It is common for a property manager to reside in the building in which he or she manages. Buildings with 16 or more units are required to have a permanent residential apartment manager who lives on the premises to ensure that all tenant issues are resolved in a timely manner.
Duties of the Property Manager
Owners of real estate may hire an individual property manager, employ a management firm, or conduct management duties by themselves.
Property Manager Duties
Lease units
Collect rental payments
Negotiate new contracts
Evict tenants
Handle complaints
Maintain communications on behalf of the property owner
Handle logistical processes of maintaining the property
The property manager can either retain a fixed monthly fee, a fixed monthly fee plus a portion of the total earnings of a building, or a percentage of the total rent collected. Fees and charges paid to the property manager or property management company are subject to negotiations between the property owner and the person or firm he or she decides to employ.
There are no specific requirements imposed on becoming a property manager. The main requirements for a property manager are that they are well-versed with real estate rental contracts, understand the basics relating to water, power, electricity, plumbing, and can successfully manage tenant complaints.
Inevitably, there will always be tenant complaints, which is why one of the biggest indicators of a successful property manager is his or her ability to manage personalities. With a wide array of people who may rent the property, the property manager is expected to be able to engage in effective communication with tenants.
