A property manager is hired to handle the day-to-day operations of a property. This includes responsibilities like collecting rent from tenants, setting rent prices to fit the market, seeking out and approving new tenants, coordinating leases and following up on maintenance requests.
What Does a Property Manager Do?
A property manager is hired to handle the day-to-day operations of a property. This includes responsibilities such as collecting rent from tenants, setting rent prices in line with the market, finding and approving new tenants, coordinating lease agreements, and managing maintenance requests.
Understanding Property Managers
Owners often hire a property manager to help them generate steady investment income while reducing the workload of managing the property themselves. Property managers are experts in the operational aspects of property ownership—handling everything from security deposits and ensuring building safety standards to managing tenant relations and maintenance issues.
These professionals ensure that properties run smoothly by overseeing rent collection, tenant management, documentation, taxes, budgets, and communication with local authorities. Because they frequently interact with tenants, particularly regarding leasing and maintenance; they are often seen as the “face” of the property.
Each property has unique requirements, which are outlined in the manager’s contract with the owner. Owners with multiple properties may hire a property management firm to provide comprehensive oversight and coordination.
Since property management involves compliance with various housing laws, many states require a license—either as a real estate broker or a certified property manager. These managers ensure adherence to federal, state, and local laws concerning tenant screening, evictions, lease terminations, and deposit handling.
Example:
Sadie lives in New York City but inherited her childhood home in Philadelphia. She uses it as a rental property and hires a local property management firm to oversee it. She appreciates the firm’s knowledge of the Philadelphia rental market, the way they keep tenants satisfied and safe, and how they alert her to any issues. This arrangement allows her to benefit from rental income without the burden of daily management.
Key Takeaways
Property managers generally:
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Are hired by a property owner to oversee daily operations
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Serve as the primary contact for tenants
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Ensure legal compliance with housing regulations
Types of Property Managers
There are three main categories of property managers:
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Commercial Property Managers: Handle office buildings, industrial properties, and retail spaces.
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Multi-Family Property Managers: Focus on apartment complexes and other multi-unit residential properties.
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Single-Family Property Managers: Specialize in individual residential homes rented to tenants.
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