A property manager or estate manager is a person or firm charged with operating a real estate

Real estate

In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...

 property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so. The property may be individual title owned or it may be owned under sectional title, share block company owned and may be registered for residential, commercial office and retail or industrial use.

Overview of responsibilities

Typical duties expected of a property manager include finding/evicting and generally dealing with tenants, home repair, home improvement, cleaning, garden maintenance, landscaping, and snow removal, to be coordinated with the owner's wishes. Such arrangements may require the property manager to collect rents, and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may simply delegate specific tasks and deal with others directly.

A property manager may arrange for a wide variety of services, as may be requested by the owner of the property, for a fee. Where a dwelling (vacation home, second home) is only periodically occupied, the property manager might arrange for heightened security monitoring, house-sitting, storage and shipping of goods, and other local sub-contracting necessary to make the property comfortable when the owner is in residence (utilities, systems operating, supplies and staff on hand, etc). Property management can also include commercial properties where the property manager may operate the business, as well as managing the property. Some jurisdictions may require a property manager to be licensed for the profession.

The property manager has a primary responsibility to the landlord and a secondary responsibility to the tenant. The relationship the property manager has with the landlord and with the tenant are crucial in forming the expectations of both parties to the lease since both parties will seek and expect certain rights and benefits out of it.

Owner expectations

The owner of a property expects the property manager to:

• carry out the owner’s instructions, control costs and maximize revenue to maintain a stabilized cash flow as a return on capital invested (commonly referred to as the capitalization rate or the cap. rate)
• exercise control over the building to safeguard the capital invested, provide a duty of care through proper maintenance of the building
• be professional and well informed on Fair Housing
  Fair housing
  In the United States, the fair housing policies date largely from the 1960s. Originally, the terms fair housing and open housing came from a political movement of the time to outlaw discrimination in the rental or purchase of homes and a broad range of other housing-related transactions, such as...
  
   laws and property management practices and procedures
• enhance the value of the property by making improvements that will increase its market value, retain and enhance pride of ownership.

Tenant expectations

The tenant of a property expects the property manager to:

• ensure the "quiet enjoyment" of the premises—an assurance that the premises will be able to be used and enjoyed for the intended purposes without interference from the landlord and/or other tenants (save for emergencies)
• provide comfort—-a living environment that is properly heated, cooled and ventilated with as many amenities as possible compatible with the rental level
• provide security and safety—the ability to live and/or work in a building in which there are no inherent defects or conditions that might be hazardous to health or to property
• provide status—-accommodation and facilities that meet socio-economic and cultural standards for the tenants and their guests.

Professional designations

The Building Owners and Managers Association

Building Owners and Managers Association

The Building Owners and Managers Association , founded in 1907, is a professional organization for commercial real estate professionals and is the oldest and largest in its field. Its membership includes building owners, managers, developers, leasing professionals, medical office building managers,...

 (BOMA International) offers industry-standard designations that certify the training to Property Managers:

• Real Property Administrator
  Real Property Administrator
  The real property administrator designation is a professional designation for people who work in property management. The designation is administered by BOMI International, an independent nonprofit institute for property and facility management education.The designation requires the completion of...
  
   (RPA)
• Facilities Management Administrator (FMA)
• Systems Maintenance Administrator (SMA)
• Systems Maintenance Technician (SMT)

Institute of Real Estate Management

Institute of Real Estate Management

The Institute of Real Estate Management is a real estate association, founded in Chicago, Illinois, United States in 1933. As of 2007, it has a membership of over 500 corporate members and over 17,400 individual members. The organisation consists of 81 national chapters and eight international...

 (IREM)

• Certified Property Manager
  Certified Property Manager
  Certified Property Manager is a real estate professional designation awarded by the Institute of Real Estate Management and recognized by the National Association of Realtors ....
  
   (CPM)
• Accredited Residential Manager (ARM)
• Accredited Commercial Manager (ACM)
• Accredited Management Organization (AMO)

Manufactured Housing Institute

Manufactured Housing Institute

The Manufactured Housing Institute is a U.S. trade organization representing companies and organizations that are involved in the production, sale and financing of manufactured housing, prefabricated home and modular home units....

 (MHI)

• Accredited Community Manager (ACM)
• Professional Housing Consultant (PHC)

National Apartment Association

National Apartment Association

The National Apartment Association is a non-profit trade association ofapartment communities, owners and suppliers.These member companies are also part of NAA with their membership at the local level...

(NAA) has the following designations:

• Certified Apartment Manager (CAM)
• Certified Apartment Property Supervisor (CAPS)

National Association of Residential Property Managers (NARPM) offers designations to certify ethical and professional standards of conduct for property managers:

• Residential Management Professional (RMP)
• Master Property Manager (MPM)
• Certified Support Specialist (CSS)
• Certified Residential Management Company (CRMC)

----
State-specific designations:

• California - Certified Community Association Manager (CCAM)
• Florida - Community Association Manager (CAM)
• Minnesota - Certified Community Association Manager (CCAM)
• Minnesota - Certified Residential Manager (CRM)