Comprehensive Rental Property Management Flow Chart (w/ 33 Forms Included)

Comprehensive Rental Property Management Flow Chart (w/ 33 Forms Included)

Member since 2024 · 2 posts · 0 votes

Property Management Flow Chart
Hey everyone,

After reading Brandon Turner’s "The Book on Managing Rental Properties", I wanted to put everything I learned into action and build a tool that covers the entire lifecycle of managing a rental property—from right after acquisition to when the tenant eventually moves out.

I ended up creating a very detailed and comprehensive flow chart that maps out every step of the process, including all the legal requirements along the way. To make it even more useful, I attached 33 different PDF forms directly within the flow chart so you can quickly access them at the right stage. 

My goal was to create something practical that a landlord (especially someone newer) could use as both a roadmap and a ready-to-go toolkit.

I’d love to share this with the community and get feedback. Specifically:
-Did I miss any important steps or documents?
-Are there improvements that would make it more user-friendly?
-Would you like to see additional forms or resources included?

I know there are a lot of experienced landlords and property managers here, and your feedback would be super valuable for improving this.

If anyone wants to check it out and offer thoughts, I’m happy to share the file here. Hopefully, it can turn into something that’s useful for all of us managing rentals!

Thanks in advance,
Thomas Lynch  

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    Several issues:

    1) Your lender will REQUIRE you to ammend your homeowner's insurance policy to include landlord insurance/rider.

    2) Marketing pics are the bare minimum these days. 3D Tours and floorplans highly recommended.

    3) Limited percentage of prospects will call YOU to confirm their showing.
    - Best that you call them the morning of AND one hour before to confirm.
    - Also, better to schedule them all at the same time if possible, as usually an open-house type setting drives scarcity feeling.

    4) Depending on where you are located, local munincipal statues may require you to to take the approved applicant that applied FIRST, not the "best" one:(

    5) Do NOT collect a "holding deposit" that is legally required to be refunded if they don't move in. Instead, collect a"holding fee" as fees are NOT refundable. 

    6) Don't meet at the property to sign lease until applicant pays all funds due and they clear your account. Otherwise a time-waster.

    7) Also make sure and confirm they put utilities in their name BEFORE lease signing date.

    8) Why meet to sign lease THEN confirm utilities and such to get keys? Do it BEFORE.

    That's all I had time to review.

    • Member since 2024 · 2 posts · 0 votes
      1y
      Quote from @Drew Sygit:

      Several issues:

      1) Your lender will REQUIRE you to ammend your homeowner's insurance policy to include landlord insurance/rider.

      2) Marketing pics are the bare minimum these days. 3D Tours and floorplans highly recommended.

      3) Limited percentage of prospects will call YOU to confirm their showing.
      - Best that you call them the morning of AND one hour before to confirm.
      - Also, better to schedule them all at the same time if possible, as usually an open-house type setting drives scarcity feeling.

      4) Depending on where you are located, local munincipal statues may require you to to take the approved applicant that applied FIRST, not the "best" one:(

      5) Do NOT collect a "holding deposit" that is legally required to be refunded if they don't move in. Instead, collect a"holding fee" as fees are NOT refundable. 

      6) Don't meet at the property to sign lease until applicant pays all funds due and they clear your account. Otherwise a time-waster.

      7) Also make sure and confirm they put utilities in their name BEFORE lease signing date.

      8) Why meet to sign lease THEN confirm utilities and such to get keys? Do it BEFORE.

      That's all I had time to review.


       Thank you for the feedback, I really appreciate it!

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