Property Manager Job Description, Skills, and Salary
Are you searching for a property manager job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a property manager. Feel free to use our property manager job description template to produce your own property manager job description. We also provide you with information about the salary you can earn as a property manager.
Who is a Property Manager?
A property manager is a person or company tasked with managing a real estate asset on behalf of the owner when they are unable to handle such issues themselves. The property may be registered for residential, business office, retail, or industrial use and may be owned under an individual title, a sectional title, share block corporation, or any combination of these. Real estate and physical property are managed through operation, control, upkeep, and supervision. Real estate in this sense can be residential, commercial, or agricultural. Management denotes the requirement for real estate to be looked after and managed, with responsibility for and consideration of its condition and useful life. This closely resembles the function of management in any firm.
A property manager is employed to handle the daily management of a piece of real estate. When property owners or real estate investors are reluctant or unable to manage the properties themselves, they often hire property managers. Investors who do not live close to their rental homes or who do not love dealing with tenants, restrooms, and other issues will find property managers to be the perfect option. Particularly institutional real estate investors, many real estate investors do not want to be actively involved in the venture. Among the duties of a property manager are overseeing and coordinating building maintenance and work orders, performing minor handyman and cleaning tasks, addressing tenant concerns and complaints, advertising, showing vacant units, collecting and depositing rent, and maintaining regular communication with the property owner about the property’s condition. The property manager serves as the owner’s eyes and ears on the property, ensuring that problems are resolved quickly and that the property is maintained professionally.
In addition to managing real estate, property management also includes managing the equipment, tools, and physical capital assets that are purchased and utilized to construct, maintain, and repair finished goods. Property management refers to the procedures, tools, and personnel needed to oversee the acquisition, maintenance, use, and disposal phases of the life cycle of all acquired property, as mentioned above. A seasoned property management firm can be hired by the owner of a single-family home, condominium, or multi-family structure. The business will next market the rental home, respond to tenant queries, perform applicant screening, choose qualified candidates, draft a lease agreement, carry out a move-in inspection, relocate the tenant into the home, and start collecting rental income. The company will subsequently handle any maintenance concerns, deliver financial statements and any other pertinent data to the owner, etc., to the owner. This job has several dimensions, including handling the accounting and money of the real estate properties and taking part in or starting legal disputes with renters, contractors, and insurance companies. Sometimes, it’s thought of as a separate task, reserved for experienced lawyers. Even though it will be part of a person’s job description, an attorney may be working under a property manager. Landlord-tenant legislation is given special attention, and evictions, non-payment, harassment, cutting back on pre-arranged services, and public annoyance are the legal issues that receive the greatest focus from property managers. As a result, a property manager needs to stay up to date on all relevant local, regional, state, and federal fair housing laws and policies.
The primary duties of a property manager include monitoring the continuing upkeep of the owner’s property and guaranteeing tenant happiness. The agreement with the owner will determine any additional obligations, such as finding renters and managing evictions. Finding and evicting renters, interacting with tenants, and working with the owner’s preferences are typical tasks expected of a property manager. Such agreements may also call for the property manager to collect rents, pay taxes and other obligations, and submit periodic reports to the owner. Alternatively, the owner may assign particular tasks and deal directly with other parties. For a charge, a property manager can arrange for a wide range of services that the property owner may require. The property manager may arrange for increased security monitoring, house sitting, the storage and shipping of goods, and other local sub-contracting needs to keep the property comfortable when the owner is in residence when a dwelling (vacation home, second home) is only sometimes used (utilities, systems operating, supplies and staff on hand, etc.). Commercial properties are another type of property that can be managed by a property manager, who may also run the business there. A property manager might need to obtain a license in some areas to practice their trade. The agency is only a secondary obligation for the property management; their primary obligation is to the landlord. Since both parties to the lease will seek and expect certain rights and benefits, the relationship the property manager has with the landlord and the renter is essential in determining the expectations of both sides.
