Real estate investors who are thinking of selling their Pasadena home might find converting it into a rental more beneficial. Before welcoming renters in your Pasadena rental home, you need to analyze different factors.
The following are a few things you must think about before taking on a landlord role and renting out your Pasadena rental property:
1. Be Aware of Your Landlord Duties
Being a Pasadena landlord presents many challenges. This includes being mindful of your responsibilities. In Texas, landlords are in charge of providing hot water, smoke and carbon dioxide detectors, resolving mold and pest infestations, and fixing air conditioners they provide to residents.
If your Pasadena rental property doesn’t contain the legally required amenities to keep it habitable, tenants can report to the government agencies about the lack of safety conditions.
In Texas, landlords must also perform repairs within a reasonable time, usually within 7-14 days once the tenant sends a written notice.
For critical property issues which can lead to an unlivable unit, a landlord must deal with the urgent issue within three days. For example, sewage backup can result in flooding that damages your property, so it’s best to fix the problem immediately.
If the landlord delays the repairs, renters in Texas can file a lawsuit or request for a court order for the landlord to arrange repairs right away.
They can also choose to end the tenancy, or take matters into their hands by dealing with minor repairs and deducting the repair expenses from their rental dues.
2. Get Your Unit Rental-Ready Before Welcoming Renters
When the economy is in a downturn, you’re likely to encounter more tenant demands. In fact, other competitors may throw in a couple of rental services for free to attract long-term renters.
To ensure you won’t end up with a vacant Pasadena rental home, you can also improve the services you’re currently providing so you won’t lose out to other landlords in your area.
One of the most effective strategies you can use is hiring a third-party provider, such as professional cleaners. This leads to the excellent upkeep of your unit and provides a hygienic and sanitary living space to residents.
You can also perform regular property inspections to find out what appliances, furnishings, and other items around the rental space may need to be replaced.
3. Market Your Rental Home Often
After staging your Pasadena rental unit, check the best features to promote. Top amenities commonly include parking spaces, dishwashers, balconies, and granite countertops. Mentioning them in your ads can spark more interest from prospective renters.
Part of creating a property listing includes adding high-quality images to showcase your property and creating an engaging copy. Distribute them through various advertising mediums, such as popular rental sites, social media platforms, classifieds in newspapers, and flyers.
You can also seek out property management services offered by companies such as Prime Realty Property Management to streamline your Pasadena rental operation. You’ll receive professional expertise and plenty of helpful resources to help you reach your investment goals.
Aside from that, property managers also provide strategic marketing, detailed tenant screening, on-time rent collection, routine property inspections, and property maintenance. This way, property owners can gain back their time and continue to earn stable rental income.
4. Hire Property Management Experts for Legal Protection
Another task landlords are in charge of is crafting a lease agreement that complies with current laws. While you can create one on your own, it may take time to know the finer details of property regulations.
It’s recommended to hire a property management company who already has in-depth knowledge of Texas property laws. Prime Realty Property Management ensures that your lease adheres to the state laws, saving you from legal expenses.
Another benefit property managers provide is delivering accurate financial reports to landlords. It helps them monitor financial performance and makes tax season easier. Prime Realty Property Management also assists in assigning the rent price and property maintenance. Since we have more industry exposure, we can accurately set a competitive rental fee.
For self-managing landlords, rent-setting can be a tricky situation and can lead to a trial-and-error experiment. This can mean setting a low or high rental fee that can’t be justified.
If you set the rental rate too high, without desirable amenities in your Pasadena rental home, it can turn off potential tenants. If you set it too low, then it can also leave money on the table that you can potentially use for property renovations.
5. Screen Tenants Properly
It’s advisable to formulate an effective tenant screening process before entertaining candidates. You need to focus on residents that are able to make timely payments, follow property policies, and can meet your standards.
A good way to do this is by reviewing the prospective tenant’s history and finding out whether they met their rental obligations previously. You must also verify the information on the tenant application form, such as income and employment.
Before you accept tenants, they must pay a security deposit first. In Texas, there’s no set maximum limit on security deposits. Landlords also have the freedom to store security deposits wherever they want.
There’s also no documentation requirement on the state of your Pasadena rental home prior to the tenants moving in. Landlords are expected to return the security deposit within 30 days from the lease expiry.
Bottom Line
As a landlord in Pasadena, you need to be familiar with the Texas property laws to ensure you’re compliant. If you need assistance from a dedicated property manager, contact Prime Realty Property Management today!
