An ongoing property management plan ensures your small building stays occupied, in good health and profitable over the long term.

Screening for residents may begin prior to the completion of your scope of work. If you are managing the property yourself, you can outsource this process to a realtor, who will generally charge a fee to those they place in your units. There are legal requirements both for you as a landlord and for your building, and these can be different for your specific community, the state and the country overall. For this reason, you may want to consult with your lawyer.

Have an application and lease ready prior to showing the units to prospective tenants. (Basic templates can be found online.) Be sure to review relevant local laws. Your state may require documentation, such as lead paint disclosure forms and window guard notices. By having these documents ready, you may be able to move faster when applicants show interest in moving in quickly.

Decide in advance how, where and when to receive rent. Communicate these decisions both in person at the lease signing and in the lease itself. Outline in the lease any late fees, charges or steps you will take if rent is late or not paid. Lenders may ask to see a copy of your standard lease, as they have a vested interest in ensuring your property is generating cash.

Property operation and maintenance plays a large role in the long-term stability of your property. By visiting your property on a regular basis, issues with the building and any concerns from tenants can be proactively handled.