What property management actually includes
Property management is the day-to-day system that keeps your rental stable: finding qualified tenants, using a clear lease, collecting rent on time, responding to maintenance, and keeping accurate records. If you get the system right, you can run a rental with fewer surprises—even if you only have 1–5 units.
Step 1: Set up your basics (so you don't scramble later)
- Keep records from day one: track income, expenses, invoices, and receipts.
- Know the rules where your property is: deposits, notices, habitability, and entry requirements vary.
- Insurance: talk to your broker about landlord coverage and require tenants to carry renter's insurance.
- Communication standards: decide how tenants submit issues (email vs. portal) and how quickly you respond.
Step 2: Build a simple tenant screening workflow
Screening is less about saying “no” and more about consistency. Use the same process for every applicant, document your steps, and avoid making decisions based on vibes.
- Application form with consent to verify details
- Identity verification
- Income and employment verification
- References (landlord + personal)
- Decision + next steps (lease signing and deposit)
If you want a repeatable flow, start with our Tenant Screening Checklist.
Step 3: Use a clear lease and store it where you can find it
A good lease prevents “we remembered it differently” conversations. At minimum, make sure it clearly states:
- Who is renting and what address/unit is covered
- Rent amount, due date, and payment method
- Deposit rules (and how it's handled)
- Utilities and responsibilities (tenant vs. landlord)
- Maintenance reporting process and emergency contact
- Rules for pets, smoking, subletting, and occupants
Need a checklist of what to include? See How to Create a Lease Agreement.
Step 4: Make rent collection boring (boring is good)
The best rent collection system is automated, consistent, and trackable. A simple approach:
- Offer online payments and autopay
- Send reminders before the due date
- Issue receipts and keep a ledger
- Have a written late policy (consistent enforcement)
For more tactics, read Rent Collection Best Practices.
Step 5: Create a maintenance workflow
Maintenance is where landlords lose the most time. Your goal is to standardize intake and documentation:
- Intake: tenants submit issues with photos and notes.
- Triage: decide if it's urgent, routine, or preventive.
- Assignment: track vendor, appointment, and cost estimates.
- Close-out: mark complete, store invoices, and note warranty info.
Step 6: Track money monthly (not once at tax time)
Don't wait until the end of the year. A monthly habit makes everything easier:
- Reconcile rent collected vs. expected
- Review expenses and categorize them
- Spot patterns (vacancy, maintenance spikes, late payments)
- Export records for your accountant
Step 7: Renewals and retention
Good tenants are valuable. Communicate clearly, address maintenance promptly, and start renewal discussions early. When tenants trust your process, they stay longer—and you avoid vacancy costs.
Beginner landlord checklist (quick summary)
- Set up rent payment method + reminders
- Use a consistent tenant screening checklist
- Sign and store leases in one place
- Track maintenance requests with photos and invoices
- Review income/expenses monthly