A property manager is the local representative of the property's owner. The property manager is responsible for maintaining the property and managing the expenses.
The property manager's primary task is to protect the owner's investment and to maximize the return on the investment, thereby producing the greatest possible net income over the longest possible time.
Property managers are compensated in a number of ways. Some work for a guaranteed base amount plus a small percentage of effective gross income (total income collected after taking into account vacancies). The method of compensation is detailed in the management agreement.
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