Take advantage of experienced property management companies

Property management firms are specialists in marketing to, finding and screening potential tenants. Tenant screening includes background and credit checks, verification of employment and finances as well as contacting previous landlords.

I recommend: Search the comprehensive directory at All Property Management to find property management companies by area and property type. Find rental applications and lease agreements at LawDepot. Check out the directory of Tenant Screening Services at Business.com.

Follow the law with the help of property management software

A property owner or property manager must follow the legal standards set forth in landlord/tenant laws, plus Fair Housing laws, the Fair Credit Reporting Act and the U.S. Patriot Act. Find a property management company or property management software to track, manage and give reminders about ongoing compliance issues.

I recommend: Screen tenants (and follow the law) at Intelius. ZipReports offers fast, secure, legally compliant screening. Visit NOLO for a state-by-state chart of landlord-tenant statutes.

Choose a property manager for residential property management help

Depending on the site of your residential property, consider hiring an onsite or offsite property manager - or property management company - with experience in residential property management.

I recommend: Visit Akam Associates, a property management company that specializes in residential property management. Just So Software’s The Property Manager is a property management software system that comes in three versions — from the smallest property management needs up to the enterprise level.

Turn to property management companies or software to keep accurate financial records

The best property management solution is one that offers top-notch accounting features, including bookkeeping, expense tracking, vacancies and income tax.

I recommend: Mdansby.com’s Landlord Report property management software (for Mac or PC) provides a full range of property management options for an unlimited number of properties. Check into additional property management software programs, such as TOPS accounting-based software for condo and homeowner’s association management or Spectra Computer Services’ Domin-8 Enterprise Solutions.

Perform ongoing property management maintenance and upkeep

As a property manager, it's a good idea to handle preventative maintenance regularly. It will save a bundle (and big headaches) by avoiding major repair bills later. Set clear standards in the lease agreement regarding which duties (such as yard work, snow removal, etc.) tenants are responsible for, and which the property manager will handle.

I recommend: Find the property management software that fits your specific needs at Capterra’s Real Estate Property Management Software Directory. Brink Property Management offers a multitude of property management solutions, including property maintenance.