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. Real Estate Limited Partnership ...

    A limited partnership entity organized to invest in real estate. ...
  3. Lease

    A legal document outlining the terms under which one party agrees ...
  4. Housing Unit

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

    Real estate that generates income or is otherwise intended for ...
  6. Lessee

    The person who rents land or property from a lessor. The lessee ...
Related Articles
  1. Home & Auto

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.
  2. Home & Auto

    Top Tips For Successfully Renting Out Your Home

    Renting out your home can be a great way to ride out a real estate slump - if you do it right.
  3. Home & Auto

    Rental Properties: Cash Cow Or Money Pit?

    Create a valuation system to forecast the profitability of an income-producing property.
  4. Taxes

    Sell Your Rental Property For A Profit

    Being a landlord can be taxing, especially when you want to sell. Find out how to reduce your burden.
  5. Home & Auto

    Simple Ways To Invest In Real Estate

    Owning property isn't always easy, but there are plenty of perks. Find out how to buy in.
  6. Home & Auto

    Becoming A Landlord: More Trouble Than It's Worth?

    On the surface, being a landlord seems likes like a surefire bet, but it's usually more headache than it's worth.
  7. Taxes

    Vacation Home Or Income-Producing Investment?

    There is an alternative to letting your cottage sit empty all year, but turning a profit won't be easy.
  8. Investing

    Is It Possible To Trade Bitcoin Options?

    Options trading in bitcoins is a good way to insure or hedge one's risks or earn profits from volatility and speculation, but there still are risks.
  9. Economics

    What is Earnest Money?

    An earnest money deposit shows the seller that a buyer is serious about purchasing a property.
  10. Mutual Funds & ETFs

    Want Emerging Market REIT Exposure? Eye These ETFs

    It's possible (and easy) to invest in emerging market real estate from the United States — just look at these REIT ETFs.

You May Also Like

Hot Definitions
  1. Asset Class

    A group of securities that exhibit similar characteristics, behave similarly in the marketplace, and are subject to the same ...
  2. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  3. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  4. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  5. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  6. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
Trading Center