Property Manager

What is a property manager?

A property manager is someone who is responsible for overseeing and managing the operations of real estate properties such as residential buildings, commercial spaces, and rental properties.

What does a property manager do?

Usually, a property manager does the following:

• Handles rental agreements, lease contracts, and property listings
• Screens and selects suitable tenants for rental properties
• Collects rent and manages financial transactions
• Oversees property maintenance and repairs
• Deals with tenant complaints and resolves any issues that arise
• Conducts regular property inspections and ensures they are in compliance with regulations

What does the day-to-day life of a property manager look like?

A property manager usually works between 9am and 5pm, though the specific hours may vary depending on the company or property they work for. They may also need to be available outside of regular working hours to handle emergencies or urgent matters.

On a typical day, a property manager may:

• Respond to inquiries from potential tenants about available properties
• Schedule property viewings and showings
• Collect rent payments from tenants
• Coordinate with contractors for maintenance or repairs
• Review and update lease agreements
• Conduct inspections of the properties they manage

Where does a property manager work?

Property managers can work in a variety of settings, including:

• Real Estate Companies: Some property managers are employed by real estate companies and manage properties on behalf of property owners.
• Property Management Firms: Property management firms specialize in managing properties for property owners who don't have the time or expertise to do it themselves. Property managers in these firms work with a team to collectively manage multiple properties.
• Government Agencies: Some property managers may work for government agencies that manage public housing or rental properties.
• Self-Employment: Property managers also have the option to work independently and start their own property management business.

Property managers can work in urban areas, suburban neighborhoods, or even rural locations, depending on the properties they manage.

What tools/software does a property manager use?

A property manager may use various tools and software to streamline their work, including:

• Property management software: Tools like AppFolio, Buildium, or Propertyware help property managers with tasks such as rental listings, tenant screening, rent collection, and financial reporting.
• Communication tools: Property managers use email, phone calls, and messaging apps to communicate with tenants, property owners, and contractors.
• Financial management tools: Property managers track income and expenses using accounting software like QuickBooks or Excel.

What do I need to become a property manager?

There are several paths you can take to become a property manager, including:

• Bachelor's degree: While not always required, having a degree in fields such as business, real estate, or property management can be beneficial and may lead to better job opportunities.
• Industry certifications: Professional certifications like Certified Property Manager (CPM) or Residential Management Professional (RMP) can provide additional credibility and knowledge in the field.
• Experience: Gaining practical experience through internships, volunteering, or working in related roles such as real estate agent or administrative assistant can help you learn the ropes of property management.

What career paths are available?

There are various career paths available to property managers, including:

• Senior Property Manager: With experience and expertise, property managers can progress to senior positions where they oversee a team of property managers and handle larger, more complex properties.
• Real Estate Developer: Some property managers transition into real estate development, where they are involved in acquiring, designing, and constructing new properties.
• Property Investment Consultant: Property managers who develop a strong understanding of the real estate market and investment strategies may pursue a career in advising clients on property investment opportunities.

What jobs are similar to a property manager?

• Real Estate Agent: Real estate agents assist clients in buying, selling, or renting properties. While property managers focus on property management, real estate agents are more involved in the sales process.
• Facilities Manager: Facilities managers oversee the maintenance and operations of various facilities, such as office buildings or community centers. While their responsibilities may overlap with property managers in some areas, facilities managers have a broader scope of managing facilities rather than individual properties.
• Housing Officer: Housing officers work with social housing providers or local government agencies to manage and allocate affordable housing to eligible individuals or families. They are responsible for ensuring that properties are well-maintained and tenants adhere to the rules and regulations of the housing program.