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A building can be a home or it can be a business. Real estate needs to be properly managed as a business asset in order to be a real profit making enterprise. Homeowners also want to maintain or enhance the resale value and not fall behind on their mortgages. The main reason for a community or property association manager is to increase the value of an investment. Property managers are worth their pay when they make sure that investments reach their full potential.

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.

Generally, property managers handle the financial operations of the property, ensuring that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. In community associations, although homeowners pay no rent and pay their own community association managers must collect association dues. Some property managers, called asset property managers, supervise the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters.

Often, mortgage brokers negotiate contracts for janitorial, security, trash removal, and other services. When contracts are awarded competitively, managers solicit bids from several contractors and advise the owners on which bid to accept. They monitor the performance of contractors and investigate and resolve complaints from residents and tenants when services are not properly provided. Managers also purchase supplies and equipment for the property and make arrangements with specialists for repairs that cannot be handled by regular property maintenance staff.

Routine maintenance of an individual property is the responsibility of an on site property manager. Examples of the types of buildings which utilize on site property managers are numerous and include office buildings, shopping center buildings, community associations and apartment complexes. Their on site managers are responsible for maintenance of the grounds, facilities and equipment on these properties.

Those who work between an on site manager and a property owner are often referred to as property managers, and they work off site. They will advertise empty properties to potential tenants through either a leasing agent or other means, and they will recommend competitive rental rates that reflect the local economy.