Property managers are responsible for maintaining the safety and cleanliness of residential and commercial property. They handle the maintenance of properties and ensure that all repairs are made in a timely manner.
Property managers may be required to oversee the budget for the property, and to collect rent and other fees. They may also be responsible for marketing and advertising the property to potential tenants, and for finding tenants for vacant units.
Property managers must be able to work well with others, as they must coordinate with building contractors, tenants, and other property managers.
Property Manager Job Duties
Property managers are responsible for a wide range of duties:
- Developing and implementing rent structures and policies for the company
- Collecting rent payments and checking the status of the financial records related to them
- Supervising general maintenance of properties, including plumbing, electrical, and carpentry services
- Managing staff to ensure that they follow all policies and procedures set by the company
- Providing customer service to tenants through proactive communication and good listening skills
- Monitoring apartment quality to ensure compliance with health, safety, and living standards
- Visiting properties on a regular basis to make sure that the company’s properties are well maintained
Property Manager Salary & Outlook
The U.S. Bureau of Labour Statistics reports that, as of May 2020, the median annual wage for property, real estate, and community association managers is $59,660. Those earning higher wages tend to work in larger cities, and the highest earners of the profession are making over $134,570 per year.
Job growth for property managers is projected to be steady over the next decade. This is due to an increased demand for their services in the single-family housing market, but also due to the fact that automation is slowly taking over some of their tasks.
Property Manager Job Requirements
The requirements for property managers are as follows:
Education: Property managers must have a high school diploma or equivalent. Some college or an associate degree can be helpful in setting candidates apart from others who desire the position.
Training: Property managers often receive on-the-job training. They may also attend workshops and seminars to learn about state-specific laws and regulations.
Experience: Property managers must have an excellent grasp of the work the team’s doing, as well as an understanding of the tasks and activities of a manager. Property managers are often drawn from the working team.
Certification: The Institute of Real Estate Management (IREM) offers the Certified Property Manager (CPM) designation.
Property Manager Skills
A property manager must have a wide range of skills to succeed in the job, including:
Good people skills: As a manager, you will have regular contact with many different types of people from different backgrounds.
Negotiation skills: A property manager must be able to negotiate between tenants and landlords on a regular basis.
Leadership skills: A property manager is responsible for managing employees and overseeing the entire building or complex where they work.
Knowledge of legal issues: The role of a property manager can include dealing with legal issues such as evictions or lease disputes between tenants and landlords or even lawsuits between landlords themselves or among co-owners of buildings or complexes who are not happy with how the property manager is running things.
Business development skills: This is an important skill for anyone who wants to move up within the company or even branch out on their own at some point. A successful candidate will have the ability to develop new business opportunities for their company through networking and referrals from current clients.
Property Manager Work Environment
Property managers work in offices, but may also visit properties owned by their clients. This job involves work with both people and technology.
Property managers deal with a variety of people, from those who work under them to those who rent property from them. The job can be stressful. It is important to maintain the property and collect rent on time, and any mistakes can be costly.
The risk associated with this job is the potential for legal liability. Property managers have to deal with a great deal of paperwork, and there is always the possibility that a client may sue them if a property is not maintained properly.
Property Manager Career Advancement
It isn’t uncommon for a property manager to advance to a leadership position within a property management company. You might become a unit manager, a regional manager, or a vice president. In this case, you’ll be responsible for overseeing a team of property managers and making sure they complete their work effectively and on time.
If you want to advance in this career, you should develop a strong understanding of the real estate market and the business strategies of your company’s competitors. You can also improve your leadership and communications skills by joining your local professional association and participating in workshops and networking events.
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.
Increasing Demand for Marketing and Sales Expertise
As property management continues to grow as a career field, demand for strong marketing and sales skills will also increase.
Property managers will need to be able to market their properties effectively and negotiate deals that meet the needs of both tenants and landlords, all while keeping up with technological trends in order to create attractive websites and advertising campaigns.
Increased Interest in Energy Efficiency
Energy efficiency is becoming increasingly important to property managers, largely due to growing concerns about global warming and other environmental factors.
Today, more people are considering their environmental impact when it comes to energy consumption, which means that buildings will have to be made more efficient if they want to attract tenants.
More International Property Management
As global real estate continues to grow, property managers will have to learn more about foreign cultures and practices in order to effectively handle international clients.
In addition, as the world economy continues to become more globalized, this trend is likely to increase—and property managers who can adapt to these changes will be better positioned for success in the coming years.
How to Become a Property Manager
1. Planning Your Career Path
The field of property management is broad and varied, which means that there are a number of different career paths available to professionals.
For example, some property managers work in the field of residential property management while others manage properties used for commercial purposes. If you are just starting out in the field, it is wise to seek out a mentor who can provide insight on the field, networking opportunities, and strategies for advancing your career.
2. Writing a Resume
Property management resumes should highlight the transferable skills you have to offer. For example, experience with bookkeeping, inventory management, and real estate are all transferable skills that are relevant to this position.
It’s also important that you list your interpersonal skills, such as your ability to work with people and communicate effectively. These are essential for property managers since they often work closely with tenants, property owners, and other staff members.
3. Applying for Jobs
Property managers often find jobs through a combination of networking and job searching. Join your local professional association, check job boards, and consider using social media sites like LinkedIn and Facebook to help spread the word about your skills and availability. If you’re interested in a particular property management company, reach out to the company directly. A simple email can help you build a relationship with the company and demonstrate your interest in the field.
4. Ace the Interview
In order to be a good property manager candidate, you should understand the laws and procedures of the industry. This will include knowing things like state and federal laws, as well as any ordinances in your city or county. You should also be familiar with common apartment practices such as how to screen tenants and how to fill out eviction notices if necessary.
During an interview, it is important that you have a solid understanding of the duties required for this position and that you are able to articulate those responsibilities clearly during an interview. You should also bring along copies of any relevant experience or certifications for your potential employer to review during the interview process.