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A resident manager is a person who directly supervises the management of an apartment complex or any building while living on the premises.
The benefits that resident managers receive from the landlord for undertaking these tasks are often offer perks such as:
- A much lower rental compared to market rates
- Free rental of a unit in the residence
- Fixed or variable compensation plan
- A combination of the above benefits
They are not limited to multi-family resident building. Commercial warehouses and storage facilities often have resident managers as well.
While it might be an opportunity cost to landlord, the advantage of having resident managers on site can mean:
- Better service to tenants
- Being the landlord’s eyes and eyes on the property
- On the ground knowledge of what is going on within the community
- Spotting and resolving potential maintenance issues early before they become full blown problems
- Knowing meticulous details of each apartment unit enabling better selling to prospective tenants
Even though it might be best to have resident managers present in big multi-family real estate, they can come with unique problems as well.
For example, what if you need to fire the manager? What if his performance is not up to scratch? What if he get into fights with tenants? What if you need to evict him?
With these things in mind, it is of great importance to screen and interview potential managers thoroughly before appointing one.
The best ones are preferably those who have been tenants of the property for a while.
This allows the landlord to have a better idea of whether the tenant fulfills the requirements for the job.