Things You'll Need
Instructions
Get a prop balancer. There are many types, but you'll get the best results for a fairly modest cost from a magnetic balancer.
Mount the propeller in the balancer and, with your fingertips, hold the propeller parallel to the ground, then release it. If one of the blades dips lower than the other, your prop is imbalanced. Just to make sure, repeat this process two more times.
Mark a small "H" on the heavier blade with a felt tip marker. This can later be removed with a touch of alcohol.
Remove the propeller from the balancer and gently sand just a little bit of wood off the trailing edge near the tip of the heavier blade.
Repeat Step Two until the propeller is perfectly parallel to the ground.
Mark the inside of the propeller hub with a tiny "B" so you know you've balanced this prop already.
Touch up both blades with a very thin coat of modeling dope and let it dry. This will protect the surface from soaking up fuel.