• Skip to main content
  • Skip to primary sidebar

Cade Hildreth

Everything You SHOULD'VE Been Taught in School.

MENUMENU
  • Blog
  • Finance
    • Cryptocurrency
    • Real Estate
    • Gold and Silver
    • Investing
    • Increasing Income
    • Financial Q&A
  • Real Estate
  • Health
    • Fitness
    • Nutrition
    • Confidence
  • LGBTQ+
  • Podcast
    • "What You Should've Been Taught"
    • Audio Feed of the Website
    • Ask a Podcast Question
  • About
    • Testimonials
    • About Cade
    • Rugby Bio
    • Instagram
    • Contact
You are here: Home / Finance / A Complete Guide to Managing Rental Properties
A Complete Guide to Managing Rental Properties

A Complete Guide to Managing Rental Properties

January 10, 2022 By Cade Hildreth Leave a Comment

As of 2019, about 36% of households in the US rent. Since almost three-quarters of landlords are individual investors, owning a rental property may be a great financial move. The first step is to buy and prepare a property.

But, once you have a rental property you’ll need to actually manage it. This involves a wide variety of aspects, from finding tenants to performing maintenance to navigating unforeseen issues. Here’s what you need to do to be successful at managing rental properties.

Setting and Collecting Rent

Once your property is ready to be rented, you’ll need to set a price for rent. The first step is to take a look at other rentals in the area that are similar to yours. In addition, you should look at the rest of the market. For instance, how many rental properties are available?

These figures can help you get a base rent price. But, also consider if your rental has additional benefits. If so, you should be able to charge more for them.

Once you find tenants, you’ll also need to consistently collect rent. You have a few options when it comes to collection. Some landlords prefer to receive a check. Others allow tenants to setup auto-pay through their bank or use electronic collection services, such as Zelle, Paypal, or Venmo, for example.

Each method offers its own benefits and downsides. Consider what would be beneficial to you and work for your potential tenants. Just remember that if your collection service includes a fee, you need to bake this into your rent price.

Finding Tenants

Finding good tenants is critical to avoiding issues with your rental properties. Start by advertising your property. Begin by using common rental sites and local publications to get the word out.

Currently, Zillow Rental Manager is a powerhouse of a platform for collecting potential tenant leads, because it cross-posts to dozens of other sites and its listings tend to rank high in Google Search results. In the past, Craigslist used to be an effective place to post rental listings, but less and less renters are using it today.

You can also list your property to other sites like Apartments.com, Cozy, Zumper, and Rentometer.

Screening Tenants

Next, you should create a process for getting to know more about your potential tenants. You can start by creating a questionnaire to see if they are a good fit. Just be sure to follow all Federal Fair Housing Act rules.

You also need to confirm their employment and income. Call their references and any former landlords. It’s also important to run a credit and background check. These can help find issues you might otherwise miss.

It’s a good idea to have an in-person conversation with potential tenants to get to know them a bit more. This can take place when you review the rental agreement with them. Make sure your tenant fully understands the rental agreement.

Before you hand over the keys, do a walkthrough with the tenant and have them document any damage present at move-out. I’d recommend using a formal Move-In Checklist. This can prevent disagreements later about any issues.

Maintenance

If your tenant needs help with the rental or has an issue, they will contact you or your property manager, if you choose to use one. You need to be able to resolve any issues and keep maintenance up to date. Doing a walkthrough at least once a year can help spot any issues before they become problems.

When managing rental properties, staying on top of regular maintenance will go a long way. Set up regular checks for appliances and have the contacts of local reliable contractors. There will be some small issues that pop up. If your tenant notifies you of these, you may be able to perform small repairs yourself. However, make sure to set aside a maintenance fund for when you need to call in help.

If there is a major problem where the tenant must relocate for some time, it is up to you to provide them housing if they have already paid. Make sure to check the local laws regarding this, as some areas also require accommodations for upcoming times.

Navigating Issues and Changes

One of the biggest ways to prevent any issues from arising when you manage rental property is to have good communication with your tenants. Make sure you tell them anything they need to know. At the same time, be sure they know that they can come to you if there are any issues.

It is much better to hear about needed repairs early, while you can fix them before they expand in scope. This is particularly true if you are dealing with water damage, which can rapidly expand in scope if it is not immediately addressed.  Your tenants also deserve to live in clean, well-maintained properties, with properly running appliances.

Over time, you may need to increase rent to keep pace with inflation. Reasons to raise rents include that you need to able to pay repair technicians fair market wages (which will rise over time) and your home insurance policy will increase slightly year-over-year.

Put simply, although your mortgage may be fixed, your operational expenses are likely to rise over time. Make sure you disclose the fact that you might increase rent to your tenants.

Payments and Rules

Having a late fee policy is key to ensuring rent is paid regularly and on time. Make sure you disclose your policy in the rental agreement so your tenants are aware. You can work with tenants if there is a one-time issue.

In addition, you should have a plan in case you need to evict a tenant. Eviction is a complex legal process with the rules varying by the municipality. Be sure you can give notice and read what your local laws are. A lawyer can help you if it is confusing.

Before renting to anyone, make sure your rental contract is thorough. There are examples online, but a local lawyer can be helpful when you are starting out. A good rental agreement will give you better legal protection in case any issues arise.

If you don’t know where to start, try by reaching out to a attorney, contacting an experienced landlord, or asking your local association of realtors to share their standard lease with you.

Using a Property Management Company

The process of learning how to manage a rental property can be a bit daunting since there are many financial and legal factors involved. Some landlords choose to hire a property management company to make the process easier.

