Top 10 Things Property Owners Should Know Before Renting Out a Home

Renting out a property can be a smart way to generate income and build long-term wealth—but it’s not as simple as just handing over the keys. Whether you're turning your old home into a rental or investing in a new property, there are several important things you should know before getting started.

At West TN Property Management, we specialize in helping property owners across West Tennessee navigate every step of the rental process. Here are the top 10 things every property owner should know before renting out a home—and how we can help with each one.

1. Know the Local Laws and Regulations

Before renting out your property, it’s crucial to understand landlord-tenant laws, building codes, and fair housing regulations. Ignorance of the law can lead to fines or even lawsuits.

✅ How We Help: We stay up-to-date with all local, state, and federal regulations to ensure your property stays compliant. From lease agreements to eviction procedures, we've got your back.

2. Your Property Must Be Rent-Ready

A property must be clean, safe, and functional before tenants move in. This includes everything from working appliances to a fresh coat of paint.

✅ How We Help: Our team handles all the necessary repairs and upgrades to make sure your property is rent-ready and attractive to potential tenants.

3. Setting the Right Rental Price is Key

Price it too high, and the property sits vacant. Price it too low, and you lose potential income. It’s all about finding the sweet spot.

✅ How We Help: We conduct thorough market research to determine the ideal rental rate for your property based on location, size, condition, and current market trends.

4. Tenant Screening is Crucial

The quality of your tenants can make or break your rental experience. You want reliable tenants who pay on time and treat your property with respect.

✅ How We Help: We perform comprehensive tenant screening.

5. A Solid Lease Agreement Protects You

A clear and detailed lease sets expectations and provides legal protection. Without one, you’re leaving yourself open to misunderstandings or worse.

✅ How We Help: We draft legally compliant, customized lease agreements that protect your interests while clearly outlining tenant responsibilities.

6. Expect Ongoing Maintenance and Repairs

No property is maintenance-free. From small repairs to emergency issues, you must be prepared to act quickly and responsibly.

✅ How We Help: Our in-house maintenance team and trusted contractors are available to handle everything from routine maintenance to urgent repairs.

7. Vacancies Happen—Be Prepared

Even in a strong market, vacancies can happen. That means lost income, ongoing utility bills, and additional marketing costs.

✅ How We Help: We work quickly to minimize vacancy time by marketing your property, conducting showings, and preparing it for the next tenant as efficiently as possible.

8. You Need to Keep Detailed Records

From rent payments to repair costs, proper documentation is essential for taxes, legal protection, and peace of mind.

9. Know How to Handle Late Payments or Evictions

Chasing down late rent or going through an eviction process can be stressful and legally complicated.

✅ How We Help: We enforce lease terms.

10. It’s a Business—Treat It Like One

Renting out property isn’t a hobby—it’s a business. That means setting clear policies, staying organized, and protecting your investment.

✅ How We Help: We treat your rental like our own, managing it professionally and proactively so you can enjoy the benefits without the day-to-day headaches.

Let Us Take the Stress Out of Being a Landlord

At West TN Property Management, we understand the challenges that come with renting out a home—and we’ve built our business around making it easier for you. Whether you’re a first-time landlord or a seasoned investor, we offer full-service property management tailored to your needs.

From tenant screening and lease management to maintenance, we take care of it all—so you can focus on what matters most.

📞 Call or text us today at 901-498-7035 to schedule a consultation and learn how we can help you protect and grow your rental investment!