Provide important tax filing documents.These reports help you track your money so that you know how much is coming in and going out every month. Create monthly income and expenditure reports.This money is typically held in what’s called a maintenance reserve fund, which generally ranges from $500 to $1,000, Witko says. Most property managers retain a small amount of cash from the landlord for emergency repairs such as a broken fridge or leaky washer. This protects you from housing discrimination claims. Property managers stay up to date on the latest landlord-tenant laws, rules, and regulations, which can vary by city and state, Anderson says. So, in addition to running a credit check, property managers screen tenant applicants by checking their criminal history, verifying their income and employment, and contacting their previous landlords, says Stephanie Witko, director of business development and leasing at Nest DC, a boutique property management firm in Washington, DC.

The best way to reduce turnover is to find great tenants, and “a good property manager is going to use state-of-the-art screening to find responsible renters,” Lohmann says.

Property managers do more than just post your rental on Craigslist-they generate leads through social media, advertising, and the multiple listing service so that real estate agents can show your place to their rental clients. “An experienced property manager also relies on their experience and instinct to set rents that move properties,” says Peter Lohmann, CEO at RL Property Management Group in Columbus, OH.

Price your rent. Property managers will help you determine what rent to charge by looking at what comparable rentals are leasing for in your area.