Tuesday, April 14, 2009

Managing Rental Properties

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.

Things You’ll Need:
· Newspaper Ads
· Insurance
· Rental Applications
Step1
Advertise vacant property for rent.
Step2
Show available property for rent and interview prospective tenants.
Step3
Screen the best candidates for your rental property by requiring written applications with credit and employment references.
Step4
Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.
Step5
Obtain liability, fire, theft and other insurance on rental property.
Step6
Arrange for regular maintenance and necessary repairs of the property.
Step7
Assure that tenants comply with rental policies and procedures.
Step8
Supervise repairs and maintenance work.
Step9
Conduct inspections of the property on a periodic basis.
Step10
Establish and maintain an organized system of collecting rental payments and security deposits.

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