What is a Property Manager? Full Guide to the Role

If you’ve ever wondered, “What is a property manager and what do they do?” you’re not the only one. Property owners select property managers to take care of their real estate operations, including residential, industrial, and commercial properties, on a daily basis.

They have a dual responsibility to safeguard property value while making tenants happy. The organization of real estate ownership through property management services provides peace of mind to owners who have single or multiple properties. 

Key Responsibilities of a Property Manager

The management of rental operations relies on their expertise to maintain both profitability and smooth operations through leasing and legal compliance duties. 

Leasing and Marketing

One of the most prominent roles of a property manager is to find new tenants while retaining quality residents, too. They handle the following: listing vacancies, showing the property, processing applications, running background checks, and preparing lease agreements.

Rent Collection and Financial Reporting

Property managers take responsibility for handling transactions like late fees, security deposits, and payment tracking to keep income steady and transparent, so you can expect hassle-free tenant interactions.

Maintenance and Repairs

A good property manager schedules routine maintenance, as well as coordinates emergency repairs and vendor services. They maintain high standards of property condition while handling maintenance requests and ensuring compliance with any safety regulations, too.

Tenant Communication and Conflict Resolution

Throughout every step of moving in or out, property managers are the main point of contact between tenants and owners. They address concerns, enforce lease terms, mediate disputes, and fairly handle tenant issues while keeping lease enforcement.

Legal Compliance

Laws vary by state and municipality, and it’s a property manager’s job to monitor these differences and any changes that may pop up. This includes fair housing laws, eviction procedures, building codes, and lease agreement compliance.

So, What Is a Property Manager and Why Does it Matter?

Owners who hire a property manager will experience fewer headaches, better tenant retention, and more effective property operations. The property manager functions as the owner’s representative to protect both the physical condition and monetary value of the property.

Partner with Experts at Peel & Company

Still wondering exactly what is a property manager, and if it's a necessity? At Peel & Company, we combine market knowledge with hands-on experience to provide owners with a high return on investment while reducing stress levels. 

Reach out to us today to learn more!