Whether you’re already employed as a property manager or you’re considering a career change, you may be asking, “Is property management right for me?” In order to answer this question, you’ve got to be informed — and in the case of property management, that means understanding what the job entails.
Read on to learn about the skills, knowledge and duties involved in property administration — and what they entail in a position as a property manager.
What is Property Management?
In a nutshell, property managers take care of the day-to-day operations and tasks associated with maintaining a residential, commercial or industrial property. Usually, a property manager is hired by the owner of the property — though you may manager your own investment properties — and they act on the owner’s behalf to maintain the property’s appearance, keep systems running smoothly, take care of problems, perform maintenance, handle financial transactions, and preserve the property’s value.
What Does a Property Manager Do?
Most of a property manager’s tasks fall into four general categories:
- Customer Service
Financial tasks ensure that the property continues to produce income. A property manager may:
- Collect rent
- Pay maintenance and cleaning bills, taxes, insurance premiums and mortgage payments
- Maintain financial statements
- Prepare budgets
- Create financial reports
- Write checks
- Transfer funds
- Bank reconciliation
Customer service is another important aspect of property management. In this position, you’ll often deal directly with both residents and owners while acting as an agent for the owner. You’ll need good customer service skills in order to perform tasks such as:
- Showing the rental property to potential residents
- Explaining the details of the lease, rules, regulations and terms of occupancy
- Looking into complaints
- Settling disputes
- Investigating disturbances
- Responding in case of emergency
As a property manager, you’ll be tasked with many day-to-day operations of a property. These may include:
- Regularly inspecting facilities, including equipment, buildings and grounds
- Ensuring that regular maintenance is performed, such as landscaping, security and trash removal
- Delegating or performing repairs and routine maintenance
- Filling vacancies
- Dealing with late rent and evictions
Administrative duties are another aspect of property management. Administrative tasks may include:
- Posting ads to fill vacancies
- Processing applications
- Screening potential residents
- Creating reports and budgets
- Keeping records
Is Property Management Right for You?
A career in property management offers a wide variety of tasks, making it a good choice for those who work well independently and those who don’t crave the prospect of being stuck behind a desk from nine to five. Duties — and challenges — vary each day, so you’re not likely to be bored or feel stuck in a routine. With a positive job outlook and a median salary above $50,000 a year, property management offers a promising career path.
And, thanks to web-based property management software like ours, many of these administrative, operational, financial and even customer service tasks are easier and more efficient than ever. If you’re considering taking the leap into property management, look into the many certifications, licenses and diplomas available to help boost your career opportunities!