Learn something new every day More Info... by email
A property manager is responsible for the maintenance and management of a physical building or property. There are two types of managers: residential and commercial. The specific tasks required in these two types of roles are different, but the overall position requirements are the same.
In order to become a property manager, most employers require post-secondary education in architecture, business, or property management. Candidates with this type of training are able to review detailed drawings, work with the construction trades, and make decisions about the long-term care of a building or property. Communication skills are also very important for the job. These skills can be obtained through courses or seminars.
Many people gain valuable experience in property management through a position in a building trade. These roles provide valuable experience working with other trade professionals, determining the project needs and ensuring the project remains on budget. On average, adults change careers seven times in their working lives, so cross-functional skill sets are a great way to switch career paths with minimal disruption.
Residential property managers have a combination of business and property-related responsibilities. They are typically responsible for tenant applications, collecting rent, and managing the building budget. The property-related responsibilities include resolving emergency calls, scheduling maintenance, inspecting the property, and managing renovations and other large-scale projects. This role often requires on-call hours to respond to emergencies.
People who work for commercial properties tend to have a specific budget and staff that they are responsible for managing. The primary tasks of this job usually focus on preventive maintenance, renovations, and scheduled property maintenance. The standard of service expected in a commercial building is typically higher than in a residential one.
Commercial properties can range from office towers to sprawling retreats in the country. Each type of property requires ongoing maintenance and management to ensure that it is running properly. The effects of time, weather and people mean that property management will always be a necessary function.
Historical buildings often have a property manager who is responsible for restoration and maintenance. In this role, the person needs a background in architecture to ensures that the appropriate combination of modern and traditional techniques is used to maintain the property.
There are many opportunities for career advancement in a large property management company. These roles are typically office-based, removing the fieldwork aspect of the job. Someone who is interested in such a position should talk with his or her manager about the education and experience requirements to qualify for these jobs.
Mutsy- Property management jobs also involve commercial properties. Often the process is the same as they have to create and maintain a maintenance schedule as well as repair anything wrong with the property.
Property manager jobs require them to become certified in property management and many have real estate licenses as well.
The job outlook for property managers is good because many people dislike many aspects of property management and would often prefer to hire a company to handle these issues then to deal with them themselves.
Many people are fearful of renting to the wrong people that might make their investment property dreams a nightmare.
Suntan12-The budgetary aspects of property management jobs are really important because a home owners association or a condo association has to remain solvent.
In addition, condos have to have a certain amount of money in reserves. This is in case some emergency might come up.
If the association does not have the funds to meet its obligations then the association could be placed into a receivership in which a judge will manage the funds.
It is always important when buying a condo to find out how the health the management association is as well as the number of defaults. Most banks will not finance projects over a 10% foreclosure rate. If the banks do not finance the buildings then the units will be very difficult to sell and the property value of the condo goes down.
This happened a lot in South Florida.
Oasis11-Rental property management requires interaction with the tenants. Often a rental property manager has to collect rent checks and make all necessary repairs to the rental in order to keep it functional.
This is really important because in some states people that live in apartments that have health violations like rodents may have legal recourse.
There is an organization entitled, the Northern Manhattan Improvement Corporation which is an non profit organization located in the Washington Heights neighborhood of Manhattan that provides free legal counsel to people that are facing unlawful evictions.
Sometimes the cases involve people that live in rat infested apartments and refused to pay their rent until the conditions improve in the buildings. New York City has stringent laws to keep landlords in check and a wide amount of rent controlled apartments that can only be raised according to the legal limits.
This makes residential property management more important than people realize.
A professional property management company will ensure that the grounds are maintained and all of the maintenance is scheduled and performed regularly.
They also collect rents and maintenance fees as well maintain a budget for all expenditures. Property management services can really help a property owner that either does not have the time to manage his or her own property, or the property may be located far away which would be logistically difficult to manage.
In these cases, the property management cost is taken from the gross rental income. Most property management companies charge five to ten percent of the gross rental revenue, but some charge significantly more especially if the property is in a resort area with
a lot of rental turnover.
Some property management services may exceed up to 40% of the rental revenue. It is best to really take your time and find the rental property management companies that are cost effective and have a good reputation.
It is usually a good idea to ask for references and view any feedback posted on their site.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!