CHAPTER 10 Property Management 101
In order to have a successful rental property, you need to know about all the different aspects of property management. This includes finding, keeping, and dealing with tenants, lots of legal information, and taking care of the property itself. Although I HIGHLY recommend you use a property management company to manage all of your rentals, I still think you should be educated on the different aspects of management. Not only will this chapter help you to understand and appreciate all that your manager does for you, but it will allow you to judge if the company you hired is doing a good job or not with managing your investment property.
SCREENING - WEED OUT "BAD APPLES"
Without a doubt, the most important step for an investor to take during the entire rental process is screening all potential candidates in order to weed out the “bad apples” and find a good- quality tenant. In most cases, good tenants lead to rental bliss. However, a bad tenant will almost always result in a bad tenancy experience, leading to an overall bad rental property experience and a lot of stress. There’s no way around it — you must screen every single tenant! You must ensure you’re comfortable renting to them before you have them move into your property. This protects yourself and your company, reduces your risks, and can help you avoid a potential disaster.
Set Up Minimum Qualification Standards 91
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