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6 setp process

1. Property Acquisition

Conduct market research to identify potential properties.

Perform due diligence on the chosen property (financials, structure, location).

Negotiate purchase agreements and financing options.

Obtain necessary permits and approvals.

Prepare property for management (cleaning, repairs, etc.).

2. Tenant Screening

Create a marketing strategy to attract potential tenants.

Establish rental criteria and application process.

Conduct background checks (credit, criminal, rental history).

Interview potential tenants.

Select qualified tenants and prepare lease agreements.

3. Lease Management

Draft clear and comprehensive lease agreements.

Explain lease terms and conditions to tenants.

Collect security deposits and first month’s rent.

Provide tenants with property rules and regulations.

Ensure lease agreements are signed and filed securely.

4. Property Maintenance

Develop a maintenance schedule for regular inspections and repairs.

Establish a system for handling tenant maintenance requests.

Hire and manage contractors for repairs and maintenance.

Conduct seasonal property checks (e.g., HVAC, plumbing).

Keep maintenance records for compliance and future reference.

5. Rent Collection

Set up a system for rent collection (online, checks, etc.).

Clearly communicate rent due dates and late fees to tenants.

Send reminders for upcoming rent due dates.

Handle late payments and enforce lease terms.

Maintain accurate records of rent payments and tenant accounts.

6. Tenant Relations and Retention

Establish open lines of communication with tenants.

Address tenant concerns and complaints promptly.

Organize community events to foster a sense of belonging.

Conduct regular tenant satisfaction surveys.

Implement lease renewal processes and incentives for long-term tenants.

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