What is one of the fiduciary duties of a property manager related to?

One of the fiduciary duties of a property manager is related to accounting. This responsibility involves managing the financial aspects of the property in a transparent and responsible manner. A property manager must maintain accurate records of all transactions, which includes collecting rent, paying bills, and handling maintenance costs. This duty ensures that both the property owner and tenants can trust that the financial dealings are being managed properly and fairly. Proper accounting practices also help in providing detailed reports to the property owner, which can be used for financial decision-making and tax reporting.

Fiduciary duties like accounting are crucial because they protect the interests of the property owner and promote accountability in managing the property. This duty contrasts with advertising findings or disclosing tenant information, which do not directly involve the financial integrity and record-keeping necessary for managing a property effectively. Setting rental rates is typically a collaborative effort, not a unilateral decision by the property manager, which also separates it from this fiduciary responsibility.