Property management: what to know
What the job involves, what changes the price, and what to ask a pro.
What property management is
A property manager runs a rental on the owner's behalf, finding tenants, collecting rent, coordinating repairs, handling notices and keeping records for the owner. Owners hire one when they live far away, have several units or lack time. This is general information, not legal, tax or financial advice.
Signs you need it
- You own a rental and want to stop handling calls and repairs yourself
- You live far from your rental property
- You have a vacant unit and need tenants screened
- Your tenants pay late and you are unsure how to handle it
- You are adding units and need systems
- You want records and reports that are ready for tax time
What the pro does
- Inspect the property and discuss the owner's goals and rules
- Market the unit, show it and screen applicants within the law
- Prepare the lease and collect deposits and the first rent
- Collect rent, keep records and send the owner statements
- Coordinate repairs and maintenance with licensed contractors
- Handle notices, move out inspections and the return of deposits as required
What changes the price
Every job is different, so we do not publish prices. These are the things that move the quote up or down.
- Number of units and property type
- Whether the manager also handles leasing
- Condition and age of the property
- Whether the property is covered by local rent or housing rules
- How the manager is paid: monthly share, flat fee or both
- Additional fees for vacancies, repairs or renewals
- Distance and service area
What a written quote should spell out
- The management fee structure, in writing
- Leasing, renewal and other fees
- Who approves repairs and above what level
- Owner statements and how often
- Contract length and how to end it
Questions to ask before you hire
- Are you licensed to manage property in this state?
- How are you paid, and what other fees exist?
- How do you screen tenants within fair housing rules?
- How do you handle repairs, and who approves them?
- Where is the owner's money held, and how often do I get statements?
- How do you handle a tenant who stops paying?
- What happens if I want to end the agreement?
Red flags
- A manager who commingles owner funds with their own
- Unclear fee schedule with extra charges
- A manager who cannot explain fair housing rules
- Refusing to share records or statements
- A manager who is unlicensed where a license is required
What you can do yourself
Owners can screen applicants using written, consistent criteria, use a clear lease, and keep records of rent and repairs. Small owners can self manage with good systems. Rules for deposits, notices and evictions are strict, so speak with a licensed attorney for legal questions and a CPA for tax questions.
Licenses and permits
Property management is licensed in many states, often through the real estate licensing agency. Ask for the manager's license and check it with the state real estate licensing agency.
Property management questions
Does a manager handle evictions?
Managers can start the notice process, but legal steps may need a lawyer. Ask what is included.
Where is the rent held?
Ask where owner and deposit funds are kept and how they are accounted for.
Can I end the agreement?
Check the contract terms before signing.
About this guide
This national guide is written and checked by infinibell. Rules and conditions differ by place, so local pros are credited on guides for the cities they serve, not on national ones.
Edit history
- Oct 29, 2026: Drafted by infinibell to our content guidelines.
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