Real estate, in form of offices, stores or investment properties, can be a source of income when it is managed properly. Homeowners who manage their real estate properly will be able to preserve and even increase their mortgages resale values. Hired managers have the job of maintaining and boosting the value of this type of investment. Property managers supervise commercial and residential properties to be sure that they are producing income and expected revenue.

Community association managers are the ones who manage the mortgage, common property, and services of condos, planned communities, and cooperatives via the community or homeowners' associations when the owners of the apartments, the office buildings, or the industrial or retail properties do not have time or expertise necessary for daily management. The manager is employed directly, either by the owner or else indirectly via a contract with a firm that manages property.

Property managers will take care of the day to day financial operations of the property, such as collecting rent and paying mortgages, property taxes, insurance premiums and repair bills. A community association may have a community association manager whose job it is to collect dues from the property owners. Then there are asset property managers, who prepare financial statements and make regular reports to the owners about the property, tenants, maintenance issues and other matters.

There are a lot of times when mortgage brokers will discuss contracts for janitorial, security, the removal of trash, and other services. At times when contracts are awarded competitively, managers request bids from a number of contractors and give the owners advice on which bid they should choose. They will overlook the performance of contractors as well as investigate and resolve complaints that come from residents and tenents stating their services are not correctly provided. Managers will also buy equipment and supplies for the property so that they can make calls to specialist to fix certain repairs which cannot be done by the regular property maintenance staff.

On a day to day basis operations of a single property such as office building, a shopping center, an apartment complex or a community association is the responsibility of the on site manager. To feel safe that the property will be safe and correctly maintained, on site managers keep a routine where they inspect the grounds, facilities, and equipment to see if there are any repairs or maintenance that may need their attention.

Property Managers assume the leadership role on many tasks if they are not working directly on site. Property managers are the liaisons between the on-site manager and owner; and they also ascertain the rental rates (based on the community's economic well-being) and then advertise those vacant spaces to potential occupants with the assistance of a leasing agent or other methods of marketing.