Possibly a new Landlord here

[Chris Kendrick]

I might becoming a landlord for first time or might just hand it over to a property management company, my question is once i find a rental agreement,  there are plenty out there, what is next step. Does a lawyer have to sign it ? Does it need to be notarized. And once sign now what? Does it need to be sent off to the city where the property is , to let them know its a rental property? Any advice woulde be helpful

[Nathan Gesner]

Quote from @Chris Kendrick:

Chris, go back and read your own post. "Any advice would be helpful." People are taking time out of their day to help you, a complete stranger, and you're attacking them?

Let me give you an answer to a question you didn't ask: nobody wants an a--hole for a Landlord. If you don't have the humility to accept free advice from strangers willing to help, you are going to suck as a Landlord and are wasting everyone's time. Start treating people with a smidge of respect or I'll shut you down.

I suggest you buy "The Book On Managing Rental Properties" by Brandon Turner or "Every Landlord's Legal Guide" by NOLO. The NOLO book is my personal favorite with a little more practical advice, it points you to your state-specific laws, it has a great supporting website, and comes with sample forms you can tailor to your own use.

Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney-approved for your state. It's better than what you'll get from most attorneys and what you'll find on the internet.

The document is between you and the Tenant. No need for an attorney or notary.

It doesn't have to be sent to the City unless your City has a law that requires long-term rentals to be registered. There are different laws for every State and City, so you'll have to tell us where this rental is if you want specific advice.

If you are going to hand it over to a property manager, you need to do some research and make sure they are good ones. A bad PM can cost you a lot and actually increase your problems. Being a novice Landlord can also cost you a lot.

Cheaper doesn't mean you'll make more money.

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help