Manage Real Estate Investments Tasks in Simple Steps

Manage the Investment Task Page

Below is a detailed, step-by-step breakdown to help you effectively operate and grow your real estate investment. We also have a dedicated Task Page to help you stay organized every step of the way!

Step 1: Plan Your Strategy

For Rentals – Plan Your Strategy

Develop a rental property management plan, including marketing, tenant screening, and lease agreements.

Advertise your property on **rental listing websites**, **social media**, or **local community boards**
Perform **tenant screening**, including background checks, credit checks, income verification, and references
Draft a **legally compliant lease agreement** that covers rent amount, due dates, late fees, and maintenance responsibilities

Why It Matters: Well-planned rental management helps ensure consistent rental income and reduces tenant turnover by fostering a positive relationship with renters.

Tip: Use **property management software** to streamline tenant screening and lease management. Find options on Step by Step Manage Your Investment Page!

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Contact Information (E.G. People involved with Task)

For Flips - Plan Your Strategy

Create a plan for property renovations and set a budget to ensure profitability when flipping the property.

Prioritize high-ROI improvements first, such as kitchens, bathrooms, and curb appeal
Develop a timeline and budget breakdown to avoid overruns and delays in your flip project
Decide on your exit strategy—whether you’ll list the property with an agent or sell it directly

Why It Matters: A solid plan for flipping helps maximize your profit and ensures the project stays within budget and timeline constraints.

Tip: Use a Project Management Tool to stay on top of your renovation timeline and budget.

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Contact Information (E.G. People involved with Task)

Track Your Income & Expenses

Keep detailed records of all your income sources and expenses for easy tracking and accurate tax filing.

Track **income sources**, including rent payments, late fees, and any additional charges (e.g., pet fees)
Monitor **expenses** such as mortgage payments, repairs, maintenance, utilities, property taxes, and insurance

Why It Matters: Proper record-keeping simplifies tax filing and helps you track the profitability of your properties.

Tip: Use **property management software** like Cozy or Buildium to automate rent collection and expense tracking. Find options on Step by Step Manage Your Investment Page!

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Contact Information (E.G. People involved with Task)

Use Software & Spreadsheets for Financial Tracking

Use digital tools to simplify your record-keeping and financial tracking, making it easier to analyze your investment's performance.

Explore **property management software** like Cozy, Avail, or Buildium to automate income and expense tracking
Use **spreadsheets** to track income and expenses if managing fewer properties

Why It Matters: Streamlined record-keeping helps you save time and ensures accuracy when tracking financial performance.

Tip: Set up automatic reporting and reminders for **tax season** to stay ahead of your financial management. Find options on Step by Step Manage Your Investment Page!

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Contact Information (E.G. People involved with Task)

Prompt Repairs

Quickly address any repair requests from tenants to maintain satisfaction and prevent issues from escalating.

Respond quickly to repair requests to improve tenant satisfaction and reduce turnover
Fix small issues (e.g., leaks) before they become larger, more costly problems

Why It Matters: Addressing issues early prevents bigger problems and protects the long-term value of the property.

Tip: Schedule regular inspections to stay on top of potential issues before they get worse.

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Contact Information (E.G. People involved with Task)

Preventative Maintenance

Schedule regular maintenance tasks to ensure your property stays in great condition and retains its value.

Schedule **seasonal maintenance** like HVAC servicing, gutter cleaning, and exterior upkeep
Perform regular **inspections** to spot potential problems before they escalate

Why It Matters: Regular maintenance preserves property value and minimizes the chances of costly repairs in the future.

Tip: Use a **maintenance checklist** to keep track of all regular tasks and repairs. Consult your Property Manager!

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Contact Information (E.G. People involved with Task)

Budget for Emergencies

Set aside funds for unexpected repairs or emergencies that may arise during the course of ownership.

Set aside **5-10% of rental income** for emergency repairs and unforeseen expenses
Keep **documentation** for any major repairs and insurance claims in case you need to file a claim

Why It Matters: Having an emergency fund helps you cover unexpected costs without impacting your investment cash flow.

Tip: Set up a **separate emergency savings account** to keep these funds untouched and available when needed.

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Contact Information (E.G. People involved with Task)

Consider Professional Property Management

If managing your properties becomes too time-consuming or complex, consider hiring a property manager.

Consider hiring a **property manager** if you live far from the property or have time constraints
Research **property management services**, such as tenant screening, rent collection, and maintenance coordination
Weigh the **cost-benefit ratio** of hiring a property manager (typically 8-10% of rent)

Why It Matters: A professional manager can save you time, reduce stress, and help ensure your property is well-maintained.

Tip: If you have multiple properties, a property manager can help streamline operations and save you significant time.

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Contact Information (E.G. People involved with Task)

Stay Organized with a Closing Checklist

Use a checklist to ensure that you track all important steps and documents during the closing and management process.

Track **important milestones** like repairs, appraisal, loan approval, and the closing date
Ensure all **documents** (lease agreements, inspection reports, etc.) are finalized and signed

Why It Matters: Staying organized ensures you meet all deadlines and complete each step properly.

Tip: Use a **digital checklist** for easy tracking and automatic reminders.

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