This is also a great option if you want a more hands-off approach. This guide can help you understand what to expect from a property management company. In general, they can take care of all of the steps from finding tenants to handling maintenance.

The Basics of Managing Rental Properties

Rental real estate can be a great way to earn an income. If you’re serious about this investment approach, then you’d better be prepared for the process of managing rental properties.

Whether you do it yourself or hire a management company, the steps above will always stay the same.

Want to stay in the loop? Join nearly two million other readers who are learning how to increase their income, invest in real estate, buy and sell crypto, and so much more.
Are we connected on social media? If not, let’s do it so I can share in your world too: Instagram | Twitter | Facebook | Pinterest | TikTok | LinkedIn
5/5 - (2 votes)

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)

Filed Under: Finance, Real Estate Tagged With: rental real estate

Reader Interactions

Tell Us What You Think! Cancel reply

Primary Sidebar

  • Instagram
  • Twitter
  • Facebook
  • LinkedIn
  • Pinterest
  • TikTok

“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

Want to know what I learned making my first few million? Subscribe here.

Or, listen to Cade’s articles on the go as a Podcast.

The secret to fitness is… …Hill sprints with The secret to fitness is… 

…Hill sprints with my pal, BEANE!!! Lol (scroll to see it live ➡️)

Just kidding, I’m sure lifting has a bigger effect. But seriously, how does he do the whole sprint staring at me instead of where he’s going, running backward, and jumping in the air?!?

Do you have pets and what do they do to make you smile? 🙂

(And side note, should my wife and I take up pickleball like everyone keeps telling us to? 🤔)
Covid era poll: How many of your work from home th Covid era poll: How many of your work from home these days and is it part-time or full-time? 🤔 

(And side note, do you prefer look #1 or #2?)
Did anyone teach you about the question words? Let Did anyone teach you about the question words? Let me know… ✅❌🫣🤔
This #trans couple will be the first known parents This #trans couple will be the first known parents to welcome a baby born to a #transman in India. Congrats to Ziya and Zahad! 🏳️‍⚧️💙🍼

Read the article at: https://lnkd.in/gUErqRhT

Source: @paval19
With anti-LGBTQ+ and anti-trans legislation on the With anti-LGBTQ+ and anti-trans legislation on the rise, I have enormous RESPECT for people for are taking action to support our communities. 🏳️‍🌈🏳️‍⚧️

Putting this into action are Dr @EricCervini, an author and historian, and his partner @Adam_Powell. Together they will be driving a bus full of banned #queerbooks across the U.S., starting this summer! 

I absolutely love this idea—and can't wait for them to swing by Virginia! 

From an article shared on XtraMagazine.com:

“With LGBTQ2S+ books under attack in the U.S. at record rates, author Eric Cervini and his boyfriend, actor Adam Powell, knew they wanted to take action. While others are organizing with protests, drag queen story hours, days of reading and other important acts of resistance, Cervini and Powell have their own spin on what to contribute to the movement—and that spin has wheels.

The pair are working on buying, then building, what they call the Rainbow Book Bus, a bookmobile carrying queer and trans books to small towns. 

After reaching their crowdfunding goal of USD $100,000 at the end of December, Cervini and Powell are now able to pay a specialized company to retrofit a school bus to become a beacon of queer literature. 

‘Our goal is to have at least an early version of it ready by Pride [in June],’ Cervini tells Xtra. ‘We want to have a bus that is converted—it may not be fully decked out, but it will be functioning as a travelling book shop/book fair—in the summer of 2023.’”

If you'd like them to visit your town, share it in comments! 🌈🚌

Image Source: Eric Cervini and Adam Powell

Article Link: https://xtramagazine.com/culture/queer-book-bus-eric-cervini-243787

You can also support them at @shopqueer.co! 🌈📚

#lgbtqia #lgbtqcommunity #trans #lgbtqyouth #transyouth
“You are who you choose to be.” -Carl Jung T “You are who you choose to be.” -Carl Jung 

This past summer we took a trip to Madden’s resort in MN to celebrate my parents 50th wedding anniversary with my parents, sister, brother in law, wife, niece and nephew. 

It was actually their 52nd, because we had to postpone it twice due to Covid! 🌊🏖🐟
Load More... Follow on Instagram

Recent Posts

Gender Spectrum

Gender Spectrum: A Scientist Explains Why Gender Isn’t Binary

Real Estate Syndicators

Master List of Real Estate Syndicators for 2023

How to prove you are an accredited investor

How to Prove You Are an Accredited Investor?

Get into real estate

8 of the Easiest Ways To Get Into Real Estate in 2023

IRR vs ARR

IRR vs. ARR: What’s the Difference?

Categories

  • Biohacking
  • Confidence
  • Cryptocurrency
  • Entrepreneurship
  • Exclude
  • Finance
  • Fitness
  • Gold and Silver
  • Increasing Income
  • Investing
  • LGBTQ+
  • Nutrition
  • Podcast
  • Real Estate

Ask a Podcast Question | Contact Us | Terms of Use | Privacy Policy

COPYRIGHT © 2019 · CADEHILDRETH.COM | PHONE: ‪(202) 660-4705‬  | 800 CORPORATE DRIVE, SUITE 301, STAFFORD, VA 22554, USA

 

*Disclaimer: Nothing on this site should be construed as medical, health, or financial advice. Before making any health decisions, you should consult with your doctor. Before making any financial decisions, you should consult with professional adviser, such as a financial planner or CPA.