What Do Property Management Companies Do?

Many people come across property management companies… sometimes in passing. Other times they deal with them all the time if their rental situation involves it. What do property management companies do? Well, it’s a tricky question, since it covers so much.

Our property services of Atlanta involve every bit of it. That means we know a ton about all the little (and big) things that property management companies do every day to keep things moving, tenants happy, and owners profitable. Here we go over a lot of the basics of those things and answer a lot of your questions. So let’s dive in.

Table of Contents

• What Do Property Management Companies Do?
• When Should a Landlord Hire a Property Management Company?
• Other FAQ
• As the Best, Hire BMG to Do the Job

What Do Property Management Companies Do?

Being a property manager isn’t just about collecting rent and calling plumbers. So what do property management companies do? They are all about keeping everything running smoothly while putting out a million tiny fires (sometimes literally). At its core, property management is about handling rentals on behalf of an owner. Setting rent, finding tenants, managing leases, and making sure the place stays in good shape… and even more. If a property manager is doing their job well, neither the landlord nor the tenants should be dealing with constant headaches. That’s the goal, anyway.

Of course, dealing with tenants is a huge part of the job. Screening applications, handling complaints about mysterious noises in the walls, and making sure tenants aren’t wrecking the place all fall under their responsibilities. A good property manager knows how to communicate, making sure renters feel heard while also enforcing lease agreements. And when it’s time for a tenant to move out, they handle the whole turnover process… inspections, security deposit returns, and getting the unit ready for the next person.

Then there’s the never-ending list of maintenance and repairs. Whether it’s a leaking faucet or a furnace that died in the middle of winter, property managers have to jump on issues when they come up. Some problems are small, like replacing a broken smoke detector. Others are bigger, like realizing a tenant has turned the spare bedroom into a home gym and now the floor is caving in. Property managers don’t have to fix things themselves, but they do need a solid list of reliable contractors to call when problems pop up.

Then there are the everyday finances. There is knowing landlord-tenant law in Georgia or whichever state they are in so that they are always in compliance in whatever they do. It ends up being a lot. The responsibilities of a property management company includes a long list of things (follow the link for an even more exhaustive list).

Property management companies manage this all, and more, so that the owners don’t have to.

When Should a Landlord Hire a Property Management Company?

​Managing rental properties can be both rewarding and demanding. For landlords who find the responsibilities overwhelming or impractical, hiring a property management company can be a smart move. If you’re asking yourself what do property management companies do, you might be wondering just how much one could be helping you right now. The professionals handle the tasks described like tenant screening and maintenance coordination and they do it at a higher level in many ways, since they have so much experience in the business. Here is a brief list of situations in which many owners find themselves hiring professional services.

• Location – If you don’t live near your rental property, addressing issues promptly becomes challenging. Local property managers can oversee day-to-day operations effectively.​
• Multiple Properties or Units – Handling numerous rentals can be time-consuming and complex. A property management company can streamline operations and reduce your workload.​
• Limited Time or Interest – Managing properties requires significant time and effort. If you have other commitments or prefer a hands-off approach, hiring a property manager allows you to focus elsewhere.​
• Legal and Regulatory Concerns – Navigating landlord-tenant laws can be difficult. Property management companies are well-versed in local regulations, helping you avoid legal pitfalls.​

Other FAQ

What do property management companies charge​?

​Property management companies typically charge a monthly management fee ranging from 8% to 12% of the property’s rental income. Some firms may opt for a flat monthly rate, often between $100 to $250, depending on the property’s size and location. There can be other fees, so it’s important to have those discussions. Other fees may include a start-up fee, a separate leasing Fee, or a renewal fee.

What is included in a property management fee?

When it comes to property management fees, there are a range of services aimed at maintaining and enhancing the value of rentals that are included. These services often include rent collection, tenant communication, maintenance coordination, and lease enforcement. It’s important to note that while property managers oversee maintenance tasks, the actual costs for repairs are generally the responsibility of the property owner. For instance, if a repair is needed, the property manager will coordinate the work, but the expense will be billed to the owner. ​Other expenses that may come up that are not covered may include situations like evictions and that process. At times legal proceedings or eviction coordination services may be involved and do not fall in the realm of what property management fees include.

What is a certified property manager​?

​A Certified Property Manager (CPM) is a professional designation awarded by the Institute of Real Estate Management (IREM). To become a CPM, candidates need to complete specific educational courses, possess a minimum of three years of qualifying real estate management experience, and adhere to IREM’s Code of Professional Ethics. There are a number of property management certifications available and it’s a good idea to explore all the options and figure out what makes sense in any given situation.

As the Best, Hire BMG to Do the Job

Property management takes someone who is dedicated and knowledgeable about real estate to become a successful property manager. It’s not easy, especially because it encompasses so much and isn’t always easily definable. One day can look very different than the next. If you’re asking what do property management companies do, it may be about time to call one and get help.

Contact Us Today! 

If you’re looking for dedicated property managers, look no further than Bay Property Management Group. We manage rental properties in Atlanta, Texas, Virginia, Massachusetts, Washington, DC, and many other locations. We’ve got you covered! Our team of reliable individuals can help you make sure your properties are well-maintained and cared for 24/7.