Not all licensed real estate agents and brokers work in residential and commercial sales. Some work behind the scenes at a brokerage or go into real estate marketing. Some work for lending institutions or become title examiners or escrow officers. Still others work in the rental market and become property managers. Learn about the roles and responsibilities of a property manager to see if this is a good fit for you as a career or a side hustle.
A career as a property manager offers several advantages. It can be lucrative, with an average salary of $112,203. The growing demand for rental properties ensures stable employment opportunities. In fact, it’s expected to grow faster than the average career. Finally, this role involves diverse responsibilities, from overseeing maintenance to tenant relations. As a property manager, you will be able to develop communication, problem-solving, and strategic decision-making skills.
Let’s learn more about what it’s like to be a property manager, including some of the roles and responsibilities of being in the position.
What Is a Property Manager?
A property manager is a professional responsible for overseeing and managing real estate properties on behalf of the property owner. You may specialize in managing a specific property type as a property manager. Many states require that property managers have a real estate license.
Learn more about entering the field by reading How to Become a Property Manager in 2024.
What Does a Property Manager Do?
In general, a property manager oversees the daily operations of real estate properties, ensuring they are well-maintained and profitable. They handle tenant relations, collect rent, coordinate maintenance and repairs, and ensure compliance with property laws and regulations.
You may be intrigued by the idea of becoming a property manager – either as a primary role or to add to the list of services your brokerage offers. Before you commit to the responsibilities, it’s essential to understand the diverse tasks you will complete as a member of the profession. Most days, you’ll have the pleasure of helping families find homes (or business owners find places to conduct their operations). However, handling evictions is also part of the job.
Related: Top 10 Office and Managerial Jobs in Real Estate
Property Manager Job Roles & Responsibilities
Here’s a list of tasks often completed by property managers and their staff. You’ll notice that the roles and responsibilities are diverse, as the occupation allows you to develop many skills.
Related: 10 Careers in Real Estate: Choosing the Right Real Estate Career for You
1. Tenant screening
Tenant screening is critical for property managers to ensure prospective tenants are reliable and financially stable. This involves conducting background checks, verifying employment and income, checking credit reports, and contacting previous landlords for references.
Effective tenant screening helps mitigate risks such as late payments, property damage, and eviction proceedings, thereby protecting the investment and maintaining a safe living or working environment.
2. Rent collection
Rent collection is a fundamental responsibility of property managers, as this responsibility ensures timely and consistent cash flow for property owners. As a property manager, you will set clear rent payment policies and maintain accurate records. Property managers also enforce penalties as stipulated in the lease or rental agreement.
3. Tenant dispute settlement
Tenant dispute settlement is a crucial aspect of property management, requiring effective communication and conflict resolution skills. Property managers sometimes must mediate conflicts between tenants, addressing noise complaints, parking issues, and other disagreements. They must also manage lease violations while reducing tenant turnover and upholding the property’s reputation.
4. Property maintenance & repairs
Property maintenance and repairs are essential duties of a property manager, as they ensure the property’s safety, functionality, and aesthetic appeal. Property managers perform routine inspections, oversee timely repairs, and conduct preventive maintenance projects to address issues before they escalate. They also coordinate with contractors and service providers for plumbing, electrical work, landscaping, and HVAC servicing tasks.
5. Evictions
Handling evictions is a challenging yet necessary responsibility of property managers. You may have to remove tenants who violate the terms of the lease, such as non-payment of rent or disruptive behavior. Property managers must ensure evictions comply with local laws and regulations to avoid legal repercussions.
6. Advertising vacancies
Property managers must minimize vacancy periods to ensure the profitability of the investment. Advertising vacancies is a vital task for property managers. This involves creating compelling listings highlighting the property’s features, amenities, and location benefits. Property managers utilize various platforms, including online rental websites, social media, local classifieds, and signage, to reach a broad audience.
7. Compiling leasing agreements
Compiling leasing agreements is a key responsibility of property managers, ensuring clear, legally compliant contracts between landlords and tenants. With the help of a legal expert, a property manager oversees the creation of a lease agreement that covers rent, duration, security deposits, maintenance responsibilities, and policies on pets, guests, and other rules.
Property managers must stay updated on local laws to include necessary clauses and prevent potential legal issues. They also review and explain the agreement to tenants, addressing any questions or concerns.
8. Other responsibilities
In short, property managers work to keep tenants and owners happy. They focus on tenant retention and may even organize events to foster a sense of community among tenants. At the same time, they must manage the budget to ensure the profitability of the investment.
Types of Property Managers
Property managers often specialize in niches, just as real estate salespeople. Here are some of the types of property management jobs you might consider.
1. Residential property manager
Effective residential property management protects the property owner’s investment and ensures a pleasant living environment for tenants.
Residential property management involves overseeing the daily operations of residential properties such as apartments, houses, and condominiums. This includes tenant screening, rent collection, maintenance and repairs, lease agreement management, and addressing tenant disputes.
Property managers ensure the property is well-maintained, legally compliant, and profitable. They also work to enhance tenant satisfaction and retention.
2. Commercial property manager
A commercial property manager oversees the operations and maintenance of commercial properties such as office buildings, retail centers, and industrial facilities. Similar to the responsibilities of a residential property manager, a professional who focuses on commercial properties leases space to businesses, collects rent, coordinates maintenance and repairs, and ensures the property complies with relevant laws and regulations. They also manage tenant relations, handle budgeting and financial reporting, and implement strategies to maximize property value and occupancy rates.
3. Industrial property manager
An industrial property manager manages warehouses, factories, and distribution centers. Their duties include leasing space to tenants, collecting rent, coordinating maintenance and repairs, and ensuring the property adheres to safety and environmental regulations. They oversee security, logistics, and infrastructure management to support tenant operations. Industrial property managers also handle financial tasks such as budgeting, financial reporting, and implementing cost-saving measures.
4. Special purpose property manager
A special purpose property manager oversees properties designed for specific, unique uses, such as schools, hospitals, theaters, sports arenas, and places of worship. Their responsibilities include managing the day-to-day operations, ensuring the property meets regulatory and safety standards, and coordinating maintenance and repairs.
Are you considering property management as a stand-alone career or as another service to add to your real estate portfolio? Regardless, many states require that property managers have a real estate license to ensure that leasing and renting laws and regulations are followed.
Get started earning your state-specific real estate license today to work as a property manager with Colibri Real Estate School. Colibri (formerly Real Estate Express) has been providing quality online real estate education courses for decades. We have helped hundreds of thousands earn real estate licenses and prepare for a thriving career. Take a look at our student reviews – we are proud of them!
Key Takeaways
- Property managers handle various tasks, including tenant screening, rent collection, dispute settlement, maintenance, and evictions to ensure properties are well-maintained and profitable.
- There are different types of property managers, such as residential, commercial, industrial, and special purpose, each with unique duties tailored to specific property types.
- Effective property management requires strong communication, problem-solving skills, and a thorough understanding of local laws and regulations to protect the property and ensure tenant satisfaction.
- A career in property management can be lucrative and stable, with a growing demand for rental properties. Most states require property managers to have a real estate license to ensure compliance with leasing and rental laws.
Source:
“Property Manager Salary.” Salary.com. Accessed July 9, 2024. https://www.salary.com/research/salary/benchmark/property-manager-salary.
