Rental Property Management: Guidelines for Success

rental property

Successful investors will manage their own properties. For the maximum money to be made on rental property, self-rental property management is a must. Many investors with multiple properties will choose to hire a rental company. Online rental property management companies are becoming more popular with a rise in demand by successful and talented investors.

In order to understand and self-train as an investor on rental property management, many will take jobs as landlord property managers at an apartment complex. It is always wise to have prior rental management skills before buying any kind of rental property.

Whether jointly or individually, investors who have prior rental management experience will first know if they can handle tenant problems with little stress. Rental management is high stress, long hours and low pay in many instances. It is imperative to achieve some business sense prior to purchasing any investment rental property.

Rental Property Management Companies

There are two choices for an investor: one, he manages the properties himself and two, he hires a landlord property management company. By doing the rental management himself, the landlord saves money, but he gives up his time. Time can be very valuable for any investor who owns several rental properties.

On the other hand, hiring a landlord property management company can take most of the profit from the apartment complex. Finding a competent company can be achieved by looking for local references or hiring an online property management company. Some of the largest rental companies available are online. They are very efficient and nationwide. By hiring an online management company, the investor has the opportunity to attract people transferring into his city and location.

How to Locate an Online Property Management Company

Propertyware.com is one of the largest online rental property management companies available with state of the art technology. Know in a few minutes the credit worthiness of all potential tenants. They offer live online chat and a 15 day free trial to try their services. The credit tracking is through Transunion.

Rentometer.com Pro is also a top award winning rental property management service. This company offers rent comparisons, rental management, tenant screening and more. Rentometer has received many awards and is recommended by many. Check out their site and compare their services with the others being considered.

Rental Property Management by Investor Alone

One of the top ways for investors to become successful is to do the rental management themselves. This gives total freedom and puts more money in the pocket of the investor. Arranging with several teams to work as one just may put enough money in the investor’s pocket to purchase additional properties.

In order to make the management process as easy as possible, there must be some advanced work done when contemplating owning an apartment complex. Here is a list to consider:

  • Hiring a gardener and lawn maintenance crew.
  • Discovering a maintenance man for repairs.
  • Hiring a Real Estate Agent to screen potential applicants.
  • Locating professionals in electric, plumbing and sewage.

After the investor has assembled his team, then the work of management is easy. Hiring a Real Estate Agent to run the credit applications and screen the tenants will help free the investor for other things. It is now possible not to have an on premise manager. The tenants simply mail in the checks monthly to the investor. The only time the investor needs to be called is when there is a problem.