What is a Property Manager?

Also known as: Property Management Specialist, Industrial Property Manager, Commercial Property Manager, Residential Property Manager, Estate Manager, Professional Property Manager.

A property manager is someone who takes care of the many aspects of residential, commercial, or industrial properties. They make sure the property is rented, looks nice, operates smoothly, and preserves its resale value. Property managers usually work in an office environment, often onsite.

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What does a Property Manager do?

Property managers typically do the following:

  • Meet with, and show properties to, prospective renters
  • Discuss the lease and explain the terms of occupancy
  • Collect monthly fees from tenants
  • Inspect all building facilities, including the grounds and equipment
  • Arrange for new equipment or repairs as needed to keep up the property
  • Pay or delegate paying of bills, such as mortgage, taxes, insurance, payroll, and cleaning
  • Contract for trash removal, swimming pool maintenance, landscaping, security, and other services
  • Investigate and settle complaints, disturbances, and violations
  • Keep records of rental activity
  • Prepare budgets and financial reports
  • Know and comply with local fair housing laws; do not discriminate when renting or advertising

When owners of homes, apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate properties, they often hire a property or real estate manager or a community association manager. Managers are employed either directly by the owner or indirectly through a contract with a property management firm.

What is the workplace of a Property Manager like?

About half of property managers are self-employed. Nearly all work out of an office. However, many managers spend much of their time away from their desks. Onsite managers, in particular, may spend a large part of their work day visiting the building engineer, showing apartments, checking on the janitorial and maintenance staff, or investigating problems reported by residents. Real estate asset managers may spend time away from home while travelling to company real estate holdings or searching for properties to buy.

Property managers often must attend evening meetings with residents, property owners, community association boards of directors, or civic groups. As a result, long hours are common. Some apartment managers are required to live in the apartment complexes where they work, so that they are available to handle emergencies, even when they are off duty.

Most property managers work full time. Many apartment managers get time off during the week so that they can work on weekends to show apartments to prospective renters.

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Further Reading

  • A Day In The Life Of: A Property Manager

    It’s a strange conundrum, because while the job may sometimes seem a little thankless (imagine people only wanting a piece of you when they’re upset about something), basically, when the phone doesn’t ring…it means I’m a total stud in the world of property management.

  • A Day In The Life Of A Property Manager

    No matter what the size of their portfolio, a property manager must wear a great many professional hats: human resources pro, administrator, mediator, organizer, social director, project manager, sounding board—sometimes even therapist. An on-site manager has more than his or her share of responsibilities.

  • My Life As A Property Manager

    The day to day struggles and giggles of a Hawaii Property Manager.

  • What Is A Property Manager?

    A property manager is a third party who is hired to handle the daily operations of a real estate investment. They can manage all types of properties, from single family homes to large apartment complexes.

  • What Does A Property Manager Do?

    A property manager is responsible for the maintenance and management of a physical building or property. There are two types of managers: residential and commercial. The specific tasks required in these two types of roles are different, but the overall position requirements are the same.

  • Top 10 Tips For New Property Managers

    So often property management is viewed as a stepping stone into sales, but the reality is that property management is a specialist area of the real estate industry.

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