New property manager advice

[Amanda Thompson]

Hi! I am taking over the management of some of our rental properties. These are 12 units (6 duplexes), brand new construction. My husband built them, and we own them.

We are opening up for applications this week. The rental market here is NUTS... I think one thing I read said rent has gone up 20% in the past year?? Trial by fire, so...

What is your #1 piece of advice for a new property manager?

Thank you!!!

Amanda

[Nathan Gesner]

There are literally 100+ things to tell you, so where to start?

Buy a copy of "Every Landlord's Legal Guide" by NOLO. This is a large, expensive, but very handy reference guide on how to manage property. Includes practical advice on marketing, screening, leasing, handling lease violations, termination, security deposits, and more. The most important part is that it shows you where to find your state laws! Knowing the law is the most important thing for a landlord. Screening tenants is the most important skill to develop.

Good luck!