Property Management Tasks Every Landlord Needs to Master
By Michelle Clardie on 12/29/2025.
Reviewed by Dan Gatsby.
It can take months (maybe even years?) of searching, analyzing, and making offers before you finally purchase your new rental property. But that’s just the beginning! Now you need to manage the property effectively to maximize cash flow and long-term appreciation.
If you’ve never bought a rental property before, you might be surprised at just how many tasks landlords need to handle. Most of us imagine having a renter sign the lease, then collecting passive rental income while maybe fixing a leaky faucet every once in a while. The reality is a bit more involved.
In this article, we’ll list the property management tasks landlords need to master so you can be prepared. We’ll also explore alternative options (like hiring a property manager or working with a real estate sponsor) in case you find that you don’t have the time (or desire!) to manage all of this yourself.
Property Management Tasks Every Landlord Needs to Master
Tenant Screening, Leases, and Move-Ins
Before you can earn rental income, you need to find qualified renters and move them into your property.
Tenant screening helps determine whether applicants are likely to be responsible residents. This important activity typically consists of the following tasks:
Market the vacant units. This includes taking high-quality photos, writing a property description, and listing the unit for rent on online platforms. In some markets, you might also advertise in the local newspaper or other publications. You might also place signage on the property.
Set rental rates. You’ll need to review and analyze local comparable units and their current rates to determine a competitive rate for your unit(s).
Establish and systemize lawful screening criteria. To avoid potential violations of the Fair Housing Act (and similar regulations), it’s important to determine your screening criteria and apply them consistently to all rental applications received. It’s common to consider income, credit scores, rental history, and references.
Conduct showings. You’ll need to schedule tours with prospective tenants to show them the property. As you show the unit, explain how the tenant will benefit from each feature. For example, “with the built-in washer/dryer, you won’t have to haul your laundry across the building or share machines with other renters.”
Set clear policies for the property. Your renters will need to know how to pay rent and place requests for repairs. They’ll also need to know about your policies regarding guests, pets, quiet hours, lease renewals, etc.
Draft a legally compliant lease agreement. Your local real estate board may have templates available, but you can also purchase them online. The lease should outline all critical terms, including rental rates, deposit amount, timeframe, penalties for late payment or non-payment, community rules and regulations, tenant responsibilities, and landlord responsibilities. Make sure all adult renters sign all applicable lease documents before granting them possession of the unit.
Collect the security deposit and first month’s rent. Pay close attention to legal limits on the deposit amount and any local rules about how the funds must be held.
Document move-in condition. Take photos and/or videos of the unit before the tenant moves in, and document any existing damage on an inspection form, which should be signed by both you and your new tenant(s).
Provide the keys to the renters. Hand over the keys and allow the renter to move in!
Maintenance and Repairs
Planned maintenance and unexpected repairs are both part of owning property. They need to be managed from an operational standpoint and be accounted for financially as a substantive cost of rental property ownership.
As the landlord, you’ll need to:
Create and follow a preventive maintenance schedule. Avoid expensive maintenance issues by staying one step ahead. Set a schedule for common preventative maintenance items like changing HVAC filters, cleaning gutters, treating for pests, and taking care of the landscaping.
Respond to repair requests quickly and thoroughly. Inevitably, some system, appliance, or other fixture will need to be repaired at some point. When your renter contacts you with a repair request, you need to be responsive and find a way to fix the issue promptly. You might be able to make the repair yourself, but it’s a good idea to build relationships with reliable, licensed contractors and vendors in case you need to call in the professionals.
Know the legal definition of habitability and emergency repairs. Laws vary by state, so it’s important to understand what is legally required of you in terms of providing a habitable unit. If the tenant is without heat or water, for example, you may be required to arrange temporary accommodations for them while the issue is fixed.
Plan for large expenses well in advance. Pay attention to the useful life for things like the roof, the appliances, and the HVAC system, which will all need to be replaced at some point. Set aside a portion of the rental income each month so you have the funds available for these replacements as needed.
Resident Management and Retention
Increasing resident retention and minimizing vacancy rates helps you manage costs. If your tenants choose to renew their lease, you save on the cost of advertising and screening new applicants, as well as the costs of preparing the unit for the new renters (cleaning, painting, etc.) and the lost rent while the unit is empty.
Properly managing residents includes:
Address concerns promptly to avoid escalation. This could be maintenance issues, but it could also be disputes between tenants, noise complaints, or even concerns about local crime rates.
Perform routine inspections without violating privacy laws. You may need to access the unit periodically, for example, to check utility meters or test smoke detectors. It’s critical that you follow your state’s landlord-tenant laws regarding providing adequate notice to the tenant to avoid violations of privacy.
