A property manager is an individual or entity hired by the property owner to oversee and manage the daily workings of their real estate investment. Property managers are responsible for ensuring that the rental properties in their portfolio are run according to the owners wishes. They specialize in all operational aspects of ownership, such as handling security deposits, maintaining building safety standards, and managing rent, tenants, documentation, taxes, budgets, maintenance, and providing records to the city and state. Some of the key responsibilities of a property manager include:

• Setting and collecting rent: Property managers are responsible for setting the rent for a property and collecting it from tenants.

• Handling maintenance requests: Property managers are responsible for ensuring that the property is well-maintained and handling any maintenance requests from tenants.

• Filling vacant units: Property managers are responsible for finding new tenants to fill any vacant units in the property.

• Setting the budget for the property: Property managers are responsible for setting the budget for the property and ensuring that it is adhered to.

• Interacting with tenants: Property managers interact directly with tenants, especially when it comes to leasing and maintenance, so they’re often seen as the “face” of the property.

• Knowing landlord-tenant laws and regulations: Property managers are experts in the areas that they work and are often better equipped to deal with local laws and regulations. They can help avoid potential legal headaches by taking care of these regulations for the property owner.

• Acting as a local presence for out-of-town owners: Property managers act as a local presence for out-of-town owners and can take care of the details of managing property somewhere they’re unfamiliar with.

Overall, the main purpose of hiring a property manager or management company is to protect the real estate investment and passive income of the property owner.