What is an essential function of a property manager?

One of the essential functions of a property manager is collecting rents from tenants. This task is crucial because it directly impacts the cash flow of the property owner. Regular and timely collection of rent ensures that the property owner can cover expenses such as mortgage payments, property taxes, and maintenance costs. A property manager typically has a system in place for rent collection, including methods for handling late payments and communicating with tenants regarding their payment obligations.

Other functions, such as hosting open houses, conducting property appraisals, and providing legal counsel, are not core responsibilities of a property manager. Hosting open houses is more associated with sales agents rather than property management, conducting appraisals may require specialized certification and is not typically part of a property manager's duties, and providing legal counsel is a responsibility that should be handled by a licensed attorney. This clarity on functions helps delineate the roles within real estate operations.