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A property management company is tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate. This is much akin to the role of management in any business.

Roles


One important role is that of acting as liaison between the landlord and tenant. Duties of property management companies include accepting rent, responding to and addressing maintenance issues, advertising vacancies for landlords, and doing credit and background checks on tenants. In exchange for the service they provide, property management companies charge landlords a percentage of the gross rent collected each month (typically 8-10%), in addition to lease commissions. If disclosed in the management agreement repair costs may be marked by some property managers. Some property management companies also manage home owner associations (HOAs).

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