Career Development

What Does a Rental Manager Do?

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

Rental managers are responsible for overseeing the day-to-day operations of rental properties. They commonly work with landlords who own residential or commercial properties and act as a liaison between these property owners and prospective tenants.

Rental managers may also be responsible for managing the maintenance and upkeep of these properties, ensuring that they’re clean, safe, and in good condition when tenants move in.

Rental Manager Job Duties

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

  • Interviewing prospective tenants and checking their previous rental history to determine if they are a good fit for the property
  • Maintaining relationships with real estate agents so that properties are advertised properly and rent rates remain competitive
  • Ensuring that all units are in good condition before they are rented out to new tenants
  • Communicating with property owners and responding to inquiries regarding their properties
  • Overseeing the day-to-day operations of a rental property, including cleaning and maintenance
  • Reviewing applications to determine if applicants meet criteria for renting a property
  • Preparing leases and other legal documents necessary to establish or terminate a lease agreement
  • Negotiating rent prices with potential renters, including providing information about available units and terms of tenancy
  • Establishing and managing relationships with contractors and other service providers who provide maintenance and repair services for rental properties

Rental Manager Salary & Outlook

Rental managers’ salaries vary depending on their level of education, years of experience, and the size and location of the company. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $52,500 ($25.24/hour)
  • Top 10% Annual Salary: $85,000 ($40.87/hour)

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

Rental managers will be needed to oversee the operations of property management firms as demand for these services grows. In addition, the need to maintain and repair properties will require more property managers.

Rental Manager Job Requirements

A rental manager typically needs to have the following qualifications:

Education: Rental managers are typically required to have a minimum of a bachelor’s degree in real estate, property management, business administration or a related field. Some rental managers choose to pursue a master’s degree in real estate or property management to further their career opportunities and increase their earning potential.

Training & Experience: Most employers will require a candidate to have at least two years of experience in a property management role. This experience can be in a supervisory or management role. Some employers may prefer candidates who have experience in the property management industry. This experience can include working as a property manager, property maintenance technician or property maintenance supervisor.

Certifications & Licenses: Certifications allow you to prove your skills and qualifications to current and potential employers. Rental managers can earn certifications to gain more practical knowledge of their responsibilities and further their career advancement opportunities.

Rental Manager Skills

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

Communication: Rental managers communicate with a variety of people, including customers, employees and suppliers. They need to be able to convey information clearly and concisely. They also need to be able to listen to and understand the needs of others. This can help them to provide the best service to their customers and employees.

Organization: Rental managers often have to keep track of many different tasks and projects at once. Having strong organizational skills can help you manage your time and responsibilities more efficiently. You can also use organization skills to keep track of rental records, customer information and other important data.

Customer service: Customer service skills can help you interact with customers and clients. Rental managers often interact with customers and clients to answer questions, address concerns and provide solutions. Customer service skills can help you provide excellent customer service to your clients and customers.

Marketing: Rental managers often have a background in marketing and sales, so they can use their skills to help their company grow. Marketing skills can include generating new ideas for advertising, creating a brand image and attracting new customers. Rental managers can use their marketing skills to help their company grow and increase profits.

Financial planning: Rental managers oversee the financial aspects of a rental business, including budgeting, forecasting and tracking revenue and expenses. Rental managers with strong financial planning skills can make informed decisions about the financial health of their business and make adjustments as needed.

Rental Manager Work Environment

Rental managers are responsible for the day-to-day operations of their rental property, which can be a small apartment complex or a large commercial office building. They typically work long hours, including weekends and holidays, to ensure that their property is well-maintained and that their tenants are satisfied. Rental managers must be able to handle a wide range of tasks, from marketing and leasing vacant units to collecting rent and dealing with maintenance issues. They must also be able to handle difficult situations, such as evictions. Rental managers must be organized and detail-oriented, and they must have excellent customer service and interpersonal skills.

