Career Development

What Does a Property Manager Do?

Find out what a property manager does, how to get this job, and what it takes to succeed as a property manager.

Property managers are responsible for the day-to-day management of commercial or residential properties. They oversee all aspects of property maintenance, including repairs, renovations, and general upkeep. They may also be responsible for marketing and leasing the property to new tenants or buyers.

Property managers often work with a team of contractors, vendors, and other professionals to ensure that their properties are well maintained.

Property Manager Job Duties

A property manager typically has a wide range of responsibilities, which can include:

  • Conducting site visits to evaluate properties for any maintenance issues and ensuring that repairs are made as needed
  • Coordinating with contractors to plan and execute repairs or renovations to properties
  • Ensuring that all leases comply with state laws and are up to date with any changes made by state legislatures
  • Collecting rent payments and managing delinquent accounts, working with tenants to ensure that rent is paid on time
  • Coordinating with insurance companies to ensure that properties are covered for potential damages
  • Managing the budgets of rental properties to ensure that they are profitable while staying within the guidelines of the owner
  • Conducting evictions when necessary, working with attorneys and law enforcement officers to complete the process
  • Finding new tenants when leases are up or when tenants move out, screening applicants using criteria set by the landlord
  • Handling any tenant complaints about their living conditions or other issues that may arise with their tenancy

Property Manager Salary & Outlook

Property managers’ salaries vary depending on their level of education, years of experience, and the size and type of property they manage. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $52,500 ($25.24/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of property managers is expected to grow at an average rate over the next decade.

Population and economic growth will mean the need for more commercial and retail space. Property managers will be needed to ensure that the proper number of office buildings, retail establishments, and other commercial spaces are built and maintained.

However, automation of some tasks traditionally performed by property managers, such as collecting rent and evaluating real estate performance, will limit the number of jobs in this field.

Property Manager Job Requirements

A property manager typically needs to have the following qualifications:

Education: A minimum of a bachelor’s degree is often a requirement to become a property manager. Some property managers choose to pursue a degree in real estate or business administration.

Training & Experience: Most property managers learn the specific skills and knowledge they need for their role while on the job. Training may include shadowing a current property manager or learning the specific software and computer programs the company uses. Training may also include learning about the company’s policies and procedures.

Certifications & Licenses: Certain states require property managers to have local certification, so check the requirements in the area where you plan to work.

Property Manager Skills

Property managers need the following skills in order to be successful:

Communication: Communication is the act of relaying information to others. As a property manager, you may need to communicate with a variety of people, including tenants, contractors, building managers and other property managers. You may also need to communicate with people over the phone, in person or through email. Effective communication skills can help you convey information clearly and answer questions.

Organization: Organization is another skill that can help you be a better property manager. You may be responsible for managing a large team of employees, so having good organizational skills can help you delegate tasks and keep track of employee performance. Organization can also help you keep track of maintenance requests, rent payments and other important documents.

Customer service: Customer service skills can help you interact with tenants and customers. As a property manager, you may be responsible for answering questions, resolving issues and providing information to customers and tenants. Customer service skills can help you communicate effectively and build positive relationships with others.

Marketing: Property managers use marketing skills to attract potential tenants and maintain a positive reputation for the property they manage. They may create advertisements, write social media posts and develop marketing campaigns to promote their properties. They also use marketing skills to attract potential investors and maintain a positive reputation for the company they work for.

Technology: Technology skills can help property managers understand and use software and automation tools to streamline their work. This can include using software to track maintenance requests, check in on properties and monitor budgets. Technology skills can also help you learn how to use automation tools to control heating and cooling systems, open and close gates and more.

Property Manager Work Environment

Property managers are responsible for the overall operation and management of a property or properties. They may work in an office setting, but they also spend a great deal of time on the property or properties that they manage. They may be responsible for multiple properties, or they may specialize in managing a single type of property, such as an apartment complex, a shopping center, or a factory. Property managers typically work full time, but they may also work overtime, weekends, and holidays, depending on the needs of the property or properties.

