Managing Your First Rental Property: Tips From Seasoned Property Managers

Are you getting ready to manage your first rental property on your own? Then we believe congratulations are in order! Managing property can be an exciting, profitable experience. It can also be a bit overwhelming if you don't know where to start. 

Being prepared and asking for help can make all the difference. From administration and document preparation, to setting your price and dealing with service providers, advice from seasoned property managers can prove invaluable and help you get renting right the first time.

Here are some property management tips from experienced property managers  

1. Get your property ready

Start the process by getting your property ready for renting. Don't wait until you have a tenant ready to move in before you tackle this part, because you will often encounter delays and hiccups that could impact your timelines.

Make sure you have all of the following in order before you advertise your listing: 

• Compliance assessments and certifications
• Fixes and repairs
• Renovations and general maintenance
• Property insurance
• An emergency fund for unexpected maintenance, upgrades or repairs

2. Consider your ideal tenant

Give some thought to what kind of tenant you would consider for your property. While it is illegal to discriminate based on certain factors, you as a property manager are entitled to insisting that your future tenants meet specific criteria. For example:

• Smokers vs non-smokers
• Whether pets are allowed
• Minimum combined monthly income
• Credit score and background checks
• References and how many

3. Set your price

This part of the process should include market research. Enlisting the help of a reputable property agent will help you get your hands on the most up-to-date data for rental properties in your area. It will help you set a reasonable rental price according to the latest market information.

4. Get admin savvy

Once you decide on a fair monthly rental, you would need to prepare your lease document. While there are some great rental lease templates available online, we recommend asking a property lawyer to review your first few contracts to make sure nothing gets overlooked. After that, you will be equipped to handle the leases on your own. 

Be sure to cover:

• The monthly rental
• Required deposit
• Occupation dates
• Payment dates
• House rules
• Maintenance information
• Eviction procedures

5. Build your contacts list

Having a complete list of service providers and emergency contacts will prove useful and convenient. Choose contacts who have a good reputation, come highly recommended by other property managers and who can deliver a quick turnaround in the case of an emergency.

Make sure you have contacts available for each of these service providers:

• Lawyers
• Plumbers
• Electricians
• Pest control services
• General maintenance
• Landscaping and gardening services
• Law enforcement
• Community medics
• Management Association (if applicable)
• On-site security (if applicable)

6. Find good tenants

This is the tricky part, because not all tenants end up being good tenants. Doing the work before the lease is signed will hopefully ensure that you find good tenants who pay their rent on time, take care of your property and don't cause unnecessary problems. 

If you are unsure where to start, perhaps consider reaching out to a reputable property agent to help you set up your first round of applicants. They will provide valuable advice throughout the process and can even help you roll out background checks and other vetting processes.

Need a seasoned property manager to show you the ropes? Get in touch!

Our experienced property management team would love to partner with you to help you manage your first property. Contact us today to set up an introductory meeting.