Advertising, sales commission, job supervision (which isn't usually a job cost), office expenses (even if they work out of their home), insurance, accounting and legal fees, licenses, taxes, employee expenses, and their own salary are just a few of their overhead expenses.

@Andy Yu  I don t know if there is a persons in need of supervision pathway for the elderly.

Employ and supervise my own construction crew.

I have almost 400 units and we average about 40% turnover per year.Based on personal experience and networking with thousands of investors and property managers for the last 15 years, tenants tend to stay longer when they are (a) way below market rates, or (b) poorly supervised.

I have even heard interviews of officials (I think from the Office of Thrift Supervision) where they say they also have never heard of it being enforced.

A few important things I would be looking for:1) the experience and credentials of the broker who supervises the company as well as the lead property manager2) the services they offer and how they line up with your needs and expectations3) the use of technology to make their job and yours easier 4) if they have a landlord-tenant attorney on retainer to help guide them on legal issues (not to mention the creation of lease agreement, landlord forms and notices, etc.)5) their process and policy for a) listing, b) application, c) tenant selection, d) routine inspections, e) maintenance services, f) property and tenancy update reports to you, g) lease enforcement policy, and f) move-out process.6) property owner reviews (you can't always rely on Google reviews, because they may not reflect actual quality of the company, but still) 7) beneficial programs for both owner and tenant 8) a property management agreement that would indicate they know what they're doing and have the experience to know what matters in a PMA.

Most agents only have a salespersons license and must be under the supervision of a broker. 

Landlords must educate themselves on what a good property manager looks like, screen until they find a good one, then supervise that property manager to keep them on task.Far too many Landlords go for the first one on a Google search, the one with the lowest advertised fees, the flashy website, or some other superficial qualifier.

My small business unit is a supervised living facility for individuals with intellectual disabilities.

It seems these tenants may be incapable of supervising or training their dogs in the fenced backyard to prevent this from happening.