Renting a Property? 4 Things Landlords Should Know

Dawn Jameson • August 29, 2023

Adding a rental property and becoming a landlord is a super smart move for your investment portfolio. Not only does it provide you with a consistent monthly cash flow, but it is also great for wealth building.
But hang on a second. Buying and renting a property is a little more detailed than that. While renting a property, there are a couple of things that you should know as a landlord that can help you navigate the arena of real estate and deal with your tenants.
If you are a landlord planning to rent your property, this article is for you. Read on to find out the four things landlords should know.
Let's begin!

4 Things Landlords Should Know

Let's start with the four things every landlord must know while renting a property.

Understanding Local Landlord-Tenant Laws

One of the most vital steps before becoming an independent landlord is to understand the landlord-tenant laws in your area. This can help you familiarize yourself with your basic rights as well as the tenant’s and avoid unnecessary paperwork and litigation. Make sure to review the landlord and tenant laws in your local area as they differ from region to region.

Setting a Rent & Marketing the Property

Setting Rent

To set the right rent for your property, take some time to research the fair market rent price in your specific area while also considering how it will affect your finances. Compare your rental income with your rental expenses. It is important to ensure you can keep up with the rental expenses while also making a profit for yourself.

Marketing the Property

Once you set the rent and have a well-written lease agreement, you need to develop a good marketing strategy to make your property visible to prospective tenants. Hiring a property manager for this task is probably a good idea.

Advertise your property on websites like Craigslist, Zillow, and Trulia by posting high-quality images of the property's interior and exterior. Create a rental ad highlighting your property's features and amenities.

Screening Tenants & Signing the Lease

Once you have found a suitable tenant, it is essential to do a background and credit check on them before signing the lease. There are only a few things worse than getting stuck with an unreliable and difficult tenant.

Screening Tenants

Ensure your tenant is trustworthy to avoid future problems related to damaged property and late payments. Request for references from the previous landlord and ask the tenant to submit a rental application that ensures they are good for the rent money every month.

Signing the Lease

Once you are satisfied that your tenant is trustworthy and will be able to make monthly payments regularly for the duration of the lease agreement, you are ready to sign the lease agreement with your new tenant. Setting a date and time to review the lease agreement together is always a good idea. This way, you (as the landlord) can answer any questions they (as the tenant) may have.

It's best practice to be transparent with any existing wear and tear in the property's fixtures. It is also a good idea to document the property's condition before handing it over to the tenant to help you during the move-out inspection.

Managing & Maintaining the Property

If you are renting out a property, one of the things you will be doing is collecting the rent every month along with maintaining the property for your tenant. As long as your property has a tenant occupying it, these two duties prevail.

Managing the Property

This involves collecting the rent on time on a monthly basis. Because this is a task you must perform regularly, it is important to set a working system in place for collecting and issuing payments.

Maintaining the Property

The property has to be in good condition, neat, and tidy before the tenants move in. As a landlord, it is your duty to perform routine checks on the property and repair any damages caused by regular wear and tear, especially once they have moved in.

Most landlords hand over these responsibilities to a property management & maintenance company. You can decide if you want to do it independently or hire someone for the task.

Why Hiring a Property Maintenance Manager Makes Being a Landlord Easy

The things listed above that you need to know as a landlord are just the tip of the iceberg. By now, you probably have a good understanding that renting out a property and managing it is a challenging task. You need to be available for your tenants all the time in case of any emergencies while also looking after the management and maintenance of the property.

It only seems prudent to hire a trusted property manager who can take over all the responsibilities and ensure that your monthly cash flow remains flowing.

A property manager can oversee the management and maintenance for a reasonable fee. They are actively involved in the operation and perform tasks such as:

Screening the tenants
Negotiating lease agreements based on your requirements
Discussing the property rules with the tenants
Ensuring that the tenants understand the lease agreement
Arranging upkeep, repairs, and maintenance
Collecting rent and other fees
Paying bills and managing the budget
Setting rental rates
Advertising the property
Enforcing rental rules and policies
Recordkeeping
Handling move-in and move-out inspections

A reliable property management company can handle all these responsibilities and more. Depending on your availability, the fee you pay a property manager can be worth the time you save.

