Property Manager

AAA

DEFINITION of 'Property Manager'

An individual or company responsible for the day-to-day functioning of a piece of real estate. Property owners typically hire property managers when they are unwilling or unable to manage the properties themselves, perhaps because they live out of town, don't have the time or don't wish to be hands-on about the investment.


Property managers typically are not required to have any particular educational background or credentials, though knowledge of the property market is a strong asset. In addition to receiving a salary or hourly wage, property managers may receive free or discounted rent if they are living in a building they are managing.

INVESTOPEDIA EXPLAINS 'Property Manager'

Apartment complexes are a type of property that commonly uses a property manager. The property manager's responsibilities might include supervising and coordinating building maintenance and work orders, doing light handyman and cleaning work, resolving tenant concerns and complaints, advertising, showing and leasing vacant units, collecting and depositing rent and communicating regularly with the property owner on the status of the property.

RELATED TERMS
  1. Retaliatory Eviction

    When a landlord takes revenge against a tenant's actions by evicting, ...
  2. Housing Unit

    One of a house, apartment, mobile home, group of rooms or single ...
  3. Investment Real Estate

    Real estate that generates income or is otherwise intended for ...
  4. Lease

    A legal document outlining the terms under which one party agrees ...
  5. Lessee

    The person who rents land or property from a lessor. The lessee ...
  6. Real Estate Limited Partnership ...

    A limited partnership entity organized to invest in real estate. ...
Related Articles
  1. Tips For The Prospective Landlord
    Home & Auto

    Tips For The Prospective Landlord

  2. Top Tips For Successfully Renting Out ...
    Home & Auto

    Top Tips For Successfully Renting Out ...

  3. Rental Properties: Cash Cow Or Money ...
    Home & Auto

    Rental Properties: Cash Cow Or Money ...

  4. Sell Your Rental Property For A Profit
    Taxes

    Sell Your Rental Property For A Profit

comments powered by Disqus
Hot Definitions
  1. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  2. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  3. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  4. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  5. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  6. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
Trading Center