What is a 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.
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.
Property Managers are also known as:
Professional Property Manager Estate Manager Residential Property Manager Commercial Property Manager Industrial Property Manager Property Management Specialist