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How to manage property
If you plan to manage rental property, you\'ll need organizational and management skills, along with a good working knowledge about real estate matters. Here are the major things you\'ll have to take care of. If you are going to manage the property yourself make sure you get information from the Department of Fair Trading advising you of your obligations under the Privacy Act and Residential Tenancies Act. Property management is a profession. It is a process of operating the administration and the marketing of a property to achieve the goals of an owner. In order to do that, the first thing that we do as professional property managers is spend a good deal of time with the client to find out what their goals are so that we can then develop some kind of plan to help them achieve their goals.
How to manage property Step 1: Advertise vacant property for rent.
How to manage property Step 2 - Show available property for rent and interview prospective tenants.
How to manage property step 3 - Screen the best candidates for your rental property by requiring written applications with credit and employment references.
How to manage property Step 4 - Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.
How to manage property Step 5: Obtain liability, fire, theft and other insurance on rental property.
Step 6: Arrange for regular maintenance and necessary repairs of the property.
Step 7: Assure that tenants comply with rental policies and procedures.
Step 8: Supervise repairs and maintenance work.
Step 9: Conduct inspections of the property on a periodic basis.
Step 10: Establish and maintain an organized system of collecting rental payments and security deposits.
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