Property Rent Management

If you own rental properties or are thinking about becoming a real estate investor in the residential market, rent management is something that is very important.  The difference between success and failure is simple: your renters.  Find good tenants that will pay the rent and not tear up your property and you will turn a profit.  Follow these three rules to make sure you succeed in the rent management game:

• Do not try to purchase or rent properties that you would not live in yourself.  The quality of your tenants will be directly proportional to the quality of your property and how you feel about it.

• Do not rent your property to anyone that will have a hard time paying the rent based on their income.  If it all possible do not rent your property to anyone with bad credit.  Always check references, income and do a credit check.

• Require a security deposit and use a rental contract that requires the renters give you a 60 day notice before they leave.  Most standard rental contracts require a 30 day notice.  Thirty days is not enough to get the property cleaned up and re-rented.