Define: Property Management
- A property manager is a person or company hired to maintain and manage property on behalf of its owner. By hiring a property manager, the owner is relived of such day-to-day management tasks such as finding new tenants, collecting rents, altering or constructing new space for tenants, ordering repairs, and generally maintaining the property.
- The scope of the manager's work depends on the terms of the invididual employment contract, known as a management agreement. Their basic responsibility is to protect the owner's investment and maximize the return on that investment.