Property Manager Requirements
Working as a property manager requires a wide range of skills. You must be able to attract tenants, build relationships, manage the property's books and coordinate contractors for maintenance and repair work. Good property managers anticipate problems and, in doing so, improve the experience of the tenants and the profitability of the property.
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Certification
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Unless a property manager is working for the public sector, such as in subsidized federal housing, he needs no formal certifications, although most companies prefer to hire someone with at least a bachelor's degree. If a property manager wants to work in the public sector, then he will need certification from the Institute of Real Estate Management or the National Organization of Home Builders. These certifications do carry weight in the private sector, too.
Management
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Property management is ultimately a business in which a company's (or owner's) product is housing. The company distinguishes itself by its location, amenities and services. The property manager determines the success of the business, so he must be well-versed in business disciplines. He must know how to handle crisis situations, such as flooded basements and brownouts, and he must have first-rate people skills. A property manager oversees the day-to-day operations of the "business" and coordinates the daily and monthly activities, such as paperwork and rent collection for the property.
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Marketing
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Tenants are the property manager's customers; his job is to attract them. Depending on the size of the property, a property manager might simply place a sign out front saying "Space Available" or an advertisement in the local paper. For larger commercial properties, finding tenants requires the skills and familiarity of selling to corporate clients, which is a longer process.
Accounting
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A property manager must also know how to use and manage common bookkeeping software. He must accurately record all rent received and expenses incurred so he can determine the profitability of the property and areas for improvement. Then he can appropriately budget for maintenance and other costs throughout the year.
Maintenance
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A property manager needs to know which property elements are most important to maintain and what are the cheapest, most effective ways to keep the property neat, clean and orderly. He also needs to be available (or a handyman) 24 hours a day for immediate property needs, such as a a toilet break or a blown fuse. The property manager must also maintain relationships with tenants, which works best by proactively fixing or maintaining the property and its grounds.
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