My Experience with Property Management
When I was in the military, I bought my first home — a place I truly loved. But as anyone who’s served knows, frequent changes of station can make “home” a moving target. Rather than sell, I turned my house into a rental whenever I had to relocate.
Since I wasn’t local, I hired a property manager — and that decision made all the difference. They handled the day-to-day details I couldn’t manage from afar, from screening tenants to coordinating maintenance.
After retiring from the military in 2017, I moved back in and enjoyed being home again. During the pandemic in 2020, while working remotely, I finally had time to make long-overdue updates and repairs. I hired contractors and handypeople to help refresh the space — and somewhere in that process, I started dreaming of a slightly larger home. The main reason? I wanted a two-car garage — something my current home didn’t have and couldn’t be added.
When I saw a similar home for sale in my neighborhood with that coveted garage, I called the real estate company. That house was already under contract, but they showed me others, and I eventually found one I loved and bought it with a VA loan. I wasn’t ready to sell my first home, so I reached out to the property manager I trusted to help me rent it out again — and the rest fell into place.
Why I Choose a Full-Service Property Management Firm
Over the years, I’ve learned that a full-service property management company can be a true partner — not just a go-between.
Here’s why I rely on them:
- I often live far from my properties, so having someone local brings peace of mind.
- Between work and personal commitments, outsourcing the daily operations is invaluable.
- Experienced property managers handle legal paperwork, maintenance, and vendor relationships professionally.
- My goal as a landlord is to create a comfortable, safe environment for tenants — a good property manager helps make that possible.
- Management companies are motivated: they don’t earn anything until your home is rented, so they advertise aggressively and fill vacancies quickly.
“Peace of mind is the biggest return a property manager gives me — even more than the rent check.”
What Full-Service Property Management Firms Do
If you’ve never worked with a property manager before, here’s what most full-service firms handle:
- Comprehensive rental market analysis
- Tenant placement (including credit and background checks)
- Regular property inspections
- Monthly accounting statements
- Maintenance coordination
- Rent collection and late fee processing
- Evictions, if necessary
💡 Top 3 Tips for Working with a Property Manager
- Communicate clearly and often. Keep them informed about your goals and preferences.
- Review statements monthly. It helps you stay engaged and spot patterns early.
- Build mutual respect. Treat your manager as a professional partner — it makes collaboration smoother and more effective.
Typical Fee Structure
Every company is a little different, but the ones I’ve worked with are generally straightforward:
- Leasing Fee: Equal to 50% of the first month’s rent, payable only after the property is rented. This includes all marketing — usually an aggressive online campaign and MLS listing — plus any cooperating realtor fees.
- Management Fee: Typically 10% of monthly rent, with no charge while the property is vacant.
- Lease Renewal Fee: Around $250, which covers an updated market review, tenant communication, and preparation of a new lease agreement.
In my experience, these fees are well worth it for the time, structure, and expertise they provide.
Finding the Right Property Manager
Choosing the right property manager can feel a bit like dating — you’re looking for someone whose values, communication style, and reliability match your own.
Here are some tips from my experience with long-term rentals (one-year leases):
- Network with others. Ask real estate agents, closing companies, or other property owners for recommendations.
- Do your research. Check reviews, experience, and company websites for clarity and professionalism.
- Talk through your goals. See how they listen and respond — it reveals a lot about their approach.
- Notice the details. Are they organized and proactive? Do they follow through?
- Trust your instincts. If something feels off, it’s probably not the right fit.
This is a partnership, and you should feel comfortable with the company you choose.
Documents and Records to Expect
The first time I saw all the paperwork from a property management company, I’ll admit — it was a bit overwhelming. But once I understood what each document meant, it became second nature.
Here’s a quick overview:
- Property Management Agreement: Explains the manager’s authority, contract term, cancellation process, and both parties’ responsibilities.
- W-9 Form: Used for tax identification and certification.
- Tax Documents: Each year, you’ll receive a 1099-MISC (showing rental income) and a Profit and Loss Statement (detailing income, repairs, fees, and your net profit or loss). Bring these — along with HOA or maintenance receipts — to your tax appointment.
- Owner Portal Access: Provides secure online records for each property, organized by address.
- Direct Deposit Form: Ensures rent payments are automatically deposited — usually by the eighth of each month.
- Updates and Reports: Expect regular emails or texts about maintenance, tenant changes, and monthly income/expense statements.
Once you get familiar with the paperwork, it becomes an empowering part of owning a rental — not an intimidating one.
Final Thoughts: Making Property Management Work for You
Using a property manager doesn’t make rental ownership completely passive — but it makes it manageable, especially if you live far away or balance other responsibilities.
You’ll still invest time in preparing the property, hiring the right manager, and reviewing reports, but the trade-off is worth it. For me, the structure, professionalism, and peace of mind have made every dollar well spent.
If you’ve ever thought about renting out a home or hiring a property manager, I hope my experience gives you a clearer picture — and the confidence to take the next step.
Have you ever worked with a property manager or thought about it? I’d love to hear your experience in the comments.
