How to Choose a Property Management Company: Lessons from the Field

When I started investing in real estate 15 years ago while living overseas, I had a very simple picture in my mind of what a property manager does. Reality quickly set in.

Lessons Learned

Choosing the right property management company is one of the most important decisions a landlord can make — especially if you own multiple properties or manage remotely.

What to Look For

• Transparency in fees — Know exactly what you're paying for, with no hidden charges
• Communication standards — How quickly do they respond to you and to tenants?
• Tenant screening process — What criteria do they use? Is it standardized and Fair Housing compliant?
• Maintenance network — Do they have their own vetted vendors, or do they just call whoever?
• Reporting — Do you get regular, detailed financial and operational reports?
• Local knowledge — Do they understand Philadelphia's specific regulations, PHA processes, and L&I requirements?

Red Flags

• Vague fee structures
• Poor communication during the sales process (it won't get better after you sign)
• No local references
• Unwillingness to let you speak with current clients
• No clear escalation path for tenant issues

The Bottom Line

A good property manager pays for themselves by reducing vacancies, minimizing turnover costs, and keeping your properties compliant. A bad one can cost you far more than their fees in lost rent, damaged properties, and legal headaches.