About 40 percent were self-employed, over twice the average for other executive, administrative, and managerial occupations. Many people own real estate in the form of a home. To businesses and investors, however, properly managed real estate is a potential source of income and profits rather than simply a place for shelter. For this reason, property managers perform an important function in increasing and maintaining the value of real estate investments for investors. In general, property managers oversee the performance of income-producing commercial and residential properties or manage the communal property and services of condominium and community associations.
Most property managers work in the field of property management.
Property managers handle the financial operations of the property, seeing to it that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They also supervise the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, dates of lease expirations, and other matters. If necessary, property managers negotiate contracts for janitorial, security, groundskeeping, trash removal, and other services. When contracts are awarded competitively, managers must solicit bids from several contractors and recommend to the owners which bid to accept. They monitor the performance of the contractors, and investigate and resolve complaints from residents and tenants when services are not properly provided.