How to choose a property manager
For owners of rentals, apartment communities and HOAs. Fees, licensing, fair housing, and what the public record can and cannot show.
Published 2026-10-21. All guides · Property management hub
Our perspective
Prices are rarely posted: 1 of the 10 managers we profile shows a fee on its website. (Evernest, home page) Scale is public for apartments, because NMHC counts it each year: the ten largest managers on its 2026 list run 52.6% of the 5,252,028 units managed by the Top 50 (our arithmetic). (NMHC, 2026 Top 50 Managers) Size can mean depth of systems and staff; it does not tell you who will answer your calls. For a small portfolio, the fee schedule and the specific manager assigned to you matter more than the company’s unit count.
Checklist
- Ask for the full fee schedule in writing: management fee, leasing fee, renewal, maintenance markup, vacancy and termination fees.
- Check licensing. Requirements for property managers vary by state; your state real estate regulator can tell you what applies (ARELLO links many regulators). (ARELLO, real estate license verification (participating jurisdictions))
- Ask how listings and tenant screening comply with the Fair Housing Act, including advertising: it is unlawful to publish a rental ad that indicates a preference or limitation based on a protected characteristic. (42 U.S.C. § 3604 (Fair Housing Act), including § 3604(c) on advertising; eCFR, 24 CFR 100.75, discriminatory advertisements, statements and notices (HUD))
- Ask where security deposits and rents are held and how often you get statements.
- Read the termination clause and what happens to tenants, deposits and records if you leave.
- Ask for a sample monthly owner report and a sample lease.
Questions to ask
- Who is my day-to-day contact, and how many doors do they manage?
- How do you choose vendors, and do you or affiliates earn anything on maintenance work?
- What is your average time to fill a vacancy and to complete a work order, and how do you measure it?
- How do you screen applicants and keep screening consistent for fair-housing purposes?
- Can I approve repairs above a set dollar amount?
Red flags worth clarifying
None of these proves a problem on its own. Each is a reason to ask for an explanation in writing before you sign.
- Fees that only appear in the contract, not in the proposal.
- Maintenance markups or affiliated vendors that are not disclosed.
- No written screening criteria.
- Termination fees that make leaving costly.
- Unclear handling of tenant deposits.
What the public record can and can’t tell you
Can show
- Units managed and year-over-year change for the largest apartment managers (NMHC lists)
- Revenue and margins of public single-family rental owners and HOA managers (filings)
- Which metros a manager lists offices in
Can’t show
- How a local office responds to owners and residents
- Fees on a specific portfolio
- Private managers outside NMHC’s Top 50
How our scores work here
Firms here get a public-record score: a number out of 10 with its breakdown, built only from audited filings, regulator and court records, and rankings researched by third parties. Criteria and weights: Units managed (40%); Units trend (35%); Platform depth (25%). Today 4 of the 10 firms we profile in this section can be scored; the others show “Not yet scored”, which means the public record does not cover every criterion. It says nothing about service quality. We attach no label, tier or recommendation to a score, and a lower number is not a judgment of how a firm treats clients. Use it to see what is documented, then do the checks below.
Explore
Property management hub · Multifamily · Single-family rental · HOA and community associations · Greystar · Asset Living · Associa · FirstService Residential · Evernest · Mynd · Greystar vs Asset Living · FirstService vs Associa · Invitation Homes vs AMH · Residential and property manager city hubs
Questions
Do property managers need a license?
It depends on the state and the work. Check with your state real estate regulator before you sign.
Why don’t most managers publish prices?
Fees often depend on property type, size and location. Ask for a written schedule and compare proposals line by line.
Is a larger manager better?
Scale is one measure. It is in our score because owners choose managers building by building, but your experience depends on the local team assigned to you.
What does the property management score measure?
Units managed, units trend and platform depth from NMHC’s 2026 lists. A number out of 10, not a recommendation.
Regulatory and legal points summarize the linked primary sources as read on 2026-10-21. Rules vary by state and change over time; this guide is general information, not legal or financial advice.
Sources
- Evernest, home page · accessed 2026-10-20
- NMHC, 2026 Top 50 Managers · accessed 2026-10-20
- ARELLO, real estate license verification (participating jurisdictions) · accessed 2026-10-20
- 42 U.S.C. § 3604 (Fair Housing Act), including § 3604(c) on advertising · accessed 2026-10-20
- eCFR, 24 CFR 100.75, discriminatory advertisements, statements and notices (HUD) · accessed 2026-10-20
Last verified 2026-10-21. Figures were re-read from the linked sources that day.
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