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

    Rental Properties: Cash Cow Or Money ...

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

    Top Tips For Successfully Renting Out ...

  4. Sell Your Rental Property For A Profit
    Taxes

    Sell Your Rental Property For A Profit

comments powered by Disqus
Hot Definitions
  1. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  2. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  6. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
Trading Center