About Property Management Jobs
Property management is a highly skilled and multi-task profession. There is much more to property management than most people realize. There are also as many levels of property managment as there are properties.
Other People Are Reading
-
Types
-
There are many types of property managers. Some manage single rental properties for an owner while others manage large apartment buildings. Most shopping centers and office buildings have property managers too. There may be a single property manager employed to handle a small property or an entire staff headed by a senior property manager for the larger properties. In most states you don't need to be licensed to be a property manager, although many owners hire real estate firms to manage their rental and commercial properties. Many of the large corporations that own many shopping centers or large apartment complexes do require the senior property manager to be certified and in some cases have a bachelor's degree in business.
Function
-
The functions of the property managers depend on the size of the property. Handling a few individual rental properties may entail collecting the rent and calling professionals in when repairs are needed. A shopping center, on the other hand, would require much more work. That property manager would need to know marketing and commercial property valuation along with collecting the rent and handling repairs. Property managers for large apartment complexes normally have an entire staff to help them with all of their duties. The senior property manager would have other property managers who would show the properties to potential renters and collect rents. They would need to have an office that is manned for most of the day with an on call person to handle emergencies.
The senior property manager would ultimately be responsible for the running of the entire property. These duties would include contracting and overseeing of grounds keepers, garbage removal, security, and janitorial services. They would be responsible for not only collecting rent but for paying the bills associated with the property such as mortgages, taxes, and payroll. Keeping track of utilities when tenants pay all or a portion of their own can be a full time job in itself. The property manager must also place orders for all the equipment and supplies that is needed for the property.
Many senior property managers handle the preparation of the financial statements that are presented to the owners and stockholders. This requires knowledge of bookkeeping and hours of meetings with owners and the company's accountants. With all the duties of the property manager, the area that the most skill is needed is the area of dealing with people. These managers must deal with the tenants, staff, vendors, and owners. This portion of the job alone rules out many people. Dealing with a variety of personalities on a daily basis takes a special kind of person.
-
Benefits
-
The benefits to an owner of having a property manager or property management staff can be enormous. If an owner does not have the skill or the time to run the property correctly he may as well not invest his money. A property that is not run correctly will not bring in profit or appreciate in value. There must be someone who can inspect the property on a regular schedule, get repairmen out in a timely matter and make sure the rules and requirements of the property are being met on a daily basis. For an example this can be as simple and a pet policy. If there is no one checking on this regularly, an entire apartment complex can be run down by too many dogs. You can lose tenants because of noisy neighboring dogs, have to deal with law suits when someone gets bitten, and have a major grounds problem if there is no special place to let the dogs out. Good property managers are invaluable to the owners of the properties. They handle many of the responsibilities of the project allowing the owners to find other properties to invest in.
Considerations
-
All property managers should consider their education. Many have backgrounds in real estate or superintendents of large complexes. Although there is no requirement for a college degree, an aspiring property manager may want to seek one or at least seek a certification. Anyone attempting to manage any public housing that is subsidized by the Federal Government must be certified. The Institute of Real Estate Management provides the courses and certification to become a certified property manager. This is a highly respected certification that will get one property manager hired over another, even if the other has more experience. There are also seminars that all property managers should attend and most large corporations require for their managers. You can find information on property management education at irem.org. An invaluable property manager must have excellent people skills, knowledge of accounting, and marketing and general business management. The more education this person possesses, the more likely they are to get hired and do an excellent job.
Potential
-
The potential for an owner or stockholder with an excellent property manager is unlimited. Running the project well means more profit and dividends. More money means more potential projects. Happy tenants mean less vacancies and good referrals for the next project. Word of mouth advertising is still the best advertising in the industry. Even if the owner is only interested in having more time to himself, a good property manager is worth his salary many times over.
The potential for property managers to find great places to work is good too. Every type of property manager is needed in the industry today. For the person that only wants to handle a few properties, there are owners out there. They have a few rental houses but aren't very good at handling people. For the property manager that wants to manage a large apartment building, just go to any city and you will find them. This is a wide open field and the sky is the limit if you are willing to work hard and continue your education.
-
Resources
- Photo Credit Benjamin Earwicker