Rental Manager Trends

Here are three trends influencing how rental managers work. Rental 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 Gig Economy

The gig economy is growing rapidly, as more and more people are turning to freelance work as a way to make ends meet. This trend is having a major impact on the rental industry, as more and more tenants are looking for apartments that offer flexibility in terms of lease length and move-out dates.

Rental managers who want to stay competitive will need to adapt to this new reality by offering flexible lease terms and easy move-out policies. They should also be prepared to deal with tenants who may not be as committed to the property as they would be if they were renting it long-term.

More Focus on Customer Service

As the economy continues to improve, businesses are placing increasing emphasis on customer service. This means that rental managers will need to focus on providing excellent customer service in order to keep their tenants happy.

To do this, rental managers will need to develop strong communication skills and understand what makes customers happy. They will also need to be able to handle complaints effectively and quickly. In addition, rental managers will need to be familiar with current trends in the housing market in order to provide accurate information to potential tenants.

A Greater Emphasis on Green Buildings

Green buildings are becoming increasingly popular among renters, as they are seen as being more environmentally friendly and healthier than traditional buildings. As a result, rental managers will need to focus on building green features into their properties in order to attract tenants.

This includes installing energy-efficient appliances, using eco-friendly materials, and creating outdoor spaces that are conducive to wildlife. Rental managers can also promote their green buildings by advertising them online and through other media channels.

How to Become a Rental Manager

A career as a rental manager can be rewarding in many ways. It offers the opportunity to work with people, manage a business, and help customers find what they need. It also provides the chance to learn about different industries and develop your skills in areas such as marketing, sales, and customer service.

To become a rental manager, you’ll need to have a strong understanding of the products or services that are offered by the company, as well as the best way to market them to potential customers. You’ll also need to be able to effectively manage the day-to-day operations of the business. This may include overseeing staff members, managing inventory, and ensuring that customers are happy with their experience.

Related: How to Write a Rental Manager Resume

Advancement Prospects

Rental managers may advance to become general managers of their rental facility. Some may also move into sales, working for a rental company or as an independent sales representative. Others may open their own rental facility.

Rental Manager Job Description Example

At [CompanyX], we provide our customers with top-quality rental equipment and outstanding service. We’re looking for a rental manager to join our team and help us maintain our high standards. The ideal candidate will have experience in the rental industry, as well as strong customer service and communication skills. He or she will be responsible for managing the day-to-day operations of the rental department, including supervising staff, handling customer inquiries and complaints, and ensuring that all equipment is properly maintained and serviced. The rental manager will also be responsible for developing and implementing marketing and sales strategies to increase revenue and grow the department.

Duties & Responsibilities

  • Maintain a high level of customer service by ensuring that all rental inquiries and requests are handled promptly and efficiently
  • Respond to customer complaints in a professional and courteous manner, taking appropriate action to resolve the issue
  • Train new employees on company policies and procedures related to rentals
  • Keep up to date on changes in rental rates and terms, as well as new products and services offered by the company
  • Process rental applications and contracts in a timely and accurate manner
  • Maintain accurate records of all rentals, payments, and deposits
  • Prepare reports on a regular basis detailing rental activity and income
  • Conduct periodic inspections of rental units to ensure they are being properly maintained
  • Coordinate with maintenance staff to schedule repairs and renovations as needed
  • Negotiate leases with new tenants and renewals with existing tenants
  • Collect rent from tenants and deposit it into the proper account
  • Handle evictions in accordance with legal guidelines

Required Skills and Qualifications

  • Proven experience as a rental manager or similar role
  • Excellent customer service skills
  • Strong organizational and time-management skills
  • Ability to multitask and work well under pressure
  • Outstanding written and verbal communication skills
  • High school diploma or equivalent; college degree preferred

Preferred Skills and Qualifications

  • Working knowledge of property management software, including Rentec Direct and AppFolio
  • Experience with marketing and advertising rentals online, including through listing sites like Zillow, Trulia, and HotPads
  • Familiarity with fair housing laws and regulations
  • Bilingual in English and Spanish

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