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How to Successfully Manage Your First Ever Rental Property

New to rental property management? From setting rental rates to avoiding problem tenants, property managers have a lot on their plate! Done right, a rental can be a great way to earn some extra income or pay off the mortgage on a new home. But rental profitability is far from guaranteed. No matter how much work you put into making repairs, marketing, and interviewing tenants, good property management skills are essential to success. Check out the following list of resources for help turning your property into a lucrative investment.

Set Realistic Rental Rates

Setting rental rates can be surprisingly challenging—too low and you will lose out on profits, too high and you will have a hard time attracting clients.

How Much Should I Charge for Rent: A Guide to Rental Rates

Why Renting Your Property Below Market Value Isn’t A Great Idea

How to Raise the Rent in 4 Easy Steps

Here’s What Landlords Do With Your Rent Payment Every Month

Find Ways to Save

If you want to maximize the profitability of your rental property, you will need to take care of everything yourself.

Should You Manage Your Rental Properties Yourself?

5 Pesky Property Management Tasks That Can Be Automated

The Importance Of Preventive Maintenance on Properties

Fixing Up Your Investment Property for Rental Income: Where to Splurge, What to Skip

Think Like a Marketing Pro

Great marketing skills are essential for competing with other rentals, finding the perfect tenants, and keeping your rental rates where you want them.

How to Identify a Target Market for Your Rental Properties In 5 Steps

How to Market Your Rental Property Like a Pro

7 Rental Property Marketing Ideas: Social Media Edition

Avoid Bad Tenants

Bad tenants can cost you a lot of money in missed rent payments and property damage—not to mention plenty of headaches!

8 Screening Questions for Potential Tenants (and Some You Can’t Ask)

How to Do a Background Check on a Tenant or Renter

How Do I Stop Renting to Bad Tenants?

The Secret to Minimizing Late Rent Payments

Running a rental property is a learning process, so you’re bound to run into a few bumps and barriers as you explore this new venture. Get started in the right direction by learning everything you can about managing a rental. Doing plenty of research and planning your approach will help you ensure success, even if being a landlord is completely new to you.

About the Author:

Natalie Jones enjoys writing about home buying and hopes to inspire homeowners of all stages to enjoy the perks of homeownership. When she isn’t writing about the homebuying process, Natalie spends time with her husband working on DIY projects for their home.