A lot of the best property management companies make their main rental and management fee on a per-capita basis instead of collecting their rent from tenants on a monthly basis. They do things better than you would if you were to do it all yourself. They also have more expertise: Being experienced in dealing with deadbeat renters, collection issues, and property maintenance.
Another thing you want to look for in these companies is how well they handle maintenance. Many best property management companies only hire people who live on the properties they manage. This means they don't have time to focus on doing repairs and maintaining the property that is leased to their tenants.
The reason these firms would only hire people who live on the property is so that they can keep up on the current property maintenance standards. Tenants would get frustrated with companies that don't pay attention to the upkeep of their buildings because they aren't going to be able to afford living there. Some tenants will even begin to ask for a break or something from the property managers. They aren't going to give up their apartments until the managers take some kind of action.
Another thing that makes up the best property management companies is how responsive they are. If you're a renter, you need to be able to contact your property manager if there is a problem. If you don't have one, then you need to find one that can help you. Most rental properties need some type of maintenance done on them at least twice a year. Tenant and property management firms will work hard to ensure the upkeep is handled appropriately.
Some renters will also complain about some of the things that are done by some rental management firms. The best property management companies understand this and accommodate the needs of both tenants and owners. They will have a maintenance plan that is designed for both sides of the equation. This plan will allow both sides to benefit while they handle their respective situations. Some tenants don't like certain things and the property manager will figure out a way to change it so that the tenants are happy and the owner is still getting a nice return on his investment.
In addition to working with both sides of the equation, the best property management companies also keep the tenants satisfied. In today's world, most tenants aren't pleased with what they are paying for rent. If a landlord finds out how much of their rent is going to be going to the expenses of the property and then doubles it, the tenant will probably be upset. Property managers will do everything they can to make sure this doesn't happen.
These are just a couple of ways how professional property management companies can help you. Keep in mind, though, that the best property management companies are ones that are honest and work hard to get you the best deal possible. You should only work with a firm that will offer you competitive rates and that won't force you into anything you don't feel comfortable with.