Q:

What does a property manager do?

A:

Quick Answer

A property manager oversees the daily operations of a commercial or residential property that generates income for an owner. Primary activities include showing properties to renters, preparing leases, collecting rent payments, managing facilities, preparing financial statements and ensuring reasonable conditions for tenants.

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Full Answer

When prospective tenants call, the property manager typically sets an appointment. At the visit, he shows off the apartment or space and discusses the details. If someone wants to rent, the manager goes over leasing terms and policies and prepares the paperwork with the applicant.

Tenants normally make monthly rent payments. Payments are typically due on a particular day of the month. When tenants don't turn in payments on time, the property manager follows up to encourage timely delivery. At some point, warning notices and ultimately eviction may take place.

Facilities periodically require upgrades and maintenance. For routine repairs, the property manager calls contractors and gets the work completed. For more extensive upgrades and renovations, the owner may have to approve projects before going forward. The manager works to resolve customer complaints or disputes to ensure a quality residential or business experience for tenants.

The property manager often pays the bills for the property and prepares financial statements for review by the owner on a regular basis.

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