Many real estate books advise you to have a 'real estate agent' manage your property.

Been there – done that…(

I self-manage all my properties and have been for more than 10 years – including houses, apartments and commercial properties.

Here's my 5 P's for PM:

1. PROPERTY – Keep it clean and well maintained. Check its "street appeal". Know its features and what type of tenant is it likely to attract.

2. PAPERWORK – have copies of Lease documents, Bond form, Application & Reference Check form, direct debit form etc. Make sure you have Landlords insurance. Set up a Property Management Filing system (your accountant will love that!).

3. PROMOTION – Think about how to advertise it through low cost, high visibility ways eg, "For rent" signs are cheap and get the phone ringing! Advertise it through word of mouth to your friends, work colleagues, local shop noticeboards. Advertise it in the local newspaper or internet. Remember to 'sell the sizzle, not the steak'.

4. PEOPLE – Select the 'right' tenant, not necessarily the first tenant.
Also, have a team of maintenance contractors (eg/ plumber, electrician, gardener, handyman) that you can call on easily and quickly when something needs repair.

5. PROFIT – PM is a business. Its YOUR business! Make sure you set the right rental price and collect the rent on time, every time. Set up a system for rent payments. Direct debit (usually weekly or fortnightly) – that way if there's a problem with payment you'll know quickly. Weekly frequency is also great for cashflow.

There are plenty of books and internet resources available.
Check this out — http://rentalexec.shigs25.hop.clickbank.net/

Happy Landlording!