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A property management company runs the day-to-day operations of your rental: marketing the vacancy, screening applicants, collecting and adjusting rent, coordinating maintenance and inspections, handling the accounting, and managing turnovers and lease renewals. You keep the ownership decisions, the budget approvals, and the profit. The company runs the daily work of keeping the property occupied, maintained, and in compliance. Here’s the full service map, and where the line between you and your manager actually falls.
What Services Does a Property Management Company Provide?
A full-service property manager covers eight core areas, and most of what you’d otherwise handle yourself falls into one of them.
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Marketing the vacancy across listing sites, social channels, and local outreach so the property stays visible to renters searching in your area
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Screening every applicant’s credit, income, rental history, and background before a lease gets signed
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Setting rent using current market data, then collecting it each month and following up fast on anything late
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Coordinating maintenance, from routine upkeep to emergency repairs, through a vetted network of vendors and contractors
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Running move-in and move-out inspections, plus periodic checks during the lease term
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Handling monthly and annual accounting: income and expense statements, owner reports, and documentation for tax season
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Managing resident communication and lease enforcement, including renewals and rule compliance
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Overseeing turnovers, from cleaning and repairs to remarketing, to keep vacancy time short
Each of those tasks touches your property directly. None of them require you to answer a phone at 11 p.m. If you want the full task list in checkable form, our property management checklist lays it out end to end.
Who Handles What: Which Decisions Stay With You?
Your management agreement is the document that draws this line, and it should draw it clearly before you sign. The typical split looks like this: you set the overall budget, approve capital repairs above a dollar threshold, carry the insurance, and decide whether to hold, sell, or refinance. Your manager approves qualified applicants within the screening criteria you’ve agreed on, selects vendors under the spending limit you’ve set, and handles the day-to-day resident communication that doesn’t need your input.
If your current agreement is vague about where that line sits, that’s worth fixing before it costs you a surprise invoice. Our guide to how to hire a property manager for your rental property walks through the questions that pin this division down in writing, for a first hire or a replacement manager who never spelled it out.
How Do Property Managers Market a Vacancy and Screen Applicants?
Marketing means getting the listing in front of the right renters fast, which usually means professional photos, a syndicated listing across the major rental sites, and enough local visibility that a good unit doesn’t sit empty for weeks. Screening is the part that protects you once someone applies.
A thorough screen typically checks four things: credit history, income (commonly two-and-a-half to three times the rent), verified employment, and references from a previous landlord, alongside a background check. Applied consistently and against criteria set in advance, this process also keeps the screening itself fair housing compliant, since every applicant gets measured against the same bar.
How Do They Handle Rent, Accounting, and Owner Reporting?
Setting rent starts with a market comparison, not a guess, and a manager adjusts it at renewal based on what similar units are actually leasing for that season. Collection runs through an online payment system, with late fees enforced per your lease terms rather than left to informal reminders.
On the reporting side, expect a monthly statement showing income and expenses, plus a year-end summary that makes tax season faster for your accountant.
What Maintenance and Inspection Work Is Included?
Maintenance coverage runs from routine upkeep, HVAC filter changes, seasonal checks, gutter cleaning, to emergency repairs a resident calls in overnight. A manager with an established vendor network can usually get a plumber or electrician out faster than an individual owner cold-calling contractors, and at a negotiated rate.
Inspections happen at three points: move-in, move-out, and commonly once a year in between to catch small problems, a slow leak, a failing seal, before they turn into expensive ones. Every inspection should produce a written record with photos rather than a verbal check-in alone.
What Happens at Turnover, Renewal, and If You Ever Change Managers?
Turnover is the stretch between one resident leaving and the next one moving in: inspecting the unit, handling repairs or a deep clean, then remarketing it immediately so the vacancy doesn’t stretch longer than it needs to. Renewal is simpler. Your manager reviews the market, proposes a rent adjustment if one’s warranted, and sends the resident a renewal offer ahead of the lease’s end date.
The lifecycle doesn’t always end with a renewal, though. If you ever decide to switch companies, or your current one gets acquired and your account transfers without you asking for it, records, deposits, and resident notice all have to move cleanly to the new manager. Our breakdown of what happens when property management changes covers exactly what should transfer and when.
How Much Does a Property Manager Cost, and Is It Worth the Fee?
Most property managers charge a percentage of collected rent, commonly 8 to 12 percent, plus a separate fee for placing a new resident. The exact structure varies by company and market, so how much does a property manager cost is worth reading in full before you compare quotes.
Whether the fee is worth it comes down to what it replaces: your time, plus the cost of the mistakes that come from doing screening, maintenance coordination, and compliance without the reps a full-time manager already has. Our piece on why professional property management maximizes rental income lays out the actual math, vacancy time, rent optimization, and avoided legal exposure, rather than just the fee line on its own.
FAQ
Do property management companies handle evictions?
They typically manage the process, serving notices, filing with the court, and coordinating with a local attorney, since eviction procedure is set by state and sometimes local law. The company runs the paperwork and timeline. It doesn’t replace the legal counsel an eviction usually requires.
Will a property manager show the unit in person, or is it handled virtually now?
Most companies do both. Self-guided or virtual tours fill the top of the funnel, and an agent typically handles in-person showings for serious applicants before a lease gets signed.
Do I still set my own rent, or does the manager decide?
The manager proposes rent based on market data, but the final number is yours to approve. A good manager brings comps and reasoning, not a number handed down without explanation.
What doesn’t a property management company do?
It won’t make ownership decisions for you, capital investment calls, insurance choices, whether to sell, and it won’t guarantee zero vacancy or zero maintenance issues. It manages the operation. You still own the asset.
Can I talk to my residents directly, or does everything go through the manager?
You can, but most agreements route resident communication through the manager so there’s one consistent record and no conflicting instructions. If you want more direct contact written in, raise it before you sign.
This article is general information, not legal advice. Laws and licensing requirements vary by state. For guidance on your specific situation, talk to a licensed attorney in your state.
