Every property has a different set of challenges for a property manager. If you are familiar with real estate, you are also likely familiar with the responsibilities involved in owning a home. If you are not going to handle the day to day activity of an investment property, you will need some help.
The major responsibility of a property manager is to maintain the property. This not only includes regular maintenance, but also includes refurbishing the property when it is needed. If there are issues that arise with the property, it is up to the property manager to ensure that whatever the issue is can be resolved quickly. Older buildings present different challenges than newer ones and the property manager needs to make the repairs, or contract them out, with that in mind.
The property managers also act as a link between the tenants or guests in the property and the owner. In many cases the property owners are silent and never visit the property, meet tenants or guests, etc. If there are maintenance issues or with the tenants/guests and their fees, it is up to property manager to make sure that those issues are resolved typically without consulting the owner. Additionally, some property managers may also have the responsibility of handling the detailed accounting of the property, however, typically in a situation with many properties the owner uses an independent accountant.
The property manager, in short, provides a level of security that is offered to both owners of a property as well as to occupants. Having a property manager in place ensures that there the property will be kept in a operable, safe condition and even more importantly be occupied as much as possible.
Northern Great Lakes Property Management