Most of the time, property managers are not required to have a specific educational background or credentials. However, to provide advice on rent levels and tenant attraction and retention, local real estate market expertise is essential. Resident property managers frequently receive free or reduced rent if they live in a building they are managing, in addition to a salary or hourly rate. Property management firms may be compensated on a fee basis or with a portion of the building’s revenue. Hiring a property manager has the apparent benefit of eliminating the owner’s requirement to be there and actively manage the property. This enables a real estate investor to concentrate on making investments in high-quality properties rather than managing their present portfolio of assets. The drawback is that tenants—the property’s primary income source—might not receive the same amount of care and attention as the landlord’s investment. If real estate investors want to expand their assets, they must overcome this cost-related anxiety. Large real estate investors rely on property managers and typically collaborate with a reputable property management firm rather than managing their properties themselves. To succeed as a property manager, you should be able to guarantee smooth daily operations and achieve financial goals. In the end, a top-notch property manager should be able to raise the value of the property and meet tenant demands.
Property Manager Job Description
What is a property manager job description? A property manager job description is simply a list of duties and responsibilities of a property manager in an organization. Below are the property manager job description examples you can use to develop your resume or write a property manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a property manager include the following:
- Maintain and oversee the real estate.
- Respond to grievances politely.
- Make sure to attend to any maintenance requirements.
- Contract workers should be used to maintain or repair infrastructure.
- Check the contractor’s work to ensure that it complies with requirements.
- Tenant inquiries and issues are handled right away.
- Keep track of and uphold the contracts and leases.
- Engage with prospective renters by demonstrating properties and outlining current lease terms.
- Establish business plans for the property, making sure to stay under budget.
- Assist in establishing the property’s rules and regulations and see to it that they are adhered to.
- Keep track of, arrange, and preserve financial and budgetary records.
- Assist in deciding rental costs.
- Manage and oversee the work of the staff.
- Ensure that invoices and bills are paid on time.
- Take rent money in and deposit them.
- Check-in with visitors to the resort to ensure good guest interactions.
- Observe all anti-discrimination legislation and municipal real estate and property rules.
- Create marketing strategies based on an analysis of the property’s performance to boost occupancy.
- Observe all anti-discrimination legislation and municipal real estate and property rules.
- Check properties for upkeep and make any necessary repairs so they satisfy standards.
- Establish and uphold connections with tenants.
- Find and interview renters for empty spaces.
- Rent should be paid on time each month.
- Enforce occupancy regulations and deal with infractions.
- Contract for garbage collection, security, and upkeep.
- Coordinate with the corporate headquarters.
- Prepare reports on the performance of the property for management regularly and offer suggestions for improvement.
- GED or high school diploma.
- A degree in real estate, property management, business administration, or a similar profession.
- Work experience as a property manager or in a position similar.
- Working knowledge of real estate laws.
- Practical knowledge of Microsoft Office and pertinent databases and applications.
- Comprehensive understanding of property management’s financial components.
- Proficiency in property management software and Microsoft Office.
- Knowledge of accounting and marketing concepts.
- Strong time- and project management abilities.
- Excellent interpersonal and negotiating abilities.
- Excellent client service abilities
- Organizational skills: Property managers are in charge of managing maintenance, keeping tabs on every property they manage, and engaging with tenants. They might be in charge of hosting property tours for prospective tenants. You can keep track of your chores and handle your duties more efficiently if you have great organizing skills. Maintain thorough records of any property modifications and maintenance requests, and make a to-do list or use a planner to organize your impending activities. To assist you in organizing critical files, you can also explore various software programs and databases. The organization is necessary for a property manager. Every property they manage, every tenant, every potential renter, every property showing, every security deposit, and every maintenance issue they run into must be kept in mind. Given that property managers must keep up with so many shifting details, organizational abilities are unquestionably a plus.
