There are different motivations for becoming a real estate investor. Some are full time, dedicated real estate agents who pick up bargains as they see them and actively acquire and manage the properties they own. Some investors are “accidental” property owners when they inherit real estate while others invest in real estate and let others manage the asset.

These are so-called “passive” investors who provide the funds and then pay property managers to take care of the details. If you’re thinking of a property manager but not quite sure how to quantify their value, here are some of the tasks a property manager will do for you.

A good property manager will both establish and collect the rent. Property managers know the rental market like few others and are keen as to collecting the highest rent possible for property owners while at the same time keeping the property occupied. As a lease gets closer to expiring the property manager will attempt to have the existing tenants sign another lease or find new tenants for the property. Property managers also screen prospective tenants by verifying employment and income as well as checking on rental histories from previous landlords.

Property managers are also responsible for handling day to day maintenance and repairs on the unit without having to contact the owner. If there are any major repairs that need to be made, the property manager will first contact the owner and explain the situation but otherwise the owner need not be concerned if a sink disposal no longer works or the shower head constantly drips- the property manager takes care of all that. Property managers can also keep you out of any legal trouble by knowing first-hand landlord-tenant laws for the area as well as keeping the property in compliance with local safety standards.

Finally, a property manager will keep records and receipts for maintenance, income and other expenses and when it’s time to file income taxes all the documentation necessary to complete your return will be made available to you monthly, quarterly or at year-end. There are so many other tasks that property managers perform on your behalf and they go far beyond collecting the rent and mowing the lawn. All of these jobs and more need to be done on a regular basis and why most real estate investors who own multiple properties take advantage of what a property manager has to offer.