The individual or company engaged by a property owner to oversee the day-to-day operations of a commercial property, including tenant relations, maintenance coordination, billing, and lease compliance.
Property managers serve as the operational arm of building ownership, handling tasks the landlord-entity does not manage directly: collecting rent, coordinating repairs, managing vendor contracts, processing CAM reconciliations, responding to tenant requests, and enforcing lease obligations. They are often the primary point of contact for tenants on operational matters. Third-party property management companies charge a fee (typically 3–5% of collected rents) that is often passed through to tenants as an operating expense. In-house property management by the ownership entity may be equally billable depending on lease language. Lease abstracts should identify the property manager where specified and note any provisions governing management fee limits.
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