Why not manage your own rental house? Three reasons
01/06/2017 | Author: Marty Kramer
Sure, you could handle all the tasks necessary to manage the rental property you own. Before you make that commitment, ask yourself the following:
Do you know the laws pertaining to rental property?
Do you know when you're required to change locks, what you can deduct from a security deposit, when you can access the property, and where smoke detectors are required? There are also fair housing laws to consider, rules concerning applications, and more.
Will you be available when problems arise? Do you know what to do?
What will you do when there's a plumbing problem or the AC doesn't come on? What if there's a burglary? What are your options if the tenant stops paying rent or leaves before the end of the lease? What happens if there's a death at the property?
Here's something else to consider .... Do you know enough about the market to set the rent at the optimum amount?
If you ask too much, you'll lose money waiting for a renter who will never materialize. Ask too little and you'll lose money month after month. You'll also want to keep up with the market so you know when to raise rents and what to ask the next time you have tenant turnover.
Fortunately, you can hire a Texas REALTOR® to handle all of the above for you. Your REALTOR® can also collect rent, market your property, and a take care of other tasks that come with being a landlord. To find a Texas REALTOR® to manage your property, ask friends for a referral—or you can use the Find a Texas REALTOR® search on texasrealestate.com.
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.