Definition
A property manager handles tenant relations, maintenance coordination, rent collection, and accounting on behalf of owners. Professional managers must understand fair housing and local regulations.
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Property managers serve as intermediaries between owners and tenants, implementing lease enforcement, coordinating repairs, and collecting rent. They must understand fair housing laws, local rental regulations, and property maintenance best practices. Professional property managers often hold licenses and may be members of industry organizations like NARPM.
Pro Tip
Interview multiple property managers and check references before engaging.
Example
A property manager screens tenants, collects $3,000 monthly rent, coordinates repairs costing $500, and provides owner a $2,250 check after 10% fee