Definition
Property management handles operations including tenant relations, maintenance, rent collection, and accounting. Professional management costs 8-12% of collected rent.
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Property management can be self-managed by owners or delegated to professional property management companies. Professional management typically costs 8-12% of collected rent but handles tenant screening, lease enforcement, maintenance coordination, and accounting. Self-management saves costs but requires significant time and expertise.
Pro Tip
Calculate whether professional management fees are offset by reduced vacancy and better retention.
Example
A property manager collects rent, coordinates maintenance, enforces lease terms, handles tenant disputes, and provides monthly financial reports