Career Development

What Does a Real Estate Property Manager Do?

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

A property manager is responsible for overseeing the day-to-day operations of a commercial or residential property. They are tasked with ensuring that the building or development is well maintained, tenants are happy and paying their rent on time, etc.

Property managers may also be responsible for finding new tenants when vacancies arise in order to ensure that the property continues to generate income.

Real Estate Property Manager Job Duties

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

  • Negotiating lease terms with tenants, including rental rates, security deposits, move in/out dates, and other details
  • Collecting rent payments from tenants on time each month, following up with late payments, and evicting tenants who fail to pay
  • Coordinating the maintenance and repair of residential properties, such as responding to tenant requests for repairs and making sure contractors are qualified and follow regulations
  • Preparing budgets for each property based on projected expenses and income and ensuring that this budget is followed
  • Conducting inspections of units before new tenants move in and after they move out to ensure that they are in good condition
  • Assisting with the sale of properties by preparing them for showing, marketing them to potential buyers, negotiating offers, and coordinating closing processes
  • Monitoring the performance of homeowners associations and managing association meetings
  • Coordinating with builders during construction of new homes to ensure that the project is on schedule and within budget
  • Coordinating with real estate agents who are marketing properties for sale or leasing them out to tenants

Real Estate Property Manager Salary & Outlook

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

  • Median Annual Salary: $62,500 ($30.05/hour)
  • Top 10% Annual Salary: $125,000 ($60.1/hour)

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

Property managers will be needed to oversee the day-to-day operations of commercial and residential properties. As more properties are owned by investors, property managers will be needed to ensure that these properties are maintained and operated efficiently.

Real Estate Property Manager Job Requirements

The following are some of the requirements for becoming a real estate property manager:

Education: Most employers require real estate property managers to have a minimum of a bachelor’s degree. Some of the most common majors for this profession are business administration, finance and real estate.

Training & Experience: Real estate property managers typically receive on-the-job training from their previous positions. They may work as real estate agents or real estate salespersons before advancing to a property manager position. They may also work as a leasing agent or property leasing agent before advancing to a property manager position.

Certifications & Licenses: While certifications are not necessary for a career as a real estate property manager, they can help you gain more knowledge about the industry and increase your earning potential.

Real Estate Property Manager Skills

Real estate property managers need the following skills in order to be successful:

Communication: Property managers communicate with a variety of individuals and groups, including real estate agents, tenants, contractors and lenders. They use verbal and written communication skills to convey messages, answer questions and resolve issues. They also use communication skills to build relationships with clients and colleagues.

Organization: Property managers often have to manage large amounts of data, including client information, financial records and other paperwork. Having strong organizational skills can help you keep track of all the information you need to do your job well. Organization can also help you keep track of the many tasks you may have to complete in a day.

Marketing: A property manager might be responsible for marketing a property to potential buyers. This involves creating advertisements, writing copy and designing marketing materials. A property manager might also be responsible for hosting open houses, which requires them to develop a marketing strategy for attracting potential buyers.

Negotiation: Negotiation is the ability to persuade others to agree with your ideas or proposals. Property managers often use negotiation skills to help their clients and real estate agents reach an agreement on a property sale. They may also use negotiation skills to help their clients and contractors reach an agreement on a construction contract.

Time management: Time management is another important skill for real estate property managers. Property managers often have many responsibilities and tasks to complete each day. Having good time management skills can help them prioritize their work and ensure they complete all their duties on time.

Real Estate Property Manager Work Environment

Real estate property managers typically work in an office environment, although they may spend considerable time traveling to different properties. They usually work regular business hours, although they may be required to work evenings and weekends to attend meetings or open houses. Some real estate property managers work for large companies that own and manage many properties, while others work for smaller companies or for themselves. The work can be stressful, as real estate property managers must deal with a variety of issues, such as tenant complaints, maintenance problems, and financial concerns.

Real Estate Property Manager Trends

Here are three trends influencing how real estate property managers work. Real estate 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 Rise of the Digital Real Estate Agent

The rise of the digital real estate agent is a trend that is quickly gaining popularity among home buyers and sellers. This is due to the fact that it allows them to connect with agents online, which makes it easier for them to find the right property for their needs.

As more and more people begin to use this method, real estate property managers will need to learn how to use technology to their advantage. This includes learning how to use social media platforms to market their properties, as well as using online tools to help them manage their business.

More Focus on Customer Experience

The customer experience is becoming increasingly important in all industries, and real estate is no exception. As customers become more demanding, real estate professionals will need to focus on providing an exceptional experience.

This means that real estate property managers will need to be able to understand what customers want and how to meet their needs. They will also need to be able to track and measure customer satisfaction in order to make sure that they are meeting expectations.

Real Estate Professionals Need to Be More Tech-Savvy

In order to be successful in today’s real estate industry, professionals need to be more tech-savvy. This means that they need to be familiar with the latest technologies and how to use them to their advantage.

One example of this is using social media to promote listings. By creating a strong presence on Facebook, Twitter, and other platforms, real estate professionals can reach a wider audience and attract potential clients.

How to Become a Real Estate Property Manager

A career in real estate property management can be rewarding and lucrative. It’s important to start off on the right foot by getting certified as a Certified Property Manager (CPM). This will demonstrate your commitment to the industry and give you the skills needed to succeed.

Once you have your CPM certification, it’s important to build your network and stay up-to-date on the latest trends in the industry. You should also take advantage of opportunities to learn new skills and develop your expertise in areas such as leasing, marketing, and accounting.

Related: How to Write a Real Estate Property Manager Resume

Advancement Prospects

Advancement prospects for real estate property managers depend on the size and type of organization they work for. In small organizations, property managers may advance to become partners or owners. In larger organizations, they may advance to positions such as regional manager or director of property management. Some property managers may also start their own real estate management firms.

Real Estate Property Manager Job Description Example

At [CompanyX], we believe that happy tenants make for a successful business. We are looking for an experienced real estate property manager to join our team and help us maintain our high standards of tenant satisfaction. The ideal candidate will have experience in all aspects of property management, from marketing and leasing to maintenance and repairs. He or she will be a strong communicator with excellent customer service skills, able to effectively manage tenant expectations. The goal is to ensure that our tenants are happy and our property is well-maintained so that we can continue to be a successful business.

Duties & Responsibilities

  • Oversee all aspects of property management, including but not limited to: marketing and leasing vacant units, rent collection, maintenance and repair requests, unit turnarounds, budgeting, and financial reporting
  • Serve as the primary point of contact for tenants, vendors, and contractors
  • Handle all tenant complaints in a timely and professional manner
  • Conduct regular inspections of the property and common areas
  • Ensure that the property is always well-maintained and presentable
  • Develop and implement strategies to maximize occupancy and revenue
  • Prepare and manage the annual operating budget
  • Review and approve invoices for payment
  • Negotiate and execute leases with new tenants
  • Monitor market trends and adjust rental rates accordingly
  • Prepare and distribute monthly financial reports
  • Attend industry events and networking functions

Required Skills and Qualifications

  • Bachelor’s degree in business, real estate, or related field
  • 3-5 years experience in property management or related field
  • Proven track record of successful property management
  • Excellent communication, customer service, and interpersonal skills
  • Strong organizational and time-management skills
  • Proficient in Microsoft Office and Yardi Property Management software

Preferred Skills and Qualifications

  • MBA or Master’s degree in business, real estate, or related field
  • 5+ years experience in property management or related field
  • Experience with multiple property management software programs
  • CPM or RPA designation from Institute of Real Estate Management
  • Familiarity with local, state, and federal fair housing laws

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