What does a property manager do?

[Elenis Camargo]

Hi BP investors! I thought it would be fun to start this topic. For new and seasoned investors only, no property managers please :)  

Question is:
What do you expect / think that a property manager does for an investor? 

Side note: I started off as an out of state investor managing my own properties in Jacksonville FL while living in Brooklyn NY. Then moved down a couple years later to start my property management business. So professionally I am an investor and property manager. I know there are a lot of misconceptions on property managers and what they do. The good ones at least! Thought it would be interesting to read the responses :) 

[Jose Clavijo]

As an investor, I see a great property manager as my boots on the ground, someone who’s looking out for my property like it’s their own.

I expect them to handle the day-to-day stuff: tenant communication, maintenance, rent collection, turnovers, etc , without needing me to step in all the time. But just as important, I want someone who’s transparent, responsive, and doesn’t nickel and dime every repair.

I self-manage locally here in NC, but when I’ve had out-of-state deals, a solid PM made all the difference in keeping things running smoothly and stress-free. Definitely agree that good ones are worth their weight in gold. I've had a 4 year relationship with one and it has been pretty solid, good property inspections and regular maintenance.