Are You Struggling to Manage your Rental Property? Here’s the Solution!
Owning rental property should be a great investment, but if you’re dealing with late rent, maintenance headaches, or bad tenants, it can feel more like a second job than passive income.
If you’re feeling overwhelmed, hiring a property manager might be the smartest move you make.
A professional property manager can handle everything—from tenant screening and rent collection to property maintenance and legal compliance—so you don’t have to.
But here’s the catch: Not all property managers are created equal.
Hiring the wrong one can cost you thousands in lost rent, poor maintenance, and high tenant turnover.
So, how do you find the right property manager?
This ultimate guide will walk you through:
✔️ What a property manager does and why you might need one
✔️ How to choose a reputable property management company
✔️ What red flags to watch out for
✔️ How to ensure your rental stays profitable with the right manager
By the end, you’ll know exactly how to hire a property manager—and why it’s one of the best decisions for your rental property.
What Does a Property Manager Do?
A property manager acts as the middleman between you and your tenants, taking care of all the daily tasks that come with rental ownership.
Here’s what a property management company handles for you:
1. Finding & Screening High-Quality Tenants
- Marketing your rental on Zillow, Realtor.com, Apartments.com, and numerous other platforms.
- Conducting tenant background checks and credit reports
- Verifying employment and rental history
- Handling lease agreements and move-in process
2. Rent Collection & Handling Late Payments
- Enforcing late fees when necessary
- Providing monthly financial reports
- Ensuring rent is paid on time every month
- Handling evictions if needed
3. Property Maintenance & Repairs
- Managing 24/7 maintenance requests
- Scheduling repairs with trusted contractors
- Conducting routine property inspections
- Preventing costly repairs by catching issues early
4. Legal Compliance & Tenant Relations
- Making sure your lease agreement and tenant interactions comply with state laws
- Handling tenant disputes professionally
- Managing evictions legally and efficiently
💡 Pro Tip: If you don’t want to deal with tenant problems, emergency repairs, or chasing late rent, a property manager is worth every penny.
When Should You Hire a Property Manager?
Not sure if you need professional property management? Ask yourself these questions:
1. Do You Own Multiple Rental Properties?
Managing one property is manageable—managing several can quickly become overwhelming.
2. Do You Live Far From Your Rental?
If you don’t live near your rental property, handling tenant issues, maintenance, and emergencies is tough. A local property manager saves you time and stress.
3. Are You Struggling with Tenant Issues?
If you’re facing frequent turnover, late payments, or bad tenants, a property manager can find and keep better renters.
4. Are You Too Busy With Other Commitments?
If you have a full-time job, a family, or other businesses, you may not have time for tenant calls, property inspections, and repairs.
💡 Pro Tip: If rental management feels like a second job, hiring a property manager can help you free up time and focus on growing your investment portfolio.
How to Choose the Right Property Manager
Not all property managers are equal. A bad property management company can cost you time, money, and stress.
Here’s how to choose the right one:
1. Look for Experience & Credentials
✔️ How long have they been in business?
✔️ Are they licensed and insured?
✔️ Do they specialize in residential, multi-family, or commercial properties?
2. Read Reviews & Get Referrals
✔️ Check online reviews on Google, Yelp, and BBB.
✔️ Ask local real estate investors and realtors for recommendations.
✔️ Look for consistent positive feedback from owners. Tenants or potential tenants tend to only share negative feedback.
3. Ask These Critical Questions Before Hiring
✔️ What’s your tenant screening process?
✔️ How do you handle maintenance and emergency repairs?
✔️ What fees do you charge?
✔️ How do you handle late rent payments and evictions?
💡 Pro Tip: The right property manager protects your investment, finds great tenants, and keeps your rental profitable.
How Much Does a Property Manager Cost?
Hiring a property manager is an investment, but it often pays for itself by reducing tenant issues, vacancies, and costly mistakes.
Common Property Management Fees
💰 Monthly Management Fee: 8-12% of rent
💰 Tenant Placement Fee: 50-100% of one month’s rent
💰 Maintenance Fees: Varies (some charge per repair, others mark up costs)
💰 Lease Renewal Fee: $100-$300
Is Hiring a Property Manager Worth it?
Let’s say your property rents for $2,500/month, and your property manager charges 10% ($250/month).
If they:
✔️ Keep your rental occupied with high-quality tenants
✔️ Handle maintenance & repairs efficiently
✔️ Enforce on-time rent collection
…then $250/month is a small price to pay for peace of mind and steady cash flow.
💡 Pro Tip: A good property manager helps increase your profit—not just charge fees.
Red Flags to Watch Out For
🚩 No online presence or bad reviews
🚩 Hidden fees in the contract
🚩 Slow communication
🚩 No clear tenant screening process
🚩 High eviction rates
💡 Pro Tip: If they aren’t upfront with you, they won’t be upfront with tenants either.
Final Thoughts: Should You Hire a Property Manager?
If managing your rental is causing stress, taking too much time, or leading to tenant headaches, hiring a great property manager can save you time, money, and frustration.
Key Benefits of Hiring a Property Manager:
✅ Better tenant screening = fewer evictions
✅ Faster rent collection = consistent cash flow
✅ Routine maintenance = fewer costly repairs
✅ Less stress = more freedom
And here at Premier Property Management, we strive to do everything you need to make your investments work for you!
- Personalized, Owner-Centric Approach:
Premier Property Management emphasizes treating each property as if it were their own. Being property owners themselves, they understand the challenges and concerns of property management. This perspective ensures that they manage properties with the utmost care and attention to detail, providing a boutique, hands-on experience for their clients.
- Comprehensive Management Services:
Their team of experts oversees every aspect of property management, from lease execution and tenant move-in to ongoing maintenance and eventual move-out processes. This end-to-end service ensures that all details are handled meticulously, allowing property owners to enjoy peace of mind knowing their investments are in capable hands.
- Commitment to Building Thriving Communities:
Beyond just managing properties, Premier Property Management focuses on creating thriving communities. As proud Billings natives and members of the National Association of Residential Property Managers (NARPM), they bring a commitment to excellence in all their endeavors, aiming to improve the lives of both property owners and tenants.
Looking for a Property Manager? Let’s Talk.
We handle everything—from finding great tenants to keeping your rental profitable.
👉 Contact us today to see how we can make your rental stress-free and profitable!