Draw up Your Lease Agreement and Inspect Your Property

Protect yourself by drawing up a comprehensive and ironclad rental agreement, no matter what type of tenancy you are planning to have. Make it clear what your expectations are, and make sure you do a property walk through and complete an inspection checklist with your tenant to record the condition of the rental property upon move in.

Handle Property Repairs and Learn to Manage Tenants

Managing rental property is just like running any other business and showing your professionalism is vitally important. When your tenant first moves in, take some time to adjust them to the neighbourhood and nearby amenities. Make sure they can reach you in an emergency and respond quickly to any emergency maintenance calls.

The bottom line is that you should go into this with your eyes open. Remember that the more you know about local laws, the better prepared you will be when issues arise.

Finally make sure you always have a back up plan. Have some cash reserves on stand by in case a tenant moves out unexpectedly or a major repair needs to be made. It's also a good idea to hire the services of a real estate lawyer to review your lease agreement and other paperwork or get you out of messy legal troubles.

Rental properties are a good investment, but you can't simply grab a renter and forget about it. If you take these steps for managing rental property, you'll find that the process will go much more smoothly. Teo Zhenjie