Before you hire a property manager, it helps to know what the relationship actually looks like, what it costs, and what your side of it is. The short briefing:
The quick answer
Before hiring a property manager, know three things: the true all-in annual cost (management, leasing, renewal, and any add-ons), exactly what the service covers, and what your own role remains: approving big repairs and making ownership decisions while the operations move off your plate.
What it costs, honestly
Expect a management fee as a percentage of collected rent, a leasing fee when a new resident is placed, and possibly a renewal fee. The all-in annual number is what matters, and any company that cannot state it plainly is telling you something.
What it should deliver
- A leased home, faster than you could do it yourself
- Rent that arrives without your involvement
- Maintenance handled, at real cost, without drama
- A statement you can read and a person you can reach
What your side looks like
Respond to approval requests promptly, fund big repairs when the property genuinely needs them, and set expectations early about communication. The best owner-manager relationships are boring: clear standards, fast decisions, and mutual trust that compounds for years.
Common questions
What should a management agreement include?
The fee structure in full, what is and is not included, spending approval thresholds, the termination terms, and how client money is held. If any of those are vague, ask before signing, not after.
What does a property manager not do?
They do not pay for repairs (that is the owner's cost), decide when to sell, or manage your mortgage and insurance. They run operations; you own the asset and its strategy.
How do I get the most from a manager?
Respond quickly to approval requests, fund real maintenance, and treat them like a partner rather than a vendor. The best-run properties belong to decisive owners with good managers.
One warning
The cheapest manager and the best manager are almost never the same company. Hire for the annual net, not the monthly rate.