Property managers might also be called real estate managers or asset managers since they help property owners to optimize an important investment. They are familiar with local, state, and federal laws. They perform background checks to prevent bad tenants from renting your property and can help you evict a problem tenant if needed. Property managers handle payables, making sure that rent is collected, insurance premiums are paid, and that mortgages, taxes, and payroll bills are taken care of. Usually, a property manager is located near your property, so they are available to show your property to potential tenants. This is an advantage if you are no longer living in the area. An effective local property manager is proactive, identifying problems and correcting them before they impact your bottom line.