How to Find a Reliable Property Manager

Owning a rental can be a good source of income and a lot of work. Tenant screening, maintenance calls, rent collection, lease questions, and local rules can eat your time and your peace of mind, especially if you don’t live nearby or have a busy schedule. That’s where a property manager comes in.

A good one protects your investment and treats tenants fairly. A poor one can cost you money and headaches. Here is how to find a reliable property manager. (General information only, not legal advice. Landlord-tenant and licensing laws vary by state and city.)

What does a property manager do?

Services vary, so always read the agreement. Common responsibilities include:

• Marketing the property and showing it to prospective tenants
• Screening tenants, including applications, background and credit checks, and following fair housing laws
• Preparing leases and handling move-in and move-out
• Collecting rent and handling late payments
• Coordinating maintenance and repairs, including vendors and emergencies
• Handling tenant communication
• Managing security deposits
• Performing inspections
• Providing financial statements and owner reports
• Handling evictions, if needed, according to local law
• Ensuring compliance with local regulations

Ask for a clear list of what’s included and what costs extra.

Do you need one?

A property manager may be a good fit if:

• You live far from the rental
• You own multiple properties
• You don’t have time for day-to-day management
• You’re not familiar with local landlord-tenant laws
• You’d rather pay a fee than handle emergencies

Some owners prefer to self-manage, especially with one property. Think about your time, skills, and tolerance for after-hours calls.

Step 1: Ask other landlords and investors

Property managers’ reputations live with owners and tenants.

• Fellow landlords and real estate investors
• Your real estate agent, mortgage broker, or accountant
• Friends of friends who own rental property in the area
• Tenants you know, who can tell you how responsive managers are

Ask: Is the manager responsive? Are statements clear and on time? How do they handle repairs and costs? How do they treat tenants? Any surprise fees? Has the property been well maintained? Would you hire them again?

Step 2: Verify licensing

Rules differ by state.

• Real estate license: Many states require property managers who handle rent or lease properties for others to hold a real estate or property management license, often under a licensed broker. (In California, this is typically a real estate broker license, which you can check through the Department of Real Estate.)
• Business license and insurance: Ask for proof of general liability, errors and omissions, and fidelity or crime coverage if they handle client funds.
• Trust accounts: Ask how tenant deposits and owner funds are held. Many states require separate trust accounts.
• Professional memberships: Some managers hold designations or belong to associations. They can be a plus but aren’t the only measure.

Step 3: Understand fees

Fees are a major comparison point. Common charges include:

• Management fee: often a percentage of monthly rent, or sometimes a flat fee
• Leasing or tenant placement fee: for finding and onboarding a new tenant
• Lease renewal fee
• Maintenance coordination or markups: whether the manager charges a fee on repairs
• Inspection fees
• Eviction-related fees
• Cancellation or termination fees
• Vacancy fees, in some agreements

A low management fee can be offset by higher add-on fees, so ask for a full fee schedule in writing and compare total expected costs.

Step 4: Interview several managers

Meet or talk with two or three companies. Pay attention to how they communicate. Questions to ask:

• How many properties do you manage, and how many per manager?
• Do you manage properties like mine in this area?
• How do you screen tenants?
• How do you handle maintenance requests and emergencies, and who approves costs?
• What are your fees, and what’s included?
• How do you handle rent collection and late payments?
• How and when do I get paid, and what reports will I receive?
• How are security deposits handled?
• What’s your vacancy rate and average time to fill?
• What are the terms of the contract, including length and termination?
• Who will be my main contact?
• What’s your process for lease renewals and rent increases?
• How do you stay compliant with local law?
• Can I speak with other owners?

Step 5: Read the management agreement

Read the entire agreement, and ask for clarification on:

• Scope of services
• Fees and payment terms
• Maintenance spending limits the manager can approve without your consent
• Contract term and renewal
• Termination clause, including notice and fees
• Owner responsibilities
• Liability and indemnification
• Records access and reporting

Consider having an attorney review the agreement, especially for multiple properties.

Good signs

• Clear communication and prompt responses
• Transparent fees and reports
• Well-organized systems for rent collection, maintenance, and records
• Fair treatment of tenants
• Knowledge of local laws and market
• Honest advice about rent pricing and property condition
• Reasonable contract terms

Red flags

• Vague fee structures or surprise charges
• Reluctance to share references
• No license where required
• Commingling funds or unclear handling of deposits
• Poor communication before signing
• Pressure to sign a long contract with steep termination penalties
• Stories from owners or tenants about unresolved maintenance
• Lack of knowledge about fair housing and local rules
• Overpromising high rent or quick fills

Stay involved

Even with a manager, stay engaged.

• Review monthly statements
• Visit the property occasionally, or ask for photos
• Ask about big expenses before they happen
• Keep a relationship with your manager based on clear communication
• Keep copies of leases, receipts, and reports

How MY PRO: TRUSTED PROS® can help

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FAQ

How much does a property manager charge?

Fees vary by location and services. Ask for a complete fee schedule in writing, including any leasing, renewal, and maintenance-related fees.

Does a property manager need a license?

In many states, yes, often a real estate license. Rules vary, so check your state’s requirements.

Can I fire my property manager?

Check your agreement’s termination clause, including notice period and fees.

Should I manage my rental myself?

Some owners do, especially with one property. A manager can help if you lack time, live far away, or prefer not to handle day-to-day issues.

How do property managers handle repairs?

They coordinate vendors and approve costs within limits set in your agreement. Ask about spending limits and how they choose vendors.

Find a property manager your network already trusts

Download MY PRO: TRUSTED PROS® on the App Store and Google Play, and see the pros your network already trusts. Learn more at my-pro.io or email hello@my-pro.io.