by Laura Agadoni, MerchantCircle Writer When you own rental property, you soon find that a lot of work is involved, from finding tenants to cleaning up after them when they leave. Property management firms can handle all of your rental duties for you, such as screening and leasing to new tenants, collecting rent and making sure the property is maintained.

Duties

A property management company typically advertises when you have a vacancy, screens and places tenants, and collects rent and late fees. Property management firms also make sure the lawn is mowed, the trash is picked up, and they arrange for a repairman to come out when there is trouble, such as when the air conditioner or heater goes out or when the sinks get backed up. A property management company also prepares your property for a new tenant when the old tenant moves out, renews leases, handles any complaints from neighbors and handles an eviction, if needed.

You Can Do It Yourself

You can manage your own property and can do everything a property management company does, but you may not be as effective as a property manager can be. Maybe your tenant is becoming late with the rent payments because he has gotten to know you so well, and maybe you have a soft heart and let the tenant get away with this. Before you know it, your tenant can get months behind on rent. A property management company would not let a tenant get away with that. Once you hire one, you are more likely to get your rent paid on time. If you live in a different state from your rental property, it can be difficult to manage the property and to know whether the tenant is keeping up your property. That is another reason why you’d want a property management company working for you.

Screening Tenants

Because of the large fee that property management firms receive upon renting out your place, some companies might skip the screening process, eager to get any tenant in. Don’t let that happen. Screening is the most important aspect of what a property manager does. The last thing you want is a deadbeat living on your property; not only will you miss your monthly rent, you might have to pay to get the bad tenant evicted. Write into your contract with the property management company that you must review the tenant applications after it has, and that you ultimately decide who rents your property. Do not break any laws, though, by screening unfairly. The Fair Housing Act does not allow you to consider religion, race, color, marital status, disability or gender.

What a Property Management Company Won’t Do

Don’t expect a property management company to be responsible for your liability. If the management company arranges for a repair to be made, for example, you are ultimately responsible for paying for it. As the owner, you also have to carry adequate homeowners insurance to cover any disasters. You cannot pin the blame or expect your property management company to be responsible for what is, ultimately, your property.