The job title of property manager typically is associated with a single large property or several properties. The role of a property manager for residential properties as a rule is supervisory in nature with oversight of multiple properties, each having its own site manager. The property manager for commercial properties, on the other hand, typically will be responsible for a single large building or multiple buildings that do not have site managers. In these situations, the day-to-day management is handled directly by the property manager with the support of an administrative assistant and other staff.
The property manager functions as the liaison between the property owner or owner’s agent and site personnel. The property manager has primary responsibility for the tangible asset, which the property represents, and focuses on managing the physical property – overseeing the day-to-day operations of site managers and other site personnel or work being contracted by the management firm. Generally these operations follow a management plan, which the property manager has designed and the owner has approved. This plan governs all aspects of the physical plant, financial operation, tenant relations, market positioning, and community image building.
Of utmost importance, property managers are directly responsible for maintaining and creating value in properties. This is done by improving the net operating income of a property, which results from optimizing rental and other income to the property and minimizing operating expenses.