Property management is an essential part of owning a good rental property. The continual rent from an income property is your primary source of income and it's always a good idea to make sure that this is managed properly. There are several management firms to choose from in the greater Phoenix area.

Most property managers charge an up front fee every time your property is leased and on average this fee is approximately $300 USD. There are also advertising costs for getting your property rented and these are often passed on to directly to you. Depending on the rate and type of advertising, this cost can vary greatly, but it is good idea to keep your eye on these costs and make sure they don't get too high.

Once the property is rented, most property managers charge between 8% and 10% of the gross rent collected on your income property. Other costs will come in the form of maintenance requests. For instance, if there is a broken window or a plumbing problem, you will get a bill from your property manager after they have dispatched a contractor to fix the problem. This is another area you want to keep an eye on for costs. Some property managers use contractors that may cost more than others and you ultimately have to pay for this.