Property Management

Property management: what you need to know. 

A property management position can be a fulfilling career or an asset for a property investor. Whether you are hiring or making this your full-time job, you need to what the title entails. Property manager responsibilities include: 

• Supervising and coordinating building maintenance and work orders
• Handyman work and cleaning
• Resolving tenant concerns and complaints
• Advertising
• Showing and leasing vacant units
• Collecting and depositing rent
• Communicating regularly with the owner on a property’s status

Most states do require a property manager to have their real estate sales license. This is because certain business activities require a real estate license including: 

• Advertising available rental property
• Preparing property management agreements
• Negotiating lease terms
• Showing rental properties
• Collecting rents

Other requirements: 

• 18 years or older
• High school diploma
• US resident

The rental properties that a property manager can oversee are condos, single family homes, multi-family homes, apartment or even retail complexes. The focus is to make sure that the rental process is going smoothly so that the owner does not have to micromanage the asset. A property manager’s salary is usually determined by the number of rental properties they manage and the value of those properties. Their salary can increase if they have additional educational qualifications, certifications, or experience. According to a national study by Indeed, the average salary is $46,143.00 a year.  

The industry is usually in high demand, especially in highly populated areas where renting is more affordable than purchasing a home. It’s a great career for someone that does not want to sit at a desk all day. The responsibilities include many physical tasks and arranging appointments. It’s a position where you need solid communication skills. This career can also be stressful if you have a tenant or client that is unreasonable. Tenants can make demands or have unrealistic expectations that will make your job difficult. One positive is that you won’t ever be bored. Managing properties means constant maintenance.  

If you work hard and care for the property, then there is plenty of room for profit. It’s a great position that will give you experience in sales, time management, and managing cash flow. If you are still interested in being a property manager, click here to find out if the state you live in requires a real estate license to be a property manager.