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Property Management is a specialized service provided to owners of income-producing properties. The owner’s managerial function may be delegated to an individual or a firm with particular expertise in the field. The manager, as agent of the owner, becomes the administrator of the project and assumes the executive functions required for the care and operation of the property.

A management agreement establishes the agency relationship between owner and manager. It must be prepared carefully to define and authorize the manager’s duties and responsibilities.

Once a rent schedule is established, the Property Manager is responsible for soliciting tenants whose needs are suited to the available space. The tenants must be financially capable of meeting the proposed rents. The manager collects rents, maintains the property, hires necessary employees, and deals with tenant problems.