- Communication skills: Property managers can effectively respond to tenant emails by using clear, concise communication and active listening skills. They can also make sure vendors know exactly what needs to be done on the property. Property managers might benefit from having excellent communication skills by explaining the leasing procedure to prospective tenants. By giving the rest of your team regular updates and sending follow-up emails concerning crucial information, you may hone your communication skills as a property manager. Attentively talk to your tenants and thoroughly address any queries they may have.
- Relevant legal expertise: By communicating, concisely, and actively listening, property managers may efficiently react to tenant emails. They can also guarantee that suppliers are well aware of the tasks that must be completed on the property. By outlining the leasing process to potential renters, property managers may find that having strong communication skills is advantageous. You may improve your communication abilities as a property manager by sending follow-up emails concerning important information and providing the rest of your staff with regular updates. Engage your tenants in thoughtful conversation and answer all of their questions.
- Marketing knowledge: Advertising available apartments and signing new renters are tasks that a property manager must perform. Highlighting the best features of the properties you manage can help you attract interest from potential renters. You can do this by learning how to create a professional property description, take high-quality photos, and create interesting video tours. You may fill units quickly by being aware of which marketing methods will best reach your target market. You might investigate using various social media platforms, email marketing, and independent real estate websites as marketing channels.
- Customer service skills: Tenants frequently contact the property manager first with any queries or issues. You may diffuse difficult situations and have more fruitful talks by honing your customer service abilities. To help your tenants feel heard and understood, be understanding of their questions and repeat some of them back to them after you have answered. You can increase trust with your tenants and enhance their experience by letting them know you are willing to collaborate with them to find a solution.
- Time management skills: Successful property managers understand how important time management is, especially if they are in charge of several properties. You may reduce stress, do jobs more quickly, and attend to continuing requirements of tenants by managing your time well. To plan your day and ensure that you utilize your time effectively, you can use a planner, to-do list, or task management software.
- Real Estate Knowledge: A property manager should be very knowledgeable about real estate. While some states mandate that property managers hold real estate licenses, others may call for other or extra qualifications and certifications. Even if your state doesn’t mandate any particular credentials, you’ll discover that many prosperous property managers get several distinctions to demonstrate their expertise and all-around proficiency. A property manager who has a thorough understanding of real estate is knowledgeable about the rental market. They are also knowledgeable about the frequent concerns that come with rental homes, so they know how to prioritize and deal with any problems that do.
- Financial skills: One of your responsibilities as a property manager may be to negotiate lease agreements, collect rent and utility payments, pay vendors, and keep track of daily spending. The property you manage can remain profitable if you have a solid financial foundation. Maintain an updated spreadsheet to track your revenue and carefully record your income and outgoings. To find the accounting software that best meets your demands, you may also utilize a search engine to compare its features. By doing so, you may anticipate potential future property earnings, maintain organization, and rapidly generate reports.
How to Become a Property Manager
Step 1. Research and the Legal Requirements
The first step before beginning any profession in the real estate sector is to be aware of what is required of you by law. Because each state has different standards, this is relevant to people who are interested in managing investment properties in the US. For instance, the majority of states demand a real estate broker license from property management organizations. The reason for this is that many of a property manager’s responsibilities are similar to those of a real estate agent. Depending on the kind of real estate property you intend to manage, different laws might or might not apply. Which rules and regulations apply to you is totally up to you to determine. Additionally, to become a licensed property manager, states often need that you meet certain criteria related to your age, real estate education, experience, domicile, and maybe even an exam.
Step 2. Get Required Real Estate Education
Most employers don’t demand property managers to have a certain level of education, and other employers may only require a high school diploma. Despite this, an increasing number of property management firms favour hiring college graduates. A bachelor’s or master’s degree in real estate, business administration, public administration, finance, or accounting is therefore something you should preferably pursue. This can assist you in developing the real estate-related abilities you need, such as marketing and strategic management, which will improve your chances of landing a job as a property manager. Additionally, it is crucial to have an understanding of the local property market and the real estate sector. This is why some businesses look for applicants who have real estate-related vocational training or a real estate license. Experts frequently advise newcomers to enroll in courses in real estate development, management, finance, urban planning, and affordable housing administration. If returning to school is not an option for you, taking real estate courses is wonderful because you can do them online. Another great piece of advice is to apply to a real estate brokerage or property management firm for on-the-job training or entry-level employment and work your way up the ranks as you gain knowledge and experience.
