Property managers are people that specialize in ensuring a rental is being operated according to the guidance given by the owner—whether the goals be financial or based on providing attractive living conditions, or both. Guidance can take different forms—corporate property owners may issue mission and vision statements for their properties, while individual owners may give verbal guidance on their goals for the property. The manager makes sure that responsible tenants occupy the property, payments are received on time, budgets are followed, and the rental is maintained properly. Property managers handle everything that occurs daily in a rental property. They should have a working knowledge of the real estate industry the rental operates in, such as industrial property or housing.
The property manager then works to ensure that the owner’s goals are met by managing rent, tenants, maintenance, budgets, and rental property records. They must also have an in-depth familiarity of state and national laws regarding the legal methods to screen tenants, handle security deposits, terminate leases, conduct evictions, and comply with property safety standards.