Conclusion

From knowing the landlord-tenant laws like the back of your hand to screening tenants while taking them on, renting out a property is a major undertaking and involves a lot of hard work if you are an independent landlord. It is essential to know how your property can produce a profitable flow from the get-go. Hiring a property manager is one of the smartest things that you can do to ensure your success as a landlord.

At Guardian Property Management & Maintenance, you can find the experts you need to rent out, manage, and maintain your property. Our job is to take away all the hassles involved in owning a property.

Contact Guardian Property Management & Maintenance today for all your property management needs by calling 651-287-2011 or emailing us at info@guardianprop.com.

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Ultimate Guide to Single-Family Home Property Management: What Every Landlord Should Know

November 24, 2025

TL;DR Single-family rentals (SFRs) promise steady cash flow, long-term value, and growth to landlords, but only when managed efficiently. Key property management responsibilities include marketing, tenant screening, lease drafting, rent collection, legal compliance, etc. It’s important to understand such an investment’s financial side too, including management costs, operational expenses, cash flow, ROI, and capital improvement budgeting. Common challenges range from high turnover costs and maintenance emergencies to stress, time investment, and legal risks. Hiring a professional management firm can benefit landlords in many ways (legal knowledge, expertise, tenant screening and retention, maintenance coordination, and financial reporting). Mastering Single-Family Property Management Single-family homes in the U.S. are rented by over 14 million households. That makes single-family rentals (SFRs) a significant part of the housing market, and a smart long-term investment for landlords looking to generate stable income and grow their portfolio. But owning SFRs isn’t just about buying properties; effective management is key. Proper management ensures regulatory compliance, keeps tenants satisfied, and protects your profits. Here’s a closer look at what single-family home property management involves, the financial aspects and challenges, and why hiring professional managers can make a real difference. Core Responsibilities in Managing a Single-Family Home As a landlord of single-family rentals, your responsibilities include: Marketing Units and Acquiring Tenants : Photograph your rentals and market them on both offline and online platforms, prepare listings, screen applications, and focus on finding suitable renters. Screening Tenants and Crafting Lease Agreements : Go through the tenants’ background and credit history, and validate their employment status and income. Don’t forget to obtain security deposits and craft leases in a legally compliant manner. Collecting Rent and Accounting : Establish a transparent and robust system for rent payment, like bank transfer, online portal, mobile app, etc. Additionally, keep a tab on payment delays, create reports every month, and prepare financial statements ahead of the tax season. Handling Repairs and Maintenance : Schedule inspections periodically, tackle maintenance requests at the earliest, and coordinate with contractors and vendors. Also supervise repair jobs to ensure property value doesn’t decline. Managing Tenant Relations and Ensuring Compliance : Stay on top of laws at the local, state, and federal levels (related to fair housing, disclosures, evictions, etc.). Be prompt when addressing complaints, manage lease renewals smoothly, and forge an amicable relationship with tenants. Financial Aspects of Managing Single-Family Rentals To maximize profitability in single-family rental management, landlords must have a clear understanding of the financial aspects involved. Management Costs : Typically, property managers charge between 8% and 12% of the monthly rent. Operational Expenses : These include insurance, property taxes, and capital upgrades, as well as routine maintenance, utilities, and inspections. Analysis of Cash Flow and ROI : Suppose the monthly rent is $2,200, which makes the annual gross rental income $26,400. Operational expenses are estimated at $6,000 per year. A maintenance reserve is calculated at 5% of the annual income, or $1,320. Net operating income (NOI) is therefore $26,400 − $6,000 − $1,320 = $19,080. Based on a $200,000 investment, the cash-on-cash return is ($19,080 ÷ $200,000) × 100, which is approximately 9.5%. I mprovements and Repairs Budgeting : A crucial financial tip for SFR property management is to set aside 5% to 10% of annual rental income for maintenance, including appliance replacements, unexpected repairs, painting, and other upkeep. Single Family Home Property Management: Common Challenges While investing in SFRs offers many benefits, managing them also comes with notable