How to Manage Rental Property

If you plan to manage rental property, you'll need organizational and management skills, along with a good working knowledge about real estate matters. Here are the major things you'll have to take care of.

Difficulty: Challenging

Instructions

Things You'll Need:

• Newspaper Ads
• Insurance
• Rental Applications

1. Advertise vacant property for rent.

2. Show available property for rent and interview prospective tenants.

3. Screen the best candidates for your rental property by requiring written applications with credit and employment references.

4. Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.

5. Obtain liability, fire, theft and other insurance on rental property.

6. Arrange for regular maintenance and necessary repairs of the property.

7. Assure that tenants comply with rental policies and procedures.

8. Supervise repairs and maintenance work.

9. Conduct inspections of the property on a periodic basis.

10. 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.

on 6/30/2006 A software program can help owners of multiple rental properties save hours at tax time and stay on top of their rental income. For about $100, Quicken Rental Property Manager can get landlords organized by replacing those hand-written spreadsheets and shoe boxes full of receipts.

on 1/27/2006 Take pictures of the inside and outside of the house before a tenant moves in or out. Be sure the pictures are dated.