties are located, you have certain responsibilities to address as a landlord – and failures can cost you big. For example, if you don’t outfit your properties with the mandatory security devices under Texas statutes, you can be liable for break-ins and the results of them. Contact a licensed Houston locksmith to assist you with the required rental property security devices. The same is true if you fail to add certain devices upon request, or lag to replace faulty or broken locks. There are dozens of rules like this you need to address – take the time to learn them and save yourself a lot of pain down the line. Landlords in Texas would do themselves a favor by getting their attorney’s counsel on Sec 92 of the Texas Property Code.
When a tenant makes a complaint or misses a payment, when a problem of any sort arises, you need to act on it as soon as possible – and communicate sooner than that, as we already discussed. Agile property management will save you a lot of pain over time, keep your profits high, your expenses low, and keep your tenants happy.
Spend Now, Save Later
A little problem handled today averts a major disaster tomorrow. Whether it’s fixing a leak before it causes water damage, replacing a dodgy lock, cleaning out vents to keep the HVAC from failing, or any of a dozen other little expenses, it’s going to help you keep costs down if you address problems early on.
It may be strange to think of it like this, but your rentals have a lot in common with other service products. People like to rent from a great landlord, even if it costs a little more, and they hate to rent from one they perceive as mean or unfair or slow – even if that perception is wrong. Think of your efforts in property management in terms of what brand you’re building, and it will help guide you to the right decisions.
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