After the purchase of a new rental property, you will want to get to work marketing it for rent so you can start to pay back the property's expenses. A rental property needs to be managed with the right regulations and processes to make it a cash-flowing property and a good investment. Here are some tips you can use to help you in the management of your rental property.

Determine a Fair Rental Rate

Your rental property is ready as a rental, but you need to set a good and fair price for its rent rate. The amount of rent that you charge will affect your ability to rent the property and also break even on your property costs, so it is important that you calculate the right rental rate. You don't want to charge too much for rent when you list it as a rental, because this can turn off potential tenants, especially the ideal tenants that you want in your property. Then, on the reverse side, if you list your rental at a rent that is too low, you are going to miss out on some of your rental income.

Take a look at other rentals in the area to help you establish a rental range. Then, you can look at your rental's features and amenities to help you adjust the rent rate and refine it to a more specific rate. Consider how much other tenants are paying for similar rentals in the area. Also look at if your home has extra features that make it stand out among the other rentals, so you can price yours a bit above the market. For example, if your rental has a large, fenced-in yard with landscaping, a play area with a swing set and slide, or a swimming pool. These features will allow you to charge a bit more in rent.

Use Good Management Practices

Management of your rental property starts by screening for good tenants. A thorough tenant screening process will help you find tenants that are more likely to pay their rent and take care of the property. Have any prospective tenants fill out a rental application and then do a background check of any adults applying for tenancy. Your background check should include an eviction check, credit check, and criminal background check to find out all the important details about each applicant.

Once you have tenants in the property, make sure you check up on the property regularly with inspections that you have arranged for in the rental agreement. Inspections can include a quarterly pet inspection or a systems inspection while you change out the HVAC filters. You may also want to provide pest control regularly as another way to complete an inspection. Just be sure you let your tenant know in advance when you will complete these inspections. Contact property management services near you to learn more.