• Coordinating contracts, issuing purchase orders, paying invoices, purchasing supplies, and general accounting
and banking needs;

• Helping create, maintain and follow a budget for both short term and long term goals (ie. capital improvements);

• Administrative tasks like reporting and record retention which might include income statements, annual reports, occupancy reports, historical records and file backups of online systems;

• Maximizing property value by facilitating an efficient transition, lowering operating costs. Some professionals can be hired as onsite managers to provide 24-hour availability to tenants for emergencies, more hands-on management and flexible scheduling. Offsite managers can be engaged to oversee multiple properties if the owner has a real estate portfolio.

Essentially, property management services provide all of the needed functions to run a property or real estate portfolio without involving the owner. This allows owners to completely hand over the responsibilities of owning a property, while still maintaining the financial benefits of the investment.