Property Managers

A property manager has a dual responsibility - to the owner and to the tenants of a property. He or she must understand that the owner is interested in the highest return from the property, and the tenants want the best value for their money, including space that is properly maintained.

In general, a property manager is responsible for:

• Renting the units promptly at the highest market rent possible.

• Keeping operational and other costs within budget.

• Preserving and enhancing the physical value and prestige of the property.

In addition to the general responsibilities mentioned on the previous screen, the California Bureau of Real Estate has outlined a list of specific duties:

• Establish the rental schedule that will bring the highest yield consistent with good economics.

• Merchandise the space and collect the rent.

• Create and supervise maintenance schedules and repairs.

• Set up payroll system for all employees.

• Develop a tenant/resident relations policy.

• Supervise employees and develop employee policies.

• Maintain proper records and make regular reports to the owner.

• Qualify and investigate a prospective tenant's credit.

• Prepare and execute leases.

Additional duties outlined by the Bureau of Real Estate include the following:

• Obtain decorating specifications and secure estimates.

• Hire, instruct and maintain satisfactory personnel to staff the buildings.

• Audit and pay bills.

• Advertise and publicize vacancies through selected media and broker lists.

• Recommend alterations and modernization as the market dictates.

• Inspect vacant space frequently.

• Keep abreast of the times and competitive market conditions.

• Obtain and pay insurance premiums and taxes.

• Be knowledgeable about and comply with applicable Federal, State and local laws.