Tips for Managing Rental Property

Owning real estate can provide much financial security, freedom, and a sense of pride. However, its multiple responsibilities, such as tenant issues, contracts, and maintenance, can be challenging and take significant time and effort. A landlord can suffer legal and financial ramifications without proper preparation and knowledge. Whether a newcomer to owning rental properties or an experienced manager, the following tips for managing rental property will help you build and protect your financial investment.

State and Local Laws

Be aware of your rights as a landlord, as well as the rights of your tenants. Protect yourself with liability insurance in case of lawsuits and insure your property in case of fire, storms, burglary, or vandalism. Be conscious of safety and security through regular inspections to ensure you are up-to-code with all utilities. Protect your tenants by making them aware of hazards and addressing defective conditions to avoid injury or health complications. Inspect the rental unit before the tenant moves in to avoid disputes over costly damages. This preventative measure will help assure that you are handling the security deposit fairly for both sides.

Record Keeping

Keep digital records, receipts, and an organized filing system for the tenant, payroll, contractor, property, and tax-related expenses. Collect rent online for the most efficiency. Consider using a rental property management portal to collect rent and manage the property.


Transparency with Tenants—Keep the lines of communication open by encouraging questions and being accessible to solve problems. Work with your tenants to resolve disputes amicably before considering legal intervention. Have established contact hours for current tenants to report unit problems or for prospects to inquire about your property or use an online solution such as

Practice a thorough screening process—Whether renting to a tenant or hiring someone to manage your property, carefully check their credit history, references, and background to ensure they are reliable and responsible. Use written rental and employee applications.

Set an Example

Establish your own policy and put it in writing, including the consequences for violating any rules. More importantly, be consistent with enforcing your rules. Afford the same respect to your tenants by abiding by rental agreements, such as alerting the tenant at least 24 hours in advance before entering a unit. Tenants are more likely to respect you and follow the rules if they know you do.

Bottom Line

As a property owner, you are expected to provide quality housing that is well-managed and conforms with your state’s laws for landlords and tenants. The work involved can become overwhelming, but you can do it with an arsenal of materials and tools to help you troubleshoot and organize. Uses these tips as a starting point or refresher to help you be compliant and more productive to enjoy the fruits of your labor while protecting your financial investment.

For more landlord resources, visit

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Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766 | 214.226.3770 |

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Robin McCoy Realty Group and Living in DFW does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Robin McCoy Realty Group and Living in DFW will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Published by Living In DFW

I guess you can take the girl out of Texas but you can't take Texas out of the girl. I was born here in Dallas and moved away at age 8. After 30 years of moving around the United States, as a child with the family and as an adult without them, I finally found myself back in Dallas. Since I returned in 2001 I have sold furniture for Crate&Barrel and Real Estate with Keller Williams. It is my hope to share with you what I love, question, and find interesting here in DFW.

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