Property Management

Should I hire a property manager or self-manage?

Property managers typically charge 8–12% of monthly rent plus leasing fees. Self-management saves that cost but requires your time and local presence. Self-managing makes the most sense for local investors with a small number of units. For investors with multiple properties, out-of-state ownership, or those who want passive income without operational involvement, professional management is worth the fee.

What should I look for when screening tenants?

Apply consistent criteria to every applicant: credit score, income verification (rent should be no more than 30% of gross income), rental history with prior landlord references, and a background check. Document your criteria and apply them uniformly to avoid fair housing violations.

What are the most common landlord mistakes?

Inadequate tenant screening, improperly structured lease agreements, deferred maintenance that creates bigger problems, mishandling security deposits in violation of state law, and attempting to handle evictions without proper legal process. Each of these is more expensive to fix after the fact than to prevent upfront.

How do I handle a tenant who stops paying rent?

Do not accept partial payments without a written agreement, as this can affect your legal rights in some states. Issue formal written notice immediately per your state's requirements. Consult with a landlord-tenant attorney or experienced property manager before proceeding — the eviction process has strict procedural requirements that, if violated, can delay or derail the case.