What to Expect from a Property Manager

• Property managers are employed to tend and care for the owner's real estate investment.

• While some investors may purchase farmland, others buy shopping centers, office buildings or residential complexes.  Since investments vary so greatly, specialization in management is required.

• A great deal of expertise is mandatory since the property manager must try to protect the owner's investment and obtain the largest net return the property is capable of producing.

• The manager has a detailed plan of the duties and responsibilities the property owner requires the manager to fulfill.

• The manager's duties and responsibilities include renting the space and collecting the rent, hiring employees, maintaining the property, ensuring security, communicating with the owner and tenants, and advertising as needed.

• The manager is the liaison between the owners and the tenants, handling the tenants complaints and guarding the owner's interests.

• Property maintenance includes preventive care, corrective maintenance, ordinary repair and cleaning, and constructive maintenance when necessary.

• A budget is prepared for the financial operation of the property.

• At the end of each month, a detailed accounting of expenditures and disbursements is submitted to the owners.