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.
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.
Investment dictionary. Academic. 2012.
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