It usually costs a months rent and includes them being a point of contact for your tenants and has to deal with any issues that arise- arrange for broken things to be fixed - get a quote or two when an expensive repair is needed.. they need to ensure all bills are changed to current tenants name.. deal with end of contract and renewal of contract- meet potential tenants and try make sure apartment is rented out. Depending on your tennants and how available you are it is not always needed as some tenants can take care of all issues and make sure repairs needed are made with your consent however it really depends on the tenant and how much you trust them!
I am a property manager for a friend in the US. She pays me a month's rent a year plus any money I need to lay out. If new tenants need to be found, that is not included. It will cost more. Because my past experience has been that it is very time consuming.
I am the point of contact for the tenant. I hire the service people needed and pay them. (This part is not always easy and it really helps to be local or at least on the same time zone.) I deposit the rent checks monthly. I deal with getting the lease signed and new checks.
Thank you both for your answers. So can this be a lucrative profession? Can one make a good salary from this? Or its just a lot of work and not a lot of money from it all?
And does one need experience for this? Or its really just word of mouth to get started?
