The property manager is the owner’s partner that helps in maximizing the return on investment of the property by effectively fulfilling the basic functional duties of the property.
PM helps maintain investment properties on behalf of property owners, communicate with tenants, collect rent, improve budgets, property maintenance, and keep records.
Property managers usually take care of investment properties in areas where real estate investors don’t live or don’t want to manage them personally.
Based on the needs of real estate investors, they can hire a single person or an entire management company.
The property managers would charge a fee to take care of these basic duties. The amount and method of payment depend on the asset manager’s business model.
Some managers charge a flat fee, but most commonly it is a percentage of the unit’s total monthly rent in addition to any other costs.