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Top 10 Things Every Landlord Absolutely Needs To Know

Whether you’re a seasoned real estate investor or a first-time DIY landlord, navigating the world of property management comes with its own set of challenges. Understanding the essentials is critical to protecting your investment, maximizing rental income, and keeping tenants happy. In this article, we break down the top 10 property management tips every landlord must know—especially if you’re managing the property yourself.

1. Screen Tenants Thoroughly

One of the most important property management tips for landlords is to never rush the tenant selection process. A bad tenant can cost thousands in damages, lost rent, or legal fees.

Key Guidelines:

Run a credit and background check
Verify employment and income
Contact previous landlords for references

2. Know Local Landlord-Tenant Laws

Each state (and often each city) has its own rental laws. Understanding these is not optional—it’s essential.

Examples of Legal Issues to Know:

Security deposit rules
Notice periods for eviction
Habitability standards
Fair housing laws

Ignorance of the law can lead to costly lawsuits, so this is a top priority in any list of property management guidelines.

3. Document Everything

Whether you’re a hands-on or hands-off landlord, documentation protects your interests.

Best Practices:

Use detailed lease agreements
Conduct move-in and move-out inspections with photos
Keep written records of all tenant communications

4. Stay On Top of Maintenance

Deferred maintenance not only angers tenants—it can damage your property and result in higher repair costs later.

Property Management Advice:

Create a seasonal maintenance checklist
Respond to repair requests promptly
Hire qualified, licensed contractors when needed

5. Set the Right Rent Price

Price your rental too high and it will sit vacant. Too low and you’re leaving money on the table.

Tips:

Research similar rentals in your neighborhood
Factor in your property’s unique amenities
Consider working with a property management company for a rental market analysis

6. Use a Consistent Rent Collection System

Missed or late rent is one of the biggest headaches for landlords.

Recommendations:

Set clear due dates and late fees in the lease
Offer online payment options
Send automated reminders

This is one of the most underrated DIY landlord strategies for improving cash flow.

7. Require Renter’s Insurance

Protect yourself and your tenants by requiring renter’s insurance in the lease agreement.

Benefits:

Covers tenant’s personal belongings
Reduces your liability in case of accidents
Can help in disputes over damages

8. Be Professional and Respectful

Treat your rental like a business—even if you’re just managing one unit.

What This Means:

Respond to tenant issues promptly and politely
Don’t make decisions based on emotion
Keep personal and financial boundaries clear

9. Budget for Vacancies and Repairs

Unexpected costs are part of being a landlord. Smart financial planning is a core part of effective property management advice.

Tips:

Set aside 10–15% of monthly rent for maintenance
Budget for 1–2 months of vacancy per year
Consider capital expenditures for major upgrades

10. Know When to Get Help

Even the best DIY landlords sometimes need professional assistance.

Reasons to Hire a Property Manager:

You own multiple properties or units
You live far from your rental
You don’t have time for daily management tasks
You want access to experienced leasing, maintenance, and legal support

A good property management firm will handle the heavy lifting so you can focus on growth and peace of mind.

Final Thoughts

Being a landlord is a rewarding venture—but it’s not without its pitfalls. By following these property management tips and guidelines, you’ll stay ahead of problems, protect your investment, and create a positive experience for your tenants.

If you’re feeling overwhelmed or just want expert help, contact us at RES Property Management. Our full-service solutions are designed to make ownership easy and profitable.

Need personalized property management advice?
Contact us today to schedule a consultation.