Get a Free Rental Analysis

How to Rent Out Your House in Dallas-Fort Worth

Get A Quote

Even if you want to sell your real estate asset, the timing remains dependent on the performance of the economy. If it’s advantageous to wait a few more years, you can generate income on your vacant Dallas-Fort Worth house by renting it out.

Before pushing through with your plan of becoming a landlord by renting out your house, you need to recognize the role a landlord plays in managing a rental property. Keep in mind that having rental properties should be treated as a business. Otherwise, you could face losses.

List the top qualities of your rental property

Tips to Rent Out Your Dallas-Fort Worth

Below are steps you will be taking as a landlord:

Finding a high-quality renter.

Given that renting out a property can be lucrative, many people are also doing the same. Landlords need to put in the effort to attract a fair number of tenants. One of the marketing activities you as a landlord can do is posting on the MLS (multiple listing sites) where prospects are typically browsing.

Other than that, landlords can also take advantage of ad placements in newspapers, social media, and rental property websites. Traditional marketing for rental properties is also effective such as yard signs and word-of-mouth or posting flyers on bulletin boards. Exposure is important to gain potential renters for your Dallas-Fort Worth house.

Performing meticulous tenant screening

Tenant screening is an important part of the rental process, as it can determine the quality of the renter that occupies your unit. A good renter will be able to pay rent on time, respect the lease agreement, and will inflict minimal damage on your rental property because they will respect the space.

In order to find the most qualified renter as a landlord, you may want to consider asking prospective tenants to fill out a rent application form. You will then need to verify the information contained in it. Landlords can contact the tenant’s employer to make sure that the listed company exists, and they work there. You can also ask them to submit a pay stub to assess their income. They should make at least triple the rent amount just to be financially safe. Your screening process should comply with Texas Fair Housing laws.

The next thing you do is to review whether they have a good record. Have they been previously evicted? Did they declare bankruptcy? Do they have a criminal record? Contact their references to discuss their behavior while renting. Did they move out of the previous rental for non-payment of rent? This is just some of the important information you should try to find out before accepting a resident to rent your Dallas-Fort Worth home.

Tenant screening can be valuable

Familiarizing yourself with the landlord-tenant laws

Knowing your responsibilities as a landlord regarding landlord tenant laws will protect you from potential rent lawsuits. It’s vital to keep yourself constantly updated. In Dallas-Fort Worth, Texas, landlords are required to disclose to tenants the presence of lead paint if the house was built prior to 1978. Moreover, tenants should be informed that they have a right to repair and deduct in case repairs haven’t been performed by the landlord.

When a tenant moves out, it’s also your job to make sure that a refund on the security deposit is made within a 30-day period. Being aware of these stipulations ensures that you’re always legally compliant. It helps you avoid the stress of dealing with complaints and penalties.

Developing a property maintenance plan

Maintaining your Dallas-Fort Worth house is a day-to-day task. To minimize major expenses, you can practice scheduled inspections. So, if you notice small leaks, you can fix it right away before it floods the house and ruins the carpet or flooring. This helps you save since property maintenance is your responsibility.

Landlords are expected to provide a safe and secure dwelling for the tenants to rent. This means installing proper locks and security devices to ensure tenant safety and privacy. Additionally, electrical, plumbing, and ventilation systems should function at their best. Otherwise, the renter won’t be able to experience quiet enjoyment. In terms of the repair requests, you’re expected to act on the issue and have it fixed for the tenants’ convenience.

Evaluating your landlord skills

Do you have the spare time to look after your Dallas-Fort Worth house and tenant? Will you be living nearby? Are you managing another business activity or working in a full-time career? Renting out your house is not an easy feat. You need to be on call most of the time. When emergencies occur, your presence is expected. There are also important skills to acquire to be a landlord, such as learning how to draft a solid rental agreement. A lease agreement is your first legal protection when it comes to renting.

Some needed skills are communication, customer service, marketing, and accounting. If you’re disorganized and short on patience, you’ll find that managing a rental can be a challenge. You’re expected to be a jack-of-all-trades and be able to address tenant complaints in a professional manner. Are you up for it?

Setting the optimal rent price

Pull out your calculator and compare the rental prices in your neighborhood. Be realistic with the numbers and consider the amenities. How attractive is your Dallas-Fort Worth house as a rental? What features can you offer to your tenants? In what way does your rental unit stand out from the others to potential renters?

If you set the rental price too high, you may find there are little to no applicants that are interested in renting out your property. On the other hand, if you set it at a low price, it will be hard to earn a good rental income. Considering repairs and maintenance costs, you want to avoid arriving at a deficit.

Ensure your Dallas rental home is habitable

Partner with a Property Management Team

If you’ve weighed your decisions and realize that managing your Dallas-Fort Worth house is more of a hassle for you, contact a property management firm. You’ll enjoy the freedom and peace of mind that comes with it. You’ll no longer need to get up for a 2 am call over a broken heater or struggle to deal with an angry complaining tenant. Your best interest is also taken into consideration as the property management company is well versed in legal matters, such as the much-needed lease agreement.

During tax season, you’ll no longer need to struggle with financial accounting. Your records are organized, the rental unit is in top shape and all the repair requests attended to. Moreover, when a tenant moves out, the property management team will deal with preparing the unit for new tenants. If you have renters that are delinquents in monthly rent payment, the property management company will handle the eviction. They’ll follow the legal process sparing you from the stress.

Bottom Line

Renting out your house in Dallas-Fort Worth is a good alternative when the market is in a downturn. But it requires you to be objective about the responsibilities that go with it. By hiring an expert property management company like McCaw Property Management, you’re able to enjoy the income without additional headaches.