Below are ten critical tips compiled from a property management company with over 15 years of experience in the Northern Virginia apartment leasing market. Of course, entire books have been written on the subject of property management, so think of the following as the beginning of your education as a property manager.

1) Research comparable rental prices. It is very important to do your due diligence when it comes to what price you are going to list your property for. Price it too low and you’ll lose additional rental income, price it too high and you may never schedule a showing at the property. The rental price depends on a number of factors including the economy, whether people are buying or renting, whether local businesses are hiring and moving people to the area, what current comparable listings you are competing with, and what prices have recently been fetched. For a listing of comparable rental prices and average days on market, it’s best to consult a local real estate agent. In Northern Virginia, be sure to look up compositions from the NVAR Metropolitan Regional Information System.

2) Clean and prepare your rental property. First impressions can mean everything. If your rental property does not show up well, this can be devastating. You may be in the best area, across from a subway station, and with tons of hiring companies around the corner, but if the walls are crayon-marked and you can’t identify that certain smell (the one that’s not good), then you probably won’t find a tenant. One reliable cleaning company in Northern Virginia is Maid Perfect.

3) List the property on the local MLS. The Multiple Listing Service (MLS) in many areas will be a solid source of leads for prospective renters. Real estate agents can list your property on the MLS and then the property is exposed to thousands of other agents who can show the property and find tenants for your unit. In Northern Virginia, make sure your property is included in MRIS.

4) Post your property on free listing websites. 70% or more of potential renters start their rental search online. With that being said, you want your listing to be published on as many sites as possible. There are too many to list in this article, but a few Google searches will take you to plenty of websites willing to host your listing and contact information for free. Use these sites to actively market your rental property. In Northern Virginia, one of the key sites to be listed is the Washington DC section of Craigslist.

5) Market your rental unit to local businesses. One of the main reasons people move is for a new job. Businesses that are actively hiring are often the largest source of new tenants in a given metropolitan area. Make every effort to contact the relocation departments of local businesses so they can actively recruit you for new hires. These new employees NEED to find a place to live and will be the best source for tenants who are ready to make a decision. In Northern VA, you can find a list of the largest businesses in your area by visiting the Fairfax County government website.

6) Record a short video of the rental property. Pictures are nice, but video is better, especially when it comes to potential tenants moving in and unable to see the property in person. You can use the video to qualify potential tenants for showings. Simply put the video on your favorite free video sharing site (YouTube, alo video, etc.) and then direct the potential renter to the video to make sure they are interested in your unit. If they have more interest after the video screening, it might be worth scheduling an in-person presentation. The average renter looks at 6+ properties before making a decision, so recording this video can save you a lot of time when dealing with potential renters who just want to take a look, but aren’t ready to make a decision. In Northern Virginia you will want to post your video on Fairfax TV.

7) Run a thorough credit check on the tenant. If we lived in a perfect world, everyone would pay their rent on time and there would be no evictions. The problem is that we do not live in a utopia. Have your tenant fill out a rental application that gives you permission to run a credit check on them. Be sure to follow the latest FCRA (Fair Credit Reporting Act) rules and regulations and get a FICO score for the potential tenant. This score will give you a good idea of ​​whether the tenant will pay rent on time, late, or not at all. A bad score usually means a tenant that will give you trouble. It is better to leave the place vacant than to take the risk. In Northern Virginia, you must provide the tenant with the FCRA rules and regulations after you execute their credit. The legalities are often state specific. Check your state’s landlord-tenant law before running credit or other background checks on potential tenants.

8) I got a rock solid lease. The lease dictates the relationship between the landlord and the tenant. You want a fair lease that protects you as a landlord. If things go well with the tenant, he will likely never look at the lease again, however, at the first sign of trouble, this piece of paper is all he has to get himself out of a bad situation. It may be worth having a leasing specialist or real estate agent write the lease for you, a lawyer may be too expensive, unless you have multiple properties and can reuse the same agreement. In Northern Virginia you will want to contact NVAR for a rock solid lease.

9) Find a good contractor. When the plumbing goes out or the HVAC doesn’t work, who you gonna call? If you’re an expert in these areas, then you don’t have to worry… most of us aren’t. It’s a good idea to meet an honest, trustworthy, and timely plumber, electrician, and general contractor. Punctuality is of the utmost importance. Make sure you develop a good enough relationship with your contractor that they take care of your tenants in a timely and professional manner. If the contractor is not adversarial, he will damage the relationship with his tenant. In Northern VA you can get a good list of contractors by going to the Washington DC section of ServiceMagic.

10) Consider using a real estate agent, property manager, or leasing specialist. Hiring the right help can make your life so much easier. These people will do all of the above and more for you. However, be sure to do your research. Not all property managers are the same. Use someone local who has experience in your community.