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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.
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.
If you want to maximize the profitability of your rental property, you will need to take care of everything yourself.
Great marketing skills are essential for competing with other rentals, finding the perfect tenants, and keeping your rental rates where you want them.
Bad tenants can cost you a lot of money in missed rent payments and property damage—not to mention plenty of headaches!
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.