Property management is a 76 billion dollar industry, providing plenty of room for opportunity, with growth, profits and employment all on steadily on the rise. If you’re new to the industry, or are considering making a career change, here’s what being a successful property manager entails.
Landlords and rental property owners pass on many of their day to day duties to a property manager, one of the most common of which is managing rent payments. This may be as simple as collecting rent from tenants, but it may also involve setting and adjusting the amount that’s owed, depending on the level of responsibility that is granted to the property manager by the owner or landlord.
Occupancy and Tenants
Another fundamental responsibility of a property manager is handling the tenancy of the property. Generally, this involves such activities as finding and screening potential renters, handling the lease signing, dealing with complaints or emergencies once the tenants move in and overseeing the move out process. In many cases, evictions also fall on the shoulders of the property manager.
Maintenance and Repairs
Ensuring that the property being managed remains in good, working order is another essential role of a property management professional. This typically includes scheduling and managing ongoing, preventative maintenance to the physical property and any equipment therein, as well as handling or facilitating repairs when something goes wrong.
Property managers are often charged with supervising vacant properties to make sure they don’t get vandalized or fall into disrepair. Property management professionals also typically oversee any employees working on the property, such as security personnel and maintenance workers, to ensure they are performing their duties properly.
Budgeting and Taxes
In many cases, a landlord will pass along the responsibility of handling the budget and maintaining important records to the property manager. Whether the budget is pre-determined and the property manager simply acts within it, or he or she plays an active role in setting that budget depends on how much control is granted. In either case, property managers should always keep thorough and accurate records. Property managers may also be tasked with assisting property owners with tax preparation and filing.
These are just the basics of what a property manager does. Additional duties and responsibilities may be included, based on a number of factors, such as the type of property being managed and the terms of the management contract. All in all, however, if you are capable of the above tasks, a career in property management might be a good fit for you.