How to Successfully Manage a Rental Property

Master the essentials of tenant screening, legal leasing, and property maintenance without sacrificing your rental margins

Co-authored by TurboTenant and Dan Hickey

Last Updated: July 28, 2026 Fact Checked

Download Article

Self-Manage or Outsource?

|

Prep & Pricing

|

Marketing & Applicant Screening

|

Lease & Onboarding

|

Operatings & Maintenance

|

Renewals & Move-Outs

|

About TurboTenant

This article was created in collaboration with an advertising partner. Learn more here.

As a new or aspiring landlord, you’re excited to fill your properties, provide good homes for your tenants, and make money in the process—but what exactly does that entail? We spoke to the rental property experts at TurboTenant to find out everything you need to do to successfully manage a rental property, from finding and screening tenants to managing daily operations. We’ll also cover the pros and cons of self-managing versus hiring a management service with guidance on how to choose the best option for you.

How do you manage a rental property?

Find and screen tenants: List your property, review applications, and send a legally compliant lease to approved tenants.
Manage all maintenance and repairs: Ensure tenants can easily report maintenance issues and contract qualified repair workers to address them.
Document all transactions: Record all incoming and outgoing payments related to your property for tax season.
Use an all-in-one landlord solution: Automate rent collection and late fees, generate lease agreements, and keep financial records with TurboTenant.

Section 1 of 7:

Should You Self-Manage or Hire a Property Manager?

Download Article

The first thing to decide is how hands-on you want to be with your rental property. There are three different approaches you can take as a landlord:
- Self-management: The most hands-on approach since you’re in charge of every aspect of managing the property, from finding tenants to tracking your finances. However, you save a lot of money (property management companies often charge 10% of your rent), and free rental management software like TurboTenant automates tasks, making managing your property a lot easier.
- Hiring a property management company: This approach outsources the work to a larger company that handles all operations, which saves you time but can be costly and limits your control over the quality of your property management. TurboTenant also acts as a full-service property management company in select markets with their Autopilot service.
- Using a hybrid approach: With the hybrid approach, you hire help for specific tasks (like accounting or finding tenants) rather than a full-on property management company.

Section 2 of 7:

Preparing and Pricing Your Property

Download Article

1
Make sure your property is move-in ready. Of course, part of managing a property is making sure it’s safe and comfortable for tenants! Before listing your property, repair anything that needs to be fixed, update or replace appliances as needed, and make sure your entire property is up to code according to your local regulations.^{[1]
X
Research source}
- Examples of repairs you might need to do include fixing leaking faucets, broken light fixtures, outlets that don’t work, and touching up the paint.
- Starting with a fully repaired unit makes it less likely you’ll be contacted for maintenance after a tenant moves in.
2
Take photos of the vacant unit to market the property. Your photos should show off the unit in a flattering way to entice potential renters. Declutter your space and make sure it’s clean, turn on all the interior lights, and open blinds and curtains to let natural light in. Take photos at eye level from the corners of each room to show as much of the space as possible.
- Make sure to include photos of each room so renters can see the quality of spaces like the bathroom or kitchen.
- Highlight special amenities like walk-in closets, outdoor spaces, or in-unit laundry.
3
Figure out how much you’re going to charge for rent. Determine the market price for your properties based on the location, condition, and type of units you own. Compare them to others in your zip code with the same bedroom and bathroom count, square footage, and condition to get an estimate, then adjust that amount based on amenities like central air conditioning, in-unit laundry, or included parking spots.^{[2]
X
Research source}
- Tip: You can use a free rent estimate calculator (like this one provided by TurboTenant) to get market prices and set a competitive rental rate.
- Landlord-tenant laws in each US state can impact how much you can charge for rent or late fees. TurboTenant provides a database of landlord-tenant laws you can use to make sure your lease terms are compliant with local regulations.

Section 3 of 7:

Marketing Your Unit and Screening Applicants

Download Article

1
List your property online to find a tenant. Now it’s time to market your property. Write a description for your listing that includes the amenities, rent price, and any other features that make it stand out to renters. Then, upload your photos and description to free rental listing websites to spread the word and attract potential tenants.
- Use a free site to post to multiple platforms all at once so you don’t have to manage multiple logins. For example, submitting your listing through TurboTenant will get your property posted to over 25 search websites, broadening your reach with just a single upload.
2
Set your tenant criteria so you know what you’re looking for in a good fit. Think about your ideal tenant’s credit score, monthly income, employment status, whether you want to allow pets, and whether smoking inside is OK. Include these minimum requirements in your listing for transparency, and reference them when screening applicants to see if they’ll be a good fit for you and your property.^{[3]
X
Research source}
- Review your state’s landlord-tenant laws to make sure you’re meeting legal requirements and that your listing won’t be perceived as discriminatory by local or federal housing agencies. TurboTenant provides a guide to landlord-tenant laws for all 50 states for reference.
3
Screen any incoming leads. If a potential tenant meets your pre-screening criteria, you can screen them further with a full background, credit, eviction, and criminal check (if legal in your state). Each check reveals important information for determining if a potential tenant is a good fit:^{[4]
X
Research source}
- Criminal background check: Reveals felony and misdemeanor convictions, pending charges, arrest records, and sex offender registry status. (Note that certain states and cities restrict landlords’ use of criminal records during tenant screening.)
- Credit check: Shows you their on-time payment history, outstanding debts, overall creditworthiness, and credit score.
- Eviction check: Reveals past behavior as a renter and prior or pending evictions.
- You may also choose to interview tenants or contact past landlords or other references to help you choose the best applicant.
- Note that it is illegal under the Federal Fair Housing Act to screen or discriminate against applicants based on race, color, religion, sex, national origin, disability, or familial status.

