Residual Income Through Rental Property Management [1 of 3]

Course details

• Property Management 101
• Protecting Your Investment
• Record Keeping and Documentation
• Marketing Vacancies
• Tenant Screening Program
• Rent and Deposits
• Managing the Tenant Relationship
• Move-Out Packet For Tenants
• Move-Out Inspections and Turnover

Once an owner decides to rent out a property, it is now an investment. Professionals know these properties should be treated like a business because rental properties can become a great source of income when managed like a business. From the very beginning, when an owner begins to consider what needs to be done to the property to rent it out, and how to find a good renter, there are regulations and guidelines that should be followed.

Important: You don't have to be a professional property manager to manage your rental properties like one. When you use the techniques of the pros you can reduce the amount of time you spend managing your property and greatly increase your income.

When you acquire a rental property you are in charge. You can control who is paying you, how much, and for what services, including but NOT limited to just rent. You can also utilize professional management systems to protect your property and hold tenants accountable for expenses that a lot of landlords pay themselves.

When you use professional techniques to market the vacant property you will get more traffic. You will then use professional screening techniques to get the best tenants. These tenants not only pay on time but they care for your property. One of the biggest mistakes landlords make is in the marketing and screening processes. This is where the professional techniques save you tons of headaches later. Landlords pay for mistakes they make when screening when the poor quality tenant moves in and begins causing problems. These tenants pay late, miss payments, bother neighbors, abuse the property, and eat your time and money.

Once you have great tenants and you are using the revenue sources of the pros, these tenants increase your rental property income. Most of the old hassles like collecting rent, enforcing the lease, and caring for the property can now be automated. This is when you put managing the property on auto-pilot. You use professional systems to handle to monthly payments and issues that may come up. Your property will actually be managed better with less time than the landlord that is still knocking doors and getting too involved.

Well-managed tenants give proper written notice in advance that they are moving out. This allows you to use more professional systems for moving from one tenant to the next without all the usual expenses. Professional management system hold the tenant responsible, eliminate disputes, market the property before its even vacant, and have it ready much faster than the typical turnover process. Using these systems lowers your vacancy time and turnover expenses. Vacancy and turnover are a rental property owner's biggest expenses. Professionals know this and they reduce, or even eliminate them with the right systems.

Once you use the professional systems to get the property rented again the cycle repeats itself over and over. This cycle generates residual income for hundreds of thousands of property owners and managers everywhere. Property owners who manage like professionals enjoy the residual element of the business. Owners who don't manage like professionals begin to hate this process and give up on building a residual income that grows and grows over time.