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What is Residential Property Management?

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  • Written By: Sandy Baker
  • Edited By: C. Wilborn
  • Last Modified Date: 13 November 2016
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Residential property management companies oversee all types of real estate, including homes, apartments, and mobile homes. A property manager provides duties on behalf of the property owner. The properties he or she manages are residential income producing investments. The job of the property manager is to maintain the owner's investment to ensure it is making a profit.

Property owners employ property managers to manage their real estate so the owner does not need to be onsite. They perform any and all tasks associated with maintaining the property that the property owner requests. By hiring property managers, the owner or investor can focus on new properties or simply go about daily life.

Residential property management services are unique to each facility. The type and number of tasks completed is based on the contract the real estate owner has with the property management company. As a residential property manager, the goal of the individual is to meet the needs of the owner to the level he or she requests. Some will perform nearly all tasks in managing the property, while others will manage just the tenants.

A rental property manager may have job duties such as finding, interviewing, selecting, and managing relations with tenants. They may maintain the physical building by using housekeeping, landscapers, and maintenance contractors, among others. The property manager may handle contracts with tenants. They may manage bookkeeping and legal tasks, and are responsible for informing the owner of key items.

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In many situations, residential property management tasks will also include advising the property owner or real estate investor of other available properties locally. In some situations, the property investor may be located out of state. The job of the manager may entail evaluating other real estate properties, bidding on behalf of the property owner, and even handling financial transactions for them.

To provide these services, a residential property manager will need short-term formal training, usually through a trade organization. He or she needs to develop management skills, while developing knowledge of building mechanical systems, personnel management, and real estate law. Some localities require property managers to have licenses. There are some property management certifications available, too.

Property management companies may be comprised of a single person or a team of professionals. Some companies manage several investors' properties. Others will manage large investments for just one investor or investment firm.

These companies are quite flexible to always meet the needs of the investor. Residential property management allows investors to invest in many properties, around the world, while ensuring that each single property is being carefully overseen. Without these managers, many investors would find it difficult to maintain their real estate portfolios.

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