The Role of Property Managers
When a person doesn't own a home, he usually ends up renting a property. Consequently, the renter ends up dealing with a property manager. A property manager is a real estate professional who is responsible for handling one or more properties on behalf of the property owner (usually a management company). Property managers have a very multifaceted job.
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Renting and Maintenance
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Property owners hire property managers first and foremost to make sure that the property gets rented and that the property doesn't fall into disrepair. If a property manager doesn't take care of health and safety issues there, or if she consistently has low tenancy rates, the property owner may terminate her. In other words, the manager's primary role is to secure income for the owner. If a manager receives fines or lets maintenance needs snowball, and if units sit vacant, the owner ends up losing money.
Supervision
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Some properties are extremely large with enormous amounts of administrative work, and property managers may not be trained to handle all tasks that need to be done at a property. Property managers thus typically hire staff to assist them, including leasing agents, caretakers and maintenance workers. They take on the role of supervisor and manage these employees on behalf of the property owner.
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Administration
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Property managers assume the role of administrator at their given property. This means that they may handle or delegate filing, leasing, marketing, training, evictions, move-ins, data entry and inspections. As part of their administrative duties, property managers have a responsibility to act in accordance with state and federal regulations, such as the Fair Housing Act.
Helper
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Property owners hire property managers because they do not want to--or cannot--provide personal assistance to tenants. Tenants thus often see the property manager as a go-to person or helper, someone to whom they can go if they have questions or need something related to the property. This role, however, is somewhat complicated. When there are conflicts between a tenant and a property owner, the manager's role is to protect the property owner's interests. Tenants may cease to see the property manager as a helper when he has to take the side of the property owner, even if this is not what the property manager intends. Furthermore, the property manager may be limited by law in terms of how much he can do for a tenant. Property managers have to be able to handle the criticism that may arise from these situations and defuse the conflicts to preserve the reputation of the property.
Skills
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In order to fulfill the role of a property manager, an individual needs to be well-organized and proactive. She also has to be cooperative, because she acts essentially as a middleman between the property owner and the tenant, according to Execution for System, Inc.
Job Outlook and Salary
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Data from the United States Bureau of Labor Statistics in 2008 indicates that growth for property managers is about average when compared to other fields. The BLS predicts that the field will grow approximately eight percent through 2018, with the best prospects available for people who have real estate, business or health care facility management degrees and experience. Those who enter the profession should expect a median wage of $46,130.
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References
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