New Jersey Real Estate Salesperson · Leasing and Property Management
Property Management Responsibilities
On this page 6 sections
In 30 seconds
A property manager is the owner's general agent, running the property day to day to meet the owner's stated objectives. The distinction most often tested is that the manager works for the owner but must still treat every tenant and applicant fairly and keep the owner's money separate from the manager's own.
Why this matters
Exam questions describe a manager doing one task and ask whether it serves the owner's objectives, protects the owner's money, or breaks a fiduciary or fair housing duty.
The college version
In normal terms
- The manager takes on the owner's objectives, usually the best net return while preserving the property's value, under a written management agreement.
- The manager's routine duties are leasing, rent collection, maintenance and repairs, vendor contracts, budgeting, recordkeeping, trust-account handling, and risk management.
- Loyalty runs to the owner, but fair housing and consistent tenant screening protect applicants and tenants no matter what the owner prefers.
Concepts in this outline
- Owner objectives — the owner's stated goals, usually the best net return with preserved property value, which shape every management decision under the agreement.
- Leasing — marketing vacant space, showing units, screening applicants, and signing leases on the owner's behalf.
- Rent collection — receiving rent on schedule, tracking late payments, and beginning follow-up when a tenant falls behind.
- Maintenance — routine upkeep that keeps systems working and prevents breakdowns, such as seasonal boiler service.
- Repairs — fixing what has already failed, prioritized by safety and cost, in contrast with preventive maintenance.
- Vendor contracts — written agreements with outside service providers, obtained on fair terms and monitored for performance.
- Budgeting — planning the property's operating and capital spending; budget types and cash flow are covered with financial operations (see Topic 08).
- Recordkeeping — keeping accurate records of leases, receipts, disbursements, and correspondence for the owner (see Topic 10).
- Trust-account handling — depositing rents and deposits into a separate trust account, never commingling with the manager's funds (see Topic 10); New Jersey rules appear in Topic 15.
- Risk management — reducing the chance and cost of loss through insurance, inspections, and hazard removal.
- Fair housing compliance — applying protected-class rules to every leasing and management decision (see Topic 08).
- Tenant screening compliance — using the same written income, credit, and history standards for every applicant, applied in the same order.
Eli explains
The same idea, in plain words
Explain it like I’m 10
An owner who does not want late-night calls hires a property manager, a general agent (see Topic 05) who acts for the owner across many ongoing tasks under a written management agreement. The starting point is the owner objectives, usually steady income and a building that holds its value.
The everyday work is a checklist. Leasing means marketing vacant units and signing tenants. Rent collection means getting money in on time and following up when it is late. Maintenance keeps things from breaking, and repairs fix what does break; a little maintenance avoids a lot of repairs. Vendor contracts cover the plumbers, landscapers, and cleaners who do that work. Risk management means insurance, safety inspections, and removing hazards before they hurt someone.
Money and fairness get their own rules. Rents and deposits belong to the owner or tenant, so they go into a trust account, never the manager's own, and every dollar is recorded (see Topic 10). Every applicant gets the same screening standards, and every tenant gets fair housing protection (see Topic 08).
Worked example
Grace manages a twelve-unit building in Montclair for its owner, Mr. Feldman, whose written objective is dependable monthly income. When a unit opens, she advertises it, screens the three applicants against the same income and credit standards, and signs a lease with the first who qualifies. She schedules the fall boiler service before winter, a maintenance cost that avoids an emergency repair. She signs a snow-removal contract, walks the halls monthly for loose railings, and confirms the liability policy is current. Rent checks go straight into the trust account she keeps for Mr. Feldman, and she sends him a monthly report. When Mr. Feldman suggests turning down an applicant because the family has small children, Grace explains that familial status is protected and applies the standard screening instead.
Study tools & related lessonsRelated
Educational content only. It is not medical, legal or professional advice. Found an error? Tell us.