The role of a property manager is to oversee the day-to-day operations of a property, from setting and collecting rent to managing maintenance requests and filling vacant units. Property managers are often hired by real estate investors who don't live nearby or don't want to manage their properties personally. This job description can help create an employment application that attracts candidates who are qualified for the position. It's important to understand the duties and responsibilities of a property manager in order to make an informed decision about whether to manage the property yourself or hire a professional.
The duties and responsibilities of a property manager include marketing the property, selecting appropriate tenants, collecting rent, managing rental income and maintenance expenses, and responding to tenant requests. Property managers typically deal with all types of properties, including residential, multi-family, and commercial buildings. In addition to these core duties, some property managers may also be responsible for setting the property budget and supervising other staff members. It's important to find a property manager who is experienced in long-term residential properties and can provide value-added services.
No matter how many properties you own, if you don't want to manage daunting everyday tasks, you don't have to. Understanding the duties and responsibilities of a property manager will help you decide if you want to do it yourself or entrust it to a reputable property manager.