Property Manager Trends

Here are three trends influencing how property managers work. Property managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of the Rental Market

The rental market is growing rapidly, as more and more people are choosing to rent rather than buy a home. This trend is being driven by a number of factors, including high housing prices, a lack of affordable housing options, and a desire for more flexibility in where they live.

As the rental market grows, property managers will need to adapt and learn new skills in order to be successful. This includes understanding the latest trends in tenant screening, leasing, and marketing. Additionally, property managers will need to be able to manage their properties more efficiently, which may require the use of technology-based tools.

More Focus on Tenant Experience

Property managers are increasingly focusing on creating a positive tenant experience in order to attract and retain tenants. This means that property managers need to focus on providing excellent customer service and maintaining high-quality apartments.

In order to be successful in this trend, property managers need to be able to understand what tenants want and how to provide it. They also need to be able to communicate effectively with tenants and be able to handle any problems that may arise.

Greater Use of Technology

The use of technology in the property management industry is increasing at a rapid pace. This is due to the fact that technology can help streamline many tasks that would otherwise be done manually.

As technology becomes more prevalent in the property management industry, property managers will need to learn how to use these tools in order to stay competitive. This includes learning how to use software to track maintenance requests, manage leases, and communicate with tenants.

How to Become a Property Manager

A career as a property manager can be rewarding in many ways. It offers the opportunity to work with people, manage projects, and see the results of your hard work. You’ll also have the chance to learn about different aspects of real estate and construction.

To become a successful property manager, you need to have strong organizational skills, be able to handle multiple tasks at once, and be able to work well under pressure. You should also be able to communicate effectively with clients and other professionals.

Related: How to Write a Property Manager Resume

Advancement Prospects

A property manager may advance to a senior property manager position, in which he or she is responsible for managing a group of properties. A property manager may also advance to a regional property manager position, in which he or she oversees the work of other property managers in a specific geographic region. In some organizations, a property manager may also advance to a position of director of property management, in which he or she is responsible for all property management activities of the organization.

Property Manager Job Description Example

At [CompanyX], we believe that people make a difference. Our team is looking for a qualified property manager to oversee the daily operations of our residential and commercial properties. The ideal candidate will have experience in property management, as well as a strong understanding of the real estate market. They will be responsible for maintaining the properties under their care, ensuring that they are well-kept and up to code. Additionally, they will be responsible for managing tenant relations, handling complaints and maintenance requests, and collecting rent.

Duties & Responsibilities

  • Oversee all aspects of property management, including but not limited to: marketing, leasing, maintenance, and accounting
  • Maintain constant communication with ownership, keeping them apprised of property conditions, financials, and any other relevant information
  • Develop and implement strategies to maximize occupancy and rental income
  • Negotiate and execute leases with new and renewing tenants
  • Handle all tenant inquiries and requests in a prompt and professional manner
  • Ensure that the property is well-maintained and compliant with all safety regulations
  • Supervise on-site staff and vendors, ensuring that they are performing their duties satisfactorily
  • Prepare monthly reports detailing property performance and outlining any necessary actions
  • Keep abreast of market trends and adjust rental rates accordingly
  • Attend industry events and networking functions to stay up-to-date on best practices
  • Manage the budget for the property, ensuring that all expenses are within allocated limits
  • Perform regular inspections of the property to identify any necessary repairs or improvements

Required Skills and Qualifications

  • Proven experience as property manager or relevant role
  • Excellent communication and people skills
  • Outstanding organizational and leadership abilities
  • Thorough understanding of financial aspects of business
  • Familiarity with real estate law
  • Bachelor’s degree in business administration, finance, or related field

Preferred Skills and Qualifications

  • Master’s degree in business administration or related field
  • Experience with facilities management
  • Working knowledge of MS Office and various property management software
  • Industry-specific certifications (e.g. Certified Property Manager from Institute of Real Estate Management)
  • Strong marketing skills

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