The Property Manager helps investment property owners and homeowners in preserving and increasing the value of their real estate investments.
- The Property Manager manages the day-to-day financial operations of the property.
- The Property Manager finds and places qualified tenants in the property.
- The Property Manager ensures that the property is in good working order.
The Property Manager has many varied duties that require full time attention. Part of the Property Manager duties is in marketing. It requires him/her to make sure that the property is occupied with qualified tenants who pay the rent and keep the property in good working condition. Many times the Property Manager finds these tenants by advertising, lead follow-up, and interviews. The Property Manager then must show the prospective tenant the property and answer questions that the tenant asks concerning the property.
The Property Manager is responsible for rental agreements that meet with the owner’s requirements and the tenant’s needs. The Property Manager collects deposits and rents, enforces terms of the rental agreements, resolves tenant complaints, and oversees eviction proceedings when it becomes necessary. The Property Manager must make reports to the owners, deposit collected money from rents and deposits into the appropriate accounts.
The Property Manager often is responsible for maintenance and repair on property. He may do the work himself or schedule a contractor to come in and do the work. The Property Manager deals with vendors by negotiating contracts and verifying work performed. The owner depends on the Property Manager to keep things up to date on the property and in good working order. The Property Manager is responsible to conduct inspections on the property but must first notify the tenant before entering. When a tenant calls with an emergency repair the Property Manager is responsible to take care of the tenants needs. That is repair on things like plumbing, electricity, water leaks etc. The Property Manager is not responsible for personal injury or illness emergencies the tenant needs to call the appropriate agency for help.
The Property Manager must keep an open relationship between himself and the property owners by providing reports of vacancies, tenant information, physical condition of the property and any other situations that arise during the course of his tenor. The Property Manager is responsible for any financial records that must be kept but must be reported to the owners. He must be familiar with applicable local, state, and federal laws that pertain to property management and tenant rights. The Property Manager needs strong interpersonal and business communications skills. The Property Manager needs the capabilities of a high level of organizational skill paying close attention to detail. The Property Manager must be competent with office management software. The capability of using the computer, keeping a database, preparing reports and in some cases writing letters or notices to the tenants. In some states in order to be a Property Manager you must also have license as a Real Estate Broker. The Property Manager usually takes care of several different property sites requiring him to be able to maintain the same high performance for all sites. When the Property Manager lives on the site and this is the only site that he is responsible for then he is consider more as building manager instead of a Property Manager. There are companies that manage properties and hire individual to work as their Property Manager taking charge of many different units at the same time.
The Property Manager needs to be certified as a Real Estate Broker with a working license in the area that he is servicing. Also most agencies require their Property Managers to have some community college knowledge in skills in bookkeeping, computer software programs, and especially the laws that govern tenant and property ownership. Most Property Managers usually attend an accredited college or university and test state wide for their Real Estate Broker Licenses. This is very helpful when you want to work for a property management company. You will get most of the training you need to be a Property Manager when you go to school for your Real Estate Broker licenses. You only need to add a few courses in computer skills and accounting to be able to perform your functions as a Property Manager.