Step 3: Pass the Real Estate Certification Exam and Obtain Specialized Certifications
This is crucial because, even if you’re studying to become a property manager in a state where a license is not necessary, you could still need to pass a certification exam. Although each state has its criteria, the majority of them need either a real estate license or a license in property management. You can learn more about the state standards in your area through the National Property Management Association. You can demonstrate to businesses and potential clients that you have a high level of professionalism and dedication by becoming a certified property manager. The best practices in the industry will be clear to you, and more significantly, you’ll know more than the typical property manager. This gives you a benefit and creates chances for you as your career develops. Although it could be necessary to have a license, many entry-level property managers operate under a supervisor, therefore a license is not always necessary. In positions like residential property management or self-storage property management, this is frequently the case.
The Institute of Real Estate Management certifies some individuals. This procedure calls for passing multiple tests, completing ten courses successfully, and providing documentation of relevant work experience. When certain educational or professional qualifications are attained, up to seven of the course requirements may be dropped, as assessed by an IREM review process. Additionally, the program requires IREM association dues payment and letters of recommendation about candidates. In some states, passing the real estate licensing exam is a prerequisite for property managers. This is because you will be managing many responsibilities as a property manager that are subject to real estate law, such as selecting tenants and creating leases. States have different requirements for real estate licenses. However, you will probably be required to finish a classroom learning component of the licensing procedure in addition to the state exam if your state stipulates that passing your real estate licensing exam is a prerequisite for becoming a property manager. Potential property managers can choose from a wide range of professional certifications, including;
- National Apartment Leasing Professional (NALP) certification.
- Certified Apartment Manager (CAM) certification.
- Certified Property Manager (CPM) certification
- Master Property Manager (MPM) certification
- Certified Manager of Community Associations (CMCA) certification
- Residential Management Professional (RMP) certification
Step 4. Get a Job as a property manager
The next step in learning how to manage a rental property is, of course, to land your first employment after earning the necessary certification. It can be challenging to locate a landlord who needs a manager. The ideal rental property can be found in a variety of methods for savvy property managers, though. First things first: start by telling your friends and business associates that you’re pursuing a career in property management and searching for rental properties. To stand out as a top candidate for this role, it’s a good idea to customize your resume to the job ad as experience requirements and desirable abilities vary among property management jobs. If you don’t receive a response after a few days, reapply for the position. In this follow-up, you have the perfect opportunity to show the hiring manager your excitement for the job and emphasize your excellent organizational abilities, which are crucial for property managers. You might also apply for a job as an assistant property manager, which would provide you with the opportunity to work in an entry-level property management role while learning the fundamentals of the field. It is possible to gain knowledge of and experience in property management before submitting applications for the certifications or passing the relevant exams, as these entry-level professions also infrequently call for certificates to operate in the sector.
Where to Work as a Property Manager
A property manager’s workplace is typically an office, though they might need to travel occasionally to check on properties or attend meetings. They are employed in property management settings such as apartments, businesses, or agricultural land to oversee general upkeep. Though they could be forced to work evenings or weekends to attend meetings or open houses, property managers normally work conventional business hours. Being in charge of the property’s overall management, which includes budgeting, marketing, and maintenance, can be stressful. Senior property managers are in charge of this. Additionally, they need to be capable of handling complaints and dealing with troublesome tenants.
Property Manager Salary Scale
In Nigeria, the average monthly salary for a property manager is about 393,000 NGN. The salary range, from the lowest to the greatest, is 204,000 NGN to 601,000 NGN. This is the typical monthly wage, which also includes housing, transportation, and other amenities. The salary range for property managers in the United States normally ranges from $86,943 to $120,382, with $104,942 being the average salary.