What Does a Property Management Company Actually Do?
Owning a rental property can be a great investment, but being a landlord comes with more responsibilities than many property owners realize. From finding tenants and collecting rent to handling maintenance requests and dealing with notices, managing a rental property can quickly become a full-time job.
That’s where a property management company can help.
At Stewardship Partner, our goal is to take the day-to-day responsibilities of managing a rental property off the owner’s shoulders, while helping protect the property and provide a positive experience for both owners and tenants.
What Does a Property Management Company Do?
A property management company acts as the connection between the property owner and the tenant. While the exact services can vary between companies, property managers commonly handle many of the responsibilities involved in operating a rental property.
Here are some of the ways a property management company can help.
1. Finding and Screening Tenants
One of the most important parts of owning a rental property is finding a reliable tenant.
Property managers can help advertise available rentals, communicate with prospective tenants, collect applications, and complete the appropriate screening process.
Having a consistent application and screening process can help property owners make informed decisions when selecting a tenant.
2. Collecting Rent
Collecting rent every month may sound simple, but it can become stressful when payments are late or communication becomes difficult.
A property management company handles the rent-collection process, helping keep payments organized and making the process easier for both the owner and tenant.
At Stewardship Partner, we use DoorLoop to help manage the rental process and keep important property information organized.
3. Handling Tenant Communication
Tenants have questions and concerns throughout the year. Sometimes it’s a simple question about the property, while other situations may require immediate attention.
A property manager serves as a point of contact for tenants and helps handle communication regarding the rental property.
This means property owners don’t necessarily have to be the person answering every phone call, text message, or question that comes up.
4. Managing Maintenance and Repairs
Rental properties require ongoing maintenance.
When something needs attention, property management can help coordinate repairs and communicate with tenants about maintenance concerns.
Having someone available to help manage these situations can be especially valuable for owners who live outside the area or simply don’t have the time to coordinate repairs themselves.
5. Handling Notices and the Eviction Process
Unfortunately, there are times when a tenant doesn’t follow the terms of the lease.
When that happens, there may be specific notices and legal procedures that need to be followed.
A property management company can help manage the notice process and, when necessary, coordinate the eviction process according to applicable requirements.
Because landlord-tenant laws can be complicated and may change, property owners should seek appropriate legal guidance when a situation requires it.
6. Keeping Track of the Details
Property management involves much more than collecting a monthly rent check.
There are leases, applications, tenant communications, maintenance requests, payments, notices, property information, and many other details to keep organized.
A management system such as DoorLoop can help keep these records organized and make the day-to-day management process more efficient.
Why Would a Property Owner Hire a Property Management Company?
Not every property owner needs a property manager. Some owners enjoy managing their own properties and have the time and resources to do it.
For other owners, professional management can make owning a rental property much more convenient.
A property owner might consider professional management if they:
- Don’t have time to manage the property themselves
- Live out of town
- Don’t want to handle tenant communication
- Have multiple rental properties
- Don’t want to deal with late rent or notices
- Need help coordinating maintenance
- Want someone else to handle the day-to-day responsibilities
The right choice depends on the owner’s property, goals, availability, and comfort level with managing rentals.
What Does Property Management Cost?
Property management companies typically charge a management fee based on the services they provide. The cost can vary depending on the company, property, and services included.
At Stewardship Partner, our management fee is 10% of the rent.
For owners considering professional management, it’s important to understand exactly what services are included in the fee and whether there are any additional charges.
Is Property Management Worth It?
That’s a decision each property owner needs to make based on their individual situation.
For some owners, managing a rental themselves makes sense. For others, the time, stress, and responsibilities involved may make professional management a worthwhile expense.
The biggest question isn’t simply, “Can I manage this property myself?”
It’s also:
“Do I want to spend my time managing this property?”
If the answer is no, a property management company may be able to help.
Let Us Help With Your Rental Property
At Property Stewardship Partner, we understand that owning a rental property is an investment—and managing that investment takes time.
Our property management services are designed to help owners with the everyday responsibilities of renting their property, including rent collection, tenant communication, notices, and the eviction process when necessary.
If you own a rental property in the Fairfield, Choteau, or surrounding area and are interested in learning more about property management, we’d be happy to talk with you about your property and explain how our management services work.
Your property is an investment. Let us help you manage it.
