Property management is the daily overseeing of residential, commercial, or industrial real estate by a third-party contractor. This involves managing routine tasks delegated to the manager by the owners and preserving the value of the properties while generating income.
A property manager’s main roles include:
- Screening potential tenants
- Drafting, signing, and renewing leases on behalf of property owners
- Collecting rent
- Maintaining properties, including landscaping
- Arranging for necessary repairs to properties
- Setting up and adhering to budgets for property maintenance
- Understanding state and national landlord-tenant laws and regulations
- Marketing properties
- Supervising other employees
- Handling taxes