The Function Of A Property Manager

Property owners often hire experienced on-site or off-site managers to make sure their property is being properly maintained, is serviceable and attractive to tenants, and is maximizing its income potential.

Property managers can either be independent individuals, or hired through property management companies. They may manage more than one building at a time, but must meet their state's requirements for property managers. For example, many states specify that property managers must have a real estate license, valid in the same state.

On-Site Vs. Off-Site

On-site property managers live on the premises they manage, and are usually responsible for the day-to-day managing of just the one property. Off-site property managers are usually responsible for more than one property, and supervise a staff for handling the day-to-day operations.

Roles And Duties

In general, a property manager's role is to oversee income-producing investment properties (both residential and commercial). In some ways, a property manager is much like a property's business manager, handling everything from:

• Filling Vacancies
• Overseeing Maintenance And Repairs
• Paying Bills And Taxes
• Negotiating With Vendors
• Preparing Financial Reports

Other Responsibilities
These may include:

• Building Safety
• Resolving Tenant Complaints
• Enforcing Terms Of Leases Or Rental Agreements
• Submitting Accurate Records Of Income And Expenses