challenges: High Turnover Costs When a tenant moves out, you may need to deep clean and repaint the property, advertise it again, and potentially lose several weeks of rent. This turnover directly impacts your profit margin. To reduce it, consider incentivizing lease renewals with upgrades or discounts, addressing tenant needs promptly, and maintaining clear, consistent communication. Maintenance Emergencies Roof leaks, burst pipes, and HVAC breakdowns are emergencies that can occur at any time. These issues not only require costly repairs but also lead to tenant dissatisfaction. To address this, it is advisable to maintain an emergency fund, establish a network of technicians and plumbers available around the clock, and communicate clearly with tenants. Legal Risks Landlord-tenant laws regarding notice periods, security deposits, evictions, and more are often specific to each state and city. Violating these laws, even unintentionally, can lead to litigation or penalties. Therefore, it is advisable to stay informed about these laws and consult a property attorney on an annual basis. Stress and Time Single-family rental management may be straightforward when dealing with one or two units. However, managing tenant relations, maintenance, regulatory compliance, and rent collection for multiple units can become stressful and time-consuming. This can lead to burnout or operational inefficiencies. The Advantages of Hiring a Professional Property Management Company A property management company can transform home property management into a simpler, hands-off affair. Here are the key benefits of choosing this pathway for your investments: Expertise and Legal Knowhow Experienced property managers are proficient in local, state, and federal rental laws. They are also familiar with building codes, eviction processes, and best rental practices, ensuring your operations and leases are legally compliant. Tenant Screening and Retention Professional property management companies effectively leverage applicant histories, credit score filters, and background check services when selecting tenants. To maintain high occupancy rates, they implement various strategies, such as offering rent discounts, upgrading furnishings, and ensuring prompt repairs, to retain tenants.. Maintenance Coordination Property managers have large and reliable networks of contractors and vendors for different property-related jobs. Hence, they ensure consistent maintenance standards, fast and quality repairs, and affordable services at any time of the day. Efficient Financial Reporting Typically, property management firms provide a detailed breakdown of expenses, financial statements at the end of every month, and summaries at the end of every year. They also utilize advanced software solutions to track maintenance invoices, streamline rent collection, and provide tax-ready reports. Conclusion Ultimately, effective single-family home property management directly determines the profits you can earn from these units. While partnering with a professional property management company can simplify the process, it’s still important to understand the key responsibilities, challenges, and financial aspects of an SFR investment. The right partner can help you manage every aspect of home property management , from legal compliance and tenant relations to vendor coordination, lease preparation, rent collection, and financial reporting. Make the Most of Single-Family Rentals with Guardian Property Management Guardian Property Management has been serving property owners since 2004, offering expert home property management services . We take care of everything for your single-family rentals, from tenant relations to financial reporting, so you can enjoy steady cash flow, strong ROI, and stress-free growth. Contact us today at info@guardianprop.com or on 651-287-2011 . FAQs Q1. How much time does it typically take to manage a single-family rental property? Ans. Managing one such property typically takes around 4 to 8 hours every month for an experienced landlord. However, repairs and tenant turnovers can substantially increase this time. Hence, hiring a property management company is a better idea. Q2. What legal documents should every landlord have for single-family rentals? Ans. Some essential documents to keep for single-family rentals include the rental application, lease agreement, and inspection checklists for move-in and move-out. You should also have notice templates for lease termination, rent increases, and other communications, along with receipts for security deposits, maintenance request forms, and any local compliance documents. Q3. How can landlords reduce vacancy rates in suburban rental properties? Ans. Competitive pricing, reliable maintenance, and modern amenities can help reduce vacancy rates. Additionally, market your properties online with appealing visuals, maintain strong tenant relationships, and offer incentives to encourage lease renewals.