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Property management involves ongoing operational processes that repeat throughout the ownership cycle. Understanding these processes helps owners set expectations and evaluate manager performance. The core processes include tenant acquisition, ongoing management, and turnover handling.

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Tenant Acquisition

Before marketing a vacancy:
  • Assess property condition
  • Complete necessary repairs
  • Clean and refresh unit
  • Take marketing photos/video
  • Determine rental price (market analysis)
  • Prepare showing access plan
Reaching prospective tenants:
  • List on rental platforms (Zillow, Apartments.com, etc.)
  • MLS listing if applicable
  • Company website
  • Social media promotion
  • Signage at property
  • Referral networks
Quality managers track marketing source effectiveness.
Presenting the property:
  • Schedule appointments with prospects
  • Conduct in-person or self-guided tours
  • Answer prospect questions
  • Pre-qualify interested applicants
  • Provide application information
Showing frequency and methods vary by market conditions.
Evaluating prospective tenants:
  • Collect applications and fees
  • Verify income (pay stubs, tax returns, employment)
  • Run credit check
  • Conduct background check
  • Check rental history and references
  • Verify identity
Fair housing laws govern screening criteria. Consistent application required.
Choosing qualified applicants:
  • Apply consistent criteria to all applicants
  • Document selection rationale
  • Provide adverse action notices if required
  • Comply with fair housing requirements
Selection criteria should be established before marketing begins.
Formalizing the tenancy:
  • Prepare lease document
  • Review terms with tenant
  • Collect security deposit
  • Collect first month’s rent
  • Obtain signatures
  • Provide copies to all parties
  • Distribute move-in information
Transitioning tenant into property:
  • Conduct move-in inspection (document condition)
  • Transfer utilities information
  • Provide keys and access devices
  • Review property rules and expectations
  • Establish communication preferences
  • Document meter readings if applicable

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Ongoing Management

Monthly rent processing:
  • Send rent reminders (if applicable)
  • Process payments (online, check, etc.)
  • Track payment status
  • Apply late fees per lease terms
  • Follow up on late payments
  • Initiate collection procedures if needed
  • Disburse funds to owner
Most managers offer online payment options. Collection rates are key performance metric.
Handling property upkeep:
  • Receive maintenance requests
  • Triage by urgency
  • Dispatch appropriate contractor
  • Authorize repairs within guidelines
  • Obtain owner approval for larger items
  • Verify work completion
  • Process invoices
Response time and quality are key differentiators between managers.
Ongoing tenant relations:
  • Respond to inquiries
  • Provide notices as required
  • Handle complaints
  • Enforce lease terms
  • Send community updates
  • Maintain documentation
Communication quality affects tenant retention.
Regular condition assessments:
  • Periodic interior inspections (quarterly to annually)
  • Exterior and common area checks
  • HVAC filter and safety device checks
  • Lease compliance verification
  • Preventive maintenance identification
Inspections catch problems early and ensure lease compliance.
Ongoing accounting:
  • Track income and expenses
  • Pay property bills
  • Maintain reserve funds
  • Prepare owner statements
  • Budget for capital expenses
  • Manage security deposits
  • Provide tax documentation
Ensuring compliance:
  • Monitor for violations
  • Issue warning notices
  • Document violations
  • Follow cure or quit procedures
  • Coordinate legal action if needed
Consistent enforcement protects property and other tenants.

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Lease Renewal

Assessing whether to renew:
  • Review tenant payment history
  • Consider lease compliance record
  • Evaluate property condition
  • Assess market conditions
  • Calculate appropriate rent adjustment
  • Consider owner preferences
Executing renewal:
  • Send renewal offer (typically 60-90 days before expiration)
  • Negotiate terms if needed
  • Prepare renewal agreement
  • Execute documents
  • Update records
Renewal timing requirements often specified by lease or law.
Setting renewal rent:
  • Research current market rates
  • Consider tenant quality
  • Factor in turnover costs
  • Balance retention vs revenue
  • Comply with rent control if applicable
Keeping good tenants often more valuable than maximum rent increase.

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Tenant Turnover

When tenant gives notice:
  • Confirm notice is proper (timing, format)
  • Acknowledge receipt
  • Provide move-out instructions
  • Schedule move-out inspection
  • Begin marketing if appropriate
Documenting condition:
  • Walk through with tenant if possible
  • Document condition with photos/video
  • Compare to move-in inspection
  • Note damage beyond normal wear
  • Identify cleaning and repair needs
Processing deposit return:
  • Calculate deductions for damage
  • Prepare itemized statement
  • Return balance within legal timeframe
  • Document all deductions
  • Maintain records
Security deposit laws are strict. Improper handling creates liability.
Preparing for next tenant:
  • Complete repairs
  • Professional cleaning
  • Paint touch-up or repaint
  • Replace worn items
  • Update fixtures if needed
  • Final inspection before showing
Turnover speed affects vacancy loss. Quality affects tenant quality.

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Eviction Process

Common causes:
  • Non-payment of rent
  • Lease violations
  • Property damage
  • Illegal activity
  • Lease expiration (in some jurisdictions)
Eviction is last resort after other remedies exhausted.
Typical process (varies by jurisdiction):
  1. Issue proper notice (pay or quit, cure or quit, etc.)
  2. Wait required notice period
  3. File eviction lawsuit if not cured
  4. Serve tenant with court papers
  5. Attend court hearing
  6. Obtain judgment
  7. Request writ of possession
  8. Sheriff executes eviction
Timeline varies from weeks to months depending on jurisdiction.
How managers handle evictions:
  • Issue notices properly
  • Document all communications
  • Coordinate with eviction attorney
  • Attend court or provide testimony
  • Coordinate sheriff for lockout
  • Secure property after eviction
  • Process abandoned property
Some managers handle in-house; others use attorneys for all filings.
Eviction costs vary significantly by jurisdiction and complexity. Expenses may include:
  • Court filing fees
  • Attorney fees
  • Service fees
  • Sheriff fees
  • Lost rent during process
  • Turnover costs after
Prevention through good screening is far less expensive than eviction.

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Emergency Response

Situations requiring immediate response:
  • Water leaks and flooding
  • No heat in cold weather
  • No cooling in extreme heat
  • Gas leaks
  • Electrical hazards
  • Fire damage
  • Break-ins
  • Lock-outs
  • Sewage backup
How managers handle emergencies:
  • 24/7 emergency line
  • Triage and prioritization
  • Dispatch appropriate vendor
  • Notify owner of significant issues
  • Document incident
  • Follow up on resolution
  • Process insurance claims if needed
When owners should expect contact:
  • Major property damage
  • Expenses exceeding authority limit
  • Tenant safety issues
  • Insurance claims
  • Media-worthy incidents
Routine emergencies (clogged toilet, minor leak) typically handled without owner involvement.

Next: Costs and Fees

Management fees, leasing fees, and additional charges

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