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Exploring Professional Management

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Property management companies typically accept responsibility for all operations of the property, including exterior or common-area maintenance, preparation of rental units, marketing, showing the property, setting rents and security deposits, tenant selection, rent collection, maintenance, and accounting.

Many rental property owners who are just starting out drift blindly into self-management by default because they assume that they can’t afford a management company. Others simply don’t want to give up part of their profit; “Why pay someone to manage my rental property when I can keep the money myself?” is a common refrain. Other owners would prefer to hire a professional management company, but they’ve heard so many horror stories that they don’t know whom to trust. Many of their concerns are real; some property managers mismanage properties and lack any semblance of ethics.

Luckily, you can avoid hiring the wrong management company by following my advice on how to choose a good property manager. The following sections touch on some important points for you to consider if you’re contemplating using a professional management company.

Property Management Kit For Dummies

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