An on-site property manager is an asset manager who has an interest in the property by way of ownership or lease. By having an on-site property manager, it also allows a short turn around time for any problems that might arise. This alone can save the property owner money because they don’t have to wait for law enforcement or a handy person to come by and fix the problem.
Real estate managers oversee the performance of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. When owners of apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate investments or homeowner associations, they often hire a property manager.
Property managers monitor the performance of contractors, and investigate and resolve complaints from residents and tenants when services are not properly provided. Property managers also purchase supplies and equipment for the property, and make arrangements with specialists for repairs that cannot be handled by regular property maintenance staff.
There are some responsibilities and duties of an on-site property manager that are listed below:
On-site property managers are responsible for day-to-day operations for one piece of property, such as an office building, shopping center, community association, or apartment complex.
To ensure that the property is safe and properly maintained, on-site property managers routinely inspect the grounds, facilities, and equipment to determine if repairs or maintenance are needed.
On-site property managers also are responsible for enforcing the terms of rental or lease agreements, such as rent collection, parking and pet restrictions, and termination-of-lease procedures.
Other important duties of on-site property managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the asset property manager or owners.