1.2b Real Estate Brokerage: Property Management

Question 1

Property Managers:

Answer 1

They are individuals or companies responsible for overseeing an investment building or portfolio of buildings. They perform routine services like collecting rent and maintaining properties. Brokers sometimes act as property managers but typically they are an
independent entity that has a business relationship with the owner of the property.

Question 2

Is it possible to do business with a property manager

Answer 2

You may often do business with property managers in your daily activities as a real estate agent.
Some management firms are responsible for selling or leasing units and often they are the point of
contact you must communicate with whenever you want to show a space.

Question 3

Role of a Property Manager:

• They are used by both residential and commercial landlords.

Answer 3

Property managers are responsible for the daily upkeep and maintenance of a building or portfolio
of buildings. Their responsibilities may vary depending on the property, but their main duty is to ensure that the building is habitable, and repairs are made on time.

Question 4

Absentee Landlords :

Answer 4

Many property owners are absentee landlords, meaning they live in another geographic area and
do not often visit the property.

Property managers play a vital role for absentee landlords because they can take care of any issue that needs to be handled in person. The landlord will still handle any big picture decisions like undertaking major renovations or deciding whether they want to sell a building. But if a pipe bursts unexpectedly in the middle of the night or the hallway needs a paint
job, a property manager can handle these tasks.

Question 5

How do property managers play a role for absentee landlords?

Answer 5

Property managers play a vital role for absentee landlords because they can take care of any issue that needs to be handled in person. The landlord will still handle any big picture decisions like undertaking major renovations or deciding whether they want to sell a building. But if a pipe bursts unexpectedly in the middle of the night or the hallway needs a paint job, a property manager can handle these tasks.

Question 6

Tasks a property may be responsible :

Answer 6

Tasks a property manager may be responsible for
include setting and collecting rent, managing tenants, performing repairs, maintaining buildings
and associated land, supervising the properties, and financial duties like balancing budgets and
paying taxes.