The property managerís job, for an investment property, is to supervise every aspect of the operation and to produce the highest financial return over the long term. The managerís tasks include tenant relations, renting the property or units, building repair and maintenance, accounting, advertising and the supervision of personnel and contractors.
The boom in condominiums and retirement villas has resulted in a growing demand for property managers. In addition, large businesses, which own real estate for their own use, hire property managers to maintain and manage them.
Property managers are usually paid a salary and, in the case of apartment buildings, a bonus to keep the units rented.
To be successful, a property manager must be good at public relations and bookkeeping, as well as building maintenance and contractor relations.
Many real estate firms offer property management as part of their overall services.