ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Property Management Guide for Beginners

Updated on December 9, 2017

If you’re reading this article, you have probably been considering investing in a rental property or properties for the first time. Perhaps you have even already purchased the property and you are simply trying to figure out the best approach to start renting it out. In the following text, you will find basic, understandable information regarding property management.

Devise a Plan

It is important to have a detailed plan set in stone before you start to locate renters. Not only will a plan help you to feel more organized, but it will also show potential renters that you mean business.

First, determine who you will be renting to. Is the rental property you are investing in large enough to accommodate multiple people? If so, do you prefer to rent to a solo family or are you okay with renting each room out individually? Your answer to these questions may depend on your location. For instance, in a college town, renting out individual rooms may prove to be successful as there are always students looking for an affordable place to live.

Furnished or Unfurnished

Second, do you plan to rent out the property furnished or unfurnished? Either option has advantages and disadvantages. A furnished property may be attractive to a rental applicant who doesn’t own much of their own furnishings. It would be a much faster moving process if the renter only planned to stay for a shorter time. On the other hand, renting a furnished property could mean more potential damages to your belongings.


Rental Agreement Details

Lastly, be sure to outline the details that will be present on your rental agreement. Will you lease out your property 6 months at a time or a year? Will you allow pets? If so, will there be an additional monthly cost per pet? Will you be asking for a security deposit for potential damages that could happen? If so, how much? Will you be requiring a background and/or credit check on each rental applicant? Will you require renter’s insurance be purchased?

Protect Yourself

Property management can be risky. We often know nothing about the people we rent to or what they are capable of. They could easily damage and destroy the property or fall short on monthly payments leaving us with an expensive mess to deal with.

This is where the details we just discussed will come in handy. Remember, you can never have too much legal documentation. Consider hiring a lawyer to assist you in creating necessary documentation to have your rental applicants fill out and sign.

Consider purchasing liability insurance. Liability insurance is insurance designed to protect you if your renter were to accuse you of not following through on your end of the renter’s contract.

Require your renters to purchase renter’s insurance. Renter’s insurance ensures that your property is protected even amid great damage or disaster such as flood or fire.

Setting Your Rental Price

Setting the rental price on your property starts with researching the rates of other similar rental properties in the area. You want your rental price to be within the same price range. For simple research, check out your local Craigslist’s rental section or contact local rental agencies to see where they have their rates set.

At the same time, it is important that you make a profit on your property investment. If the rental price is exactly equivalent to what you owe each month on your property loan, you will not be making any money.

Advertise, Advertise, And Advertise!

When more people know that your rental property is up for grabs, more people will be hurrying in to apply for it. The larger your applicant pool, the more options you have in deciding who the perfect tenant might be. Choosing the right tenant means that you can count on timely rental payments and few damages to your property.

Where should you advertise? Everywhere! Today, advertising can be done online as well as in person. It can be as simple and inexpensive as posting on websites like Craigslist. You could even post paper advertisements around town. Often, public places like college campuses and grocery stores will allow you to pin your paper ads to their bulletin boards.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)