How to Rent Out Your House in Lubbock

Renting out your house in Lubbock can be a lucrative venture, but it requires careful planning, preparation, and execution. As a property owner, you have certain responsibilities and tasks to fulfill to ensure a successful rent experience and maintain steady income.

By managing your property effectively, you can maximize your income while keeping renters happy and staying on top of property taxes. Additionally, it’s important to protect your investment with landlord insurance and property insurance. Being mindful of mortgage interest payments, security deposits, and how they relate to your rent income and expenses will help ensure your long-term success.

We put together this guide so we can explore five essential tips for renting out your property in Lubbock, tailored to help rental property owners navigate the rental process effectively and boost rental income.

1. Understand the Duties of a Landlord

It’s crucial to understand your duties and obligations as a landlord in Texas. This includes adhering to local housing and landlord-tenant laws, maintaining the property in a habitable condition, and addressing tenant concerns promptly. Additionally, property owners should make sure the lease agreement is clear and covers all necessary terms to protect both parties, including the handling of security deposits.

A real estate investor or landlord is legally obligated to adhere to certain “habitability” standards for all rental properties. This entails ensuring that the rental properties meet defined health and safety criteria and promptly addressing issues that compromise these standards.

Also, landlords can benefit from potential tax deductions related to property maintenance, repairs, and other expenses, which can help offset some of the costs of property ownership, including security deposits and their proper handling.

The implied warranty of habitability in Texas is inherent, irrespective of whether it is explicitly stated in the lease agreement or if the rental agreement attempts to exempt the landlord from this responsibility. Examples of explicit violations of habitability include:

• Persistent leaks lead to mold growth or water damage.
• Inoperable heating or cooling systems in extreme weather conditions.
• Infestations of pests that compromise living conditions.

Nevertheless, the implied warranty of habitability does not ensure that every aspect of the rental home will be without issues. Therefore, it does not encompass concerns such as worn-out carpeting or minor wall blemishes. Its scope is limited to ensuring fundamental standards of health and safety.

2. Prepare Your Property for Rental

To attract prospective tenants, a landlord must prepare their unit for rent and ensure that the lease agreement clearly outlines all terms and conditions. This involves staging the house to showcase its best features and ensuring it’s clean, safe, and in good condition. Here are the top three tips for preparing your house:

• Deep Clean and Declutter: A landlord should start by thoroughly cleaning the house and removing any clutter or personal items.
• Make Necessary Repairs: Inspect the premises for any maintenance issues and address them promptly. This may include fixing leaky faucets, repairing broken appliances, or repainting walls to freshen up the space.
• Enhance Curb Appeal: Trim the lawn, add fresh mulch to flower beds, and consider repainting the front door to make your house stand out.

3. Advertise Your Property

Once your dwelling is ready for rent, the next step is to advertise it effectively to attract a potential tenant. Tips for marketing your house include using:

• Online Platforms: Take advantage of online rental platforms to advertise the dwelling to a wide audience. Be sure to include high-quality photos and detailed descriptions to showcase your property’s features.
• Word of Mouth Marketing: Spread the word about your rental property through your network of friends, family, and colleagues.
• Professional Photography: Investing in professional photography can significantly enhance the appeal of your rental listing. High-quality photos can attract more attention and generate interest from potential tenants.

4. Carefully Evaluate Tenants

When screening potential tenants, it’s essential to conduct thorough evaluations to ensure a landlord finds a reliable tenant. A landlord can look into these top three tips for vetting a tenant:

• Check References: Contact previous landlords and personal references provided by the renter to gather insights into their rental behavior and character.
• Verify Income and Employment: Verify the tenant’s income and employment status to ensure they can afford the rent.
• Conduct Background and Credit Checks: Request background and credit checks from prospective tenants to assess their rental history and financial stability.

Make sure that you’re tenant screening process and all other elements of your rental business adhere to the Fair Housing Laws and other elements of the landlord-tenant law.

5. Seek Professional Assistance

Managing a rental property can be time-consuming and challenging, especially for first-time landlords. Consider seeking professional assistance from a property management company like Real PM Services. Some of our services include:

• Tenant Screening: As your property manager, we can conduct thorough background and credit checks on a prospective tenant to ensure they meet your rental criteria.
• Renal Marketing: We’ll help market your rental effectively through online platforms and other marketing channels to attract quality tenants.
• Lease Agreement: Our team can handle the preparation and execution of the lease agreement, ensuring all legal requirements are met.
• Move-In Inspections: We’ll conduct a move-in inspection to document the property’s condition before the tenant takes occupancy, reducing the risk of disputes over damages later.
• Regular Property Inspections: We perform regular inspections to ensure the property is being maintained properly and address any maintenance issues promptly.
• Online Rent Payments: We offer convenient monthly rent collection services, including online payment options, to streamline the process of collecting rent.
• Maintenance and Repairs: We can coordinate maintenance and repairs on your behalf. Catching and repairing issues early can reduce maintenance costs.

Common FAQs

Should I Consider Employing a Property Management Firm?

Employing a management firm can offer numerous benefits for landlords. These firms provide professional expertise, relieving landlords of the burden of day-to-day management tasks. Additionally, management firms often have access to a network of reliable contractors and vendors, ensuring timely and cost-effective maintenance and repairs.

What are Typical Errors Landlords Commit?

Typical errors landlords commit include inadequate tenant screening, failure to maintain the rental home adequately, and not adhering to legal regulations. Inadequate screening can lead to problematic tenants while neglecting property maintenance can result in decreased property value and tenant dissatisfaction. Additionally, failure to comply with federal laws and the local housing authority can expose landlords to legal liabilities and financial penalties.

Is Conducting a Credit Check Recommended?

Conducting a credit check on potential tenants is highly recommended. It provides valuable insights into their financial history and helps landlords assess their ability to meet rent obligations. A credit check can also uncover past evictions or unpaid debts, which may indicate potential rental risks.

Bottom Line

Renting out your house in Lubbock can be a rewarding investment opportunity, but it requires careful planning and execution. By following these five essential tips and considering professional assistance, landlords can streamline the rental process and maximize their returns. 

From preparing the property for rental to screening tenants and managing day-to-day operations, Real Property Management Services offers comprehensive solutions to help landlords navigate the local housing market successfully. Contact us today to learn more!