A property management company typically acts as a liaison between the landlord and tenant. Duties of property management companies include collecting rent, responding to and repairing problems, advertising properties for landlords, and doing credit and background checks for tenants. In exchange for the service they provide property management companies typically charge landlords 8-10% of the gross rent collected each month, in addition to marking up repair costs. Some property management companies also manage home owner associations (HOA's).
