Property Management
Property managers operate real estate on behalf of owners to preserve value and generate income. This role carries agency duties and specialized legal responsibilities.
The Management Agreement
A property manager acts as the owner's fiduciary agent under a written management agreement that sets duties, authority, and compensation. Responsibilities include marketing, tenant screening, rent collection, maintenance, and accurate accounting. The manager must maximize the owner's return while protecting the asset.
Landlord-Tenant and Fair Housing
Managers must comply with landlord-tenant law governing leases, security deposits, and eviction procedures. Fair housing laws apply fully to rentals, prohibiting discrimination in advertising, screening, and terms. Habitability standards require the property to be safe and livable.