Property Management 101

Property management at its core is about six things:

  1. **Rent collection** - On time, every month, no exceptions.
  2. **Maintenance and repairs** - Vendor management, work orders, inspections.
  3. **Tenant screening** - Application, credit check, background check, references.
  4. **Accounting** - Books reconciled, expenses categorized, owner statements monthly.
  5. **Communication** - Tenant requests answered within 24 hours, owners updated weekly.
  6. **Compliance** - State landlord-tenant law, fair housing, eviction procedure, lead paint disclosure.

Master these six and you have a viable management operation. Skip any one and tenants leave, owners fire you, or you get sued.