The property manager job includes taking care of a wide range of aspects related to administering and maintaining residential, commercial, and industrial properties.
They make sure that the properties they supervise are well-maintained as well as preserve their resale and lease value.
They also handle any customer issues that can come up.
The job outlook for the profession is favorable, keeping up at the same level as other occupations in the US.
There are a few reasons for this, and since the pay for this job is relatively low considering the scope of work they do, lately, this profession was faltering.
Article Table of Contents
What Does a Property Manager Do
Property managers are usually engaged in planning, coordinating, and directing leasing, buying, and selling.
They also govern the residential, commercial, and industrial properties.
As of 2014, two out of five property managers were self-employed.
Residential and commercial property managers have a wide range of responsibilities.
They can vary from one job to another and depend on the specialty.
However, some duties in various workplaces overlap, even though not all the time.
Property managers have different duties depending on their specialty.
For example, the duties of a commercial property manager will be different from the one in the real estate field.
Likewise, the responsibilities of a residential property manager will be different from the duties of the apartment manager.
- Monitoring the local rental rates and set the rental rates accordingly.
- Calculating taxes, profit goals, devaluation, and overhead costs.
- Advertising property vacancies to attract tenants, explaining the services and advantages at the locations, negotiating rental contracts and leases.
- Collecting security deposits and rent from tenants, paying bills.
- Preparing yearly budgets and carry out corrective actions to accomplish different financial goals.
- Analyzing changes and predicting requirements.
- Investigating and resolving the tenants’ complaints and dealing with any potential violators.
- Maintaining property values and getting current tenants to give referrals.
- Carrying out repairs and planning renovations.
- Inspecting vacant units and showcasing them.
- Concluding contracts with landscaping and snow removal services.
- Contacting security services and installing security devices.
- Initiating and enforcing security instructions and cautionary policies.
- Addressing emergencies and preparing the property for employers.
- Collecting information to analyze and review trends.
- Keeping professional and personal networks.
- Constantly updating professional knowledge by participating in professional organizations and exploring new opportunities.
- Achieving organizational goals to the utmost.
- Supervising and coordinating other employees.
- Keeping records, maintaining, supervising, and taking care of vacant properties.
Management skills are the most essential for the position of a property manager.
They have to be able to manage resources and have advanced forward-thinking abilities.
Property managers have to understand financial and accounting principles.
They also need superior supervisory skills to be successful on the job.
Communication skills are important to deal with customers.
Property managers need advanced listening and interpersonal skills.
It is essential to meet the needs of customers and help them find what they want.
When dealing with customers personally, property managers need a certain level of professionalism.
Property managers have to be highly motivated to sell and willing to meet sales goals.
They need excellent negotiation skills and the ability to identify and sell to customers’ needs.
They should always close the deal.
It’s essential for property managers to understand customer service and marketing principles.
They should also be knowledgeable about budgets, agreements, contracts, and financial statements.
Some proficiency in property management software and Microsoft Office can be extremely useful.
They should also be familiar with local, state, and federal regulations.
How to Become a Property Manager
Just like with other positions involving sales skills, property managers need to possess certain qualities to be good at their job.
Someone who doesn’t have any management or sales skills wouldn’t be able to succeed as a property manager.
Mostly, employers prefer to hire people with some college education.
However, it’s not uncommon to be hired as a property manager with just a high school diploma as long as you have advanced skills as required.
In some states, property managers need a real estate license, while in others, only vocational training is enough.
Read the full guide:
How to Become a Property Manager: Definitive Guide + Step-by-Step Instructions
Training and Qualifications
Commonly, it is enough to have a high school diploma to qualify for the position of a property manager.
However, some employers prefer employees with a more extended educational background.
Vocational training in real estate or a bachelor’s degree in a related subject can be a huge plus.
Also, degrees in real estate, finance, or business administration are great for this job.
On the other hand, typically no training can be obtained on the job.
Unless a company can afford to spend time training managers, which is usually not the case, managers have to figure out the aspects of the job and profession themselves.
That’s why individuals with efficient organizational skills and a silver tongue can be more successful in this position than people with formal education but no sales or management experience.
In this industry, personal qualities and experience are far more significant than the educational background.
Experience is a very influencing factor for the job and salary of the property manager.
According to PayScale, with more experience over the course of their career, property managers can increase their salary by more than $15,000.
Also, experience has the biggest impact on your chances of obtaining a more important position.
For instance, a property manager with less than five years of experience can’t get the position of a senior property manager.
They can be higher as an administrative assistant property manager in a development company though.
Since the position is full-time, a property manager works a 45-hour workweek.
Sometimes they have to work in the evenings while meeting with property owners, residents, or board of directors.
So, some overtime work may be required.
However, there’s compensatory time off for the hours worked at nights or on weekends.
Typically, property managers work in an office.
However, they often work away from their desk meeting with renters, supervising projects, or showing apartments.
Some managers may even have to live in the apartment complex where they work to be readily available for emergencies.
As of 2015, the median salary of a property manager was estimated at $55,380 annually with a $26.63 hourly rate, according to the US BLS.
According to PayScale, in 2014, property managers made $45,561 per year.
So, the salary of property managers seems to be steadily increasing.
The employment rate is expected to increase by 8% by 2024.
This growth is as fast as for other occupations in the US.
This average growth is influenced by several factors.
The brightest prospects exist for those who have a college degree in business administration or real estate, as well as those who got professional credentials.
The reason for the growth rate is the fading trust in the real estate and economy systems.
Property managers have a wide range of responsibilities, including dealing with customer complaints, establishing security protocols, and supervising maintenance.
The occupations are still recovering from the financial crisis.
But the salary of a property manager is still decent.