Offer renewal terms proactively before the lease expires. You’ll need to compare comps to determine a fair renewal rate and the terms you’re willing to offer (a one-year renewal, a six-month renewal, a month-to-month option, etc.). The options should be provided to the tenant 60-120 days before their lease expires (state laws may outline a minimum requirement), so they have time to consider the offers and provide a timely notice to vacate if they choose not to renew.
When a resident notifies you of their intention to vacate, you’ll need to manage the move-out and turn process as follows:
Conduct a move-out inspection with documentation. Use the same inspection form used at move-in, so you can compare the current condition with the condition at move-in to determine if damage was done under the current tenancy.
Handle security deposit deductions legally and transparently. Law typically allows for “normal wear and tear,” which can dictate how much you can deduct from a security deposit. For example, if your flooring has a 10-year useful life, and you just had a long-standing tenant in place for eight years, you probably only charge 20% of the cost back to the tenant, even if a full replacement is necessary. Make sure you provide receipts for any deductions as well.
Prepare the unit for the next renters. Schedule cleaning, painting, and repairs as necessary in advance to reduce the unit’s downtime.
Evaluate whether upgrades will increase rental rate potential. The best time to add value through upgrades is between renters. Updating the unit could increase rental rates and force appreciation.
Re-list the property immediately to reduce vacancy. You can typically begin marketing and showing the unit once your tenants have given notice to vacate. Of course, you’ll need to coordinate showings with the existing renters to avoid privacy violations and make sure the unit is show-ready.
Financial Management
Throughout your ownership period, you’ll need to manage the property’s finances. This typically includes tasks like:
Collecting rent. You need to make sure rent is consistently paid on time.
Tracking income and expenses. This is necessary for budgeting, reporting, and tax purposes.
Holding reserves. As mentioned in the section on maintenance, you need to set aside a portion of the income so you have cash available to cover repairs, capital expenditures, and vacancy losses.
Finally, it’s your responsibility as a landlord to mitigate risk, ensure safety standards are met, and comply with applicable laws.
Make sure safety systems are working and compliant with local regulations. This may include items like smoke alarms, CO alarms, safety railings, and security locks.
Maintain adequate insurance. You’ll want a landlord insurance policy, and you may want to require that your tenants carry a renter’s insurance policy.
Document everything. Keep accurate records of all communication with vendors, tenants, and even applicants, as well as invoices and receipts for all incoming and outgoing cash flows.
Understand and comply with local, state, and federal housing laws. You need to follow laws and regulations regarding Fair Housing, habitability standards, notice requirements, etc. If you don’t know landlord-tenant law, your tenants will educate you, and that can be an expensive lesson.
Update policies as necessary. Changes in laws, insurance requirements, or risk exposure may require revisions of your leases or procedures.
Alternatives to Handling Property Management Tasks as the Landlord
If this all sounds like more than you’re willing or able to tackle, don’t worry; there is help available. Don’t let these property management tasks keep you from investing in rentals.
You generally have two alternative options:
Hire a property manager
Work with a real estate sponsor
Let’s take a closer look at each.
Hire a Property Manager
A property manager is a professional who handles the tasks on this list on behalf of rental property owners. Naturally, they charge a fee for service, which will eat into your margins. But their expertise could actually save you money or boost your earnings to help offset the expense. That’s why it’s so important to choose the right property manager to trust with your high-value asset.
Fees vary from one management company to the next and can vary widely by location. It’s common to pay 8-12% of the monthly income for property management for long-term rentals. The fee for short-term vacation rentals is typically higher because they have more frequent turns, requiring more active management. Expect to pay 15-40% for those services.
It’s worth noting that you’ll still need to be somewhat involved when you hire a property manager. The manager will need you to approve new tenants, renewal rates, and repair expenses. Depending on how much you keep in reserves with your property manager, you’ll probably still need to pay vendors and contractors for services provided. And you’ll need to track everything for tax purposes when you file your annual income tax return.
With syndication, you join funds with other investors to finance a specific real estate project and share in the profits. Every detail of the project is handled/supervised by the sponsor, so you don’t have to invest any of your own time or energy into the ongoing management.
Syndication gives you access to deals that you might not have the experience or capital to handle alone, like ground-up developments and multi-family rentals. And because the sponsor already has systems in place, they’re better prepared to maximize return potential while minimizing any risk.
How to Invest in Purely Passive Rentals with Gatsby Investment
If you want all the financial benefits of rental property ownership without the downsides of being a landlord (like the hassle of property management), join in a syndicated rental project with Gatsby Investment!
Gatsby is a leading real estate syndication sponsor in Los Angeles with dozens of completed housing developments in the area and multiple long-term rental holdings. We are proud to report a 100% profitable track record with average annualized net investor returns of 22.3% since 2017!
Don’t let the time, stress, and expense of property management keep you from capitalizing on rental properties. With as little as $25,000, you can invest in one of Gatsby’s pre-vetted investment opportunities and leave the property management to the experts!.
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