Now that you have rental property your committed to manage your tenants, maintain the property and handle all the management issues that come with property ownership. Here is a simple list of procedures you will need to master to manage your property well.
- Advertise vacant property for rent.
- Show available property for rent and interview prospective tenants.
- Screen the best candidates for your rental property by requiring written applications with credit and employment references. Use a good application getting all the details and disclosures necessary to comply with your states laws regarding pulling credit and back ground checks.
- Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.
- Obtain liability, fire, theft and other insurance on rental property.
- Arrange for regular maintenance and necessary repairs of the property.
- Assure that tenants comply with rental policies and procedures.
- Supervise repairs and maintenance work.
- Conduct inspections of the property on a periodic basis.
- Establish and maintain an organized system of collecting rental payments and security deposits.
Tips & Warnings
Consider hiring the services of a real estate management company, if you find that rental management is not for you. Management companies usually provide their services for a percentage of monthly rental income.
If you relocate to another town or city, long-distance management of rental property can be difficult and time-consuming. Consider hiring a rental management company to manage your property if you move from the area.