Core Functions of Rental Property Management
1. Marketing and Tenant Placement
Advertising vacant units across online portals and local channels.
Screening applicants (credit, background, income verification).
Preparing and executing lease agreements.
Conducting move-in inspections and security deposit documentation.
2. Rent Collection and Financial Management
Setting and collecting rent and other charges (late fees, utilities).
Tracking accounts receivable and security deposits.
Applying payments and issuing statements.
Overseeing accounting and reporting (income/expense statements, cash flow).
3. Property Maintenance and Repairs
Coordinating routine and emergency maintenance.
Hiring and supervising contractors (plumbers, electricians, landscapers).
Conducting periodic property inspections.
Ensuring compliance with health, safety, and building codes.
4. Tenant Relations and Lease Enforcement
Responding to tenant inquiries and service requests.
Enforcing lease terms and managing disputes.
Handling notices (late rent, lease violations).
Processing lease renewals or terminations.
5. Regulatory Compliance
Understanding and applying local landlord–tenant laws.
Managing fair housing compliance.
Ensuring safety standards (e.g., fire, electrical, gas).
Who Performs Rental Property Management?
In-House Owner/Investor
A property owner may self-manage smaller portfolios to save costs. This requires time, systems, and knowledge of legal and operational responsibilities.
Property Management Company
A third-party firm that handles all management functions for a fee (often a percentage of monthly rent). Ideal for larger portfolios or owners who prefer a hands-off approach.
Online/Software Tools
Platforms such as AppFolio, Yardi Voyager, Buildium, or Propertyware help automate marketing, leasing, accounting, and maintenance workflows. These tools are typically used by property managers or experienced self-managers.