Web Definition: Property Management
A property management company typically acts as a liaison between the landlord & tenant. Duties of property management companies include collecting rent, responding to & repairing problems, advertising properties for landlords & doing credit & background checks for tenants. In exchange for the service they provide property management companies typically charge landlords 8-10% of the gross rent collected each month, in addition to marking up repair costs. Some property management companies also manage home owner associations.
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