A residential property manager runs an income-producing residential property on behalf of the owner. Properties commonly designated as residential include single and multifamily homes, condominiums, townhomes, and apartments.
A residential property manager handles all steps of the marketing and leasing process of a vacancy, as well as the general day to day duties of keeping the property well maintained. From analyzing the area, setting rental rates and showing the property to potential tenants, to qualifying their applications and negotiating the lease period and terms, a residential property manager will take care of all of the necessary steps to tenanting the building. Unlike commercial properties, which tend to have longer leases, turnover is high in residential properties, with most leases lasting generally between 6-12 months.1 Therefore, a large part of residential property management is marketing, showing and leasing spaces.
In addition, a professional property manager will coordinate all maintenance needs for the building, track all administrative and financial information, and keep the building"s insurance, payroll, taxes, mortgages and budget updated. Residential property managers respond to tenant requests, issues and problems, and act as the first point of contact for the building. Indeed, communication is a key element for residential managers and good managers keep in regular contact with the property"s owner; whether by forwarding updated reports, or in a less formal manner, a property manager is sure to keep the owner updated on the status of his or her investment.
Residential property management is particularly useful when a property owner lives far away from his or her investment. Indeed, whether it is a matter of convenience, or a shrewd business investment, property managers are an excellent way to ensure an income-producing property is earning its maximum revenue at the lowest cost.