Property manager is usually considered as a general agent of the property owner. There is an agency relationship between property manager and the property owner.
The manager handles the property as the same way how the owner handles since the manager is the agent of the owner.
Therefore, the first responsibility of the property manager is to realize the highest return from the property in according to the owner’s will.
Property management is a specialized field, which includes functions such as leasing, managing, marketing, and overall maintenance etc.
Property managers are used usually in residential properties as condominiums, cooperatives, apartment buildings, town houses etc, in industrial real estates as warehouses, factories, industrial parks, etc, and commercial real estates as hotels, shopping malls, office buildings etc. This is conventional understanding. However, now it has been recognized the need of property managers in all types of organizations.
Manager’s specific role/responsibilities are determined/mentioned by the management agreement. Usually there are three principle responsibilities of property managers according to the conventional practice.
• Achieving of objectives of the property owner.
• Generate income for the owner.
• Preserve and/or increase the value of the investment of the owner.
Manager is responsible to provide the needed space for the various functions of the organization in case of non-real estate firms. In real estate firms, such as letting firms, manager has to perform a number of functions to achieve the above objectives. Followings are such direct function of real estate managers in real estate firms (real estate letting firm may be a condominium).