Property management is the process of overseeing and managing real estate properties, whether residential or commercial, on behalf of the property owner. The role of a property manager is to handle all the day‐to‐day operations and maintenance of the property, including tenant relations, rent collection, maintenance and repair, lease negotiations, and financial reporting.
The duties of a property manager may vary depending on the size and complexity of the property or portfolio they are responsible for. However, some common responsibilities include:
Tenant management: Property managers are responsible for finding and screening tenants, collecting rent, and handling any tenant complaints or issues.
Maintenance and repairs: Property managers are responsible for maintaining the property and ensuring that it is in good condition for tenants. This may include performing routine maintenance, making repairs, and coordinating with contractors.
Lease management: Property managers are responsible for creating, negotiating, and enforcing leases for rental properties.
Financial management: Property managers are responsible for collecting rent, paying bills, and managing the property’s finances.
Compliance: Property managers must ensure that the property complies with all relevant laws and regulations, including building codes, zoning laws, and safety regulations.
Marketing: Property managers are responsible for marketing the property to potential tenants or buyers, and may be involved in advertising, property showings, and open houses.
It must also settle neighborhood conflicts and other small daily tasks, to facilitate the life of owners and tenants.
Overall, property management plays an important role in ensuring that real estate properties are well‐maintained, profitable, and attractive to potential tenants or buyers. Property managers work to protect and enhance the value of the property, while also ensuring that the needs of tenants or occupants are met.