Section 4 of 7:

Handling Leases and Tenant Onboarding

Download Article

1
Create a state-specific lease agreement to share with selected tenants. Since each state has different laws, you’ll need a lease that meets all the legal requirements of where you live. You have several options for making a lease:^{[5]
X
Research source}
- Pay an attorney to draft a lease and ensure it’s compliant with local and state laws.
- Use free rental software like TurboTenant to generate a legally compliant lease agreement in just minutes.
- Tip: Make sure you update your lease yearly. If you use software to create your lease, this will automatically be done for you.
2
Decide how you’ll collect rent and put this information in the lease. How you collect rent is ultimately up to you, whether you prefer bank transfers, payment apps, checks, or online rent payment software. Online rent collection software like TurboTenant is a great option for secure payments that’s built specifically for landlords. Most tenants find paying online easy and intuitive, and features like autopay and direct deposit minimize late or missed payments, so you get paid faster.
- Including the exact terms in your lease ensures both you and your tenants are clear on how and when to pay rent, when rent is considered late, and what the consequences are for late or missed payments.
3
Set up your rent collection method, including late fees. Add your property information to your rent collection software, sync your bank account, and create a payment schedule for rent, monthly fees, move-in or upfront fees, security deposits, and any other payments your tenants may have to make. You can also set your grace period for late payments, select to automatically charge late fees to tenants’ accounts, and turn on automated rent reminders.
- Once tenants are signed up, they can add their banking or payment information, set up autopay, and begin paying rent.
- Keep in mind that some states have specific guidelines on how to handle security deposits. As always, check your local regulations.
4
Have your tenant complete a move-in checklist. A checklist or condition report gives you a record of the property’s condition at the time of move-in. This helps you know what to deduct from the security deposit at the end of the lease and also what maintenance or repair issues need to be addressed.
- On these forms, tenants can record the condition of floors, walls, appliances, windows and screens, outlets, doors, and more. They can also indicate whether the items need cleaning, painting, repair, or replacement.^{[6]
  X
  Research source}

Section 5 of 7:

Managing Daily Operations and Maintenance

Download Article

For most landlords today, this means an online portal or form. TurboTenant offers a free portal you can reuse, letting the tenant complete the request easily in app or on desktop. Easy reporting means tenants can submit requests faster, allowing you to assess and address damage before it becomes a larger issue for tenants’ comfort or the safety of your property.
Have a handyman or referral network you can access for maintenance. Unless you’re comfortable handling repairs yourself, you’ll need to find a quality repair person or contractor to ensure high-quality, safe, and up-to-code maintenance is performed at your properties. Read customer reviews, ask fellow landlords for recommendations, and make sure anyone you hire is qualified and certified to make the repairs you need.
Record every transaction related to your rental properties so you’re prepared for tax season and can take all the necessary deductions. With TurboTenant software, all transactions and financial documents are automatically recorded for your convenience (no unwieldy spreadsheets or bulky physical files to sort through).

Section 6 of 7:

Managing Lease Renewals and Tenant Move-Outs

Download Article

Send formal communication to find out whether your tenants plan to renew their lease or move out. This gives you a better timeline for turnover tasks like hiring cleaners, finishing maintenance tasks, and listing your property again. The sooner you know that a tenant is leaving, the sooner you can find a new tenant and avoid a long vacancy.
If your tenant is moving, make sure they complete a move-out checklist or condition report so you know what needs to be done before the next tenant and how much to deduct from the security deposit. Compare the move-out form to the move-in checklist so you know which maintenance issues were present when they moved in versus which can be attributed to the tenant.^{[7]
X
Research source}

Section 7 of 7:

Automate Your Rental Management with TurboTenant

Download Article

TurboTenant offers free, automated management services for landlords. If you’re looking for an easy, automated way to securely collect rent online, generate legally compliant leases, screen tenant applications, and organize financial records, TurboTenant is the property management solution for you. The platform provides autopay for tenants, plus automatic reminders, late fees, and monthly rent receipts so you can spend less time keeping records and more time improving your properties.
- TurboTenant is free for landlords to use. Manage unlimited properties, collect rent payments, create listings, and process rental applications without paying for a subscription or hiring an expensive property management service.
- Over 1 million independent landlords use TurboTenant to manage their business and automate tedious, time-consuming processes.
- If you’re looking to opt for a property management company, TurboTenant offers fully managed services in select markets.