What does a property management company do?

Property management companies manage the rental of residential homes, apartments, condos, commercial spaces and retail spaces. Property managers can oversee just a single unit or many properties, whether those sites are inhabited full-time or are vacation rentals. A property management company helps a property owner or landlord find tenants; collects rent; takes care of accounting, property maintenance and repairs; handles on-site management; and manages vacation rental check-in and checkout tasks. Although many property owners or landlords successfully manage their own rental real estate, a property management company can help you handle tenant issues and maintenance problems, especially if you are not located in the same city or state. Most property management companies deal with tenants directly, and their tasks include:

• Marketing the rental property
• Collecting rent
• Handling repair problems
• Responding to tenant complaints
• Evicting tenants  

A property management company may be a good choice for property owners who have several investment properties, live far away from the rental property, or don’t have time for hands-on management.