For a reasonable monthly fee, a property owner can hand over all of the headaches of self-managing their investment property to a property management company. However, unless you do your homework, you may end up creating more headaches (and losing money) if the wrong property management company is hired. Below I have provided a general list of responsibilities a competent property management company should handle. Of course, make sure to inquire whether all tasks will be covered under one monthly fee or if additional fees will be incurred per task.
1. Advertise/Show/Lease Vacancies
2. Perform Tenant Screening (credit checks, eviction history, etc.)
3. Collect/Deposit Rents Monthly
4. Communicate with Tenants Exclusively and Directly
5. Serve Notices (i.e. 24 hour notices to enter, 3-day notices to pay rent or quit, 30-day change of terms)
6. Commence and Assist with Evictions/Unlawful Detainer Proceedings
7. Maintain and Repair Property
8. Maintain and Monitor Property Account
9. Maintain and Pay Property Bills, Mortgages, Taxes, etc.
10. Provide Monthly Financial Statements Detailing all Income/Expense
11. 24-Hour Emergency Line for Tenants
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