What does a Property Management company actually do?

[Jon Martin]

My wife and I currently have a 2bed condo, partnered 50% with some friends. It was a new build, we took possession mid-July and had it rented by mid-August.

Now that it's up and running, income coming in, etc. we are looking to branch out with more properties. One thing I'm trying to bring up is us bringing in a Property Management group as I anticipate the workload and phone calls will only increase as we add properties.

One thing I'm not entirely clear on is what exactly is included with the PM fees. Maintenance/repairs? Advertising? Just want to get some clarity on what to expect!

Thanks!