Property management is a growing field in the United States. It requires the skills needed in both real estate and business management. Property managers are responsible for booking maintenance, paperwork, daily tasks, and money circulation. A property manager has expansive control, knowledge, and expertise. The following serves as a basis for the formal qualifications of the field.
A property manager is responsible for preserving the value of a property through maintenance. A property manager comes in because usually landlords and owners lack sufficient skill to manage their own property. The property managers do not maintain the grounds, but they are usually responsible for drafting contracts with landscaping and janitorial services that will. Property managers generally earn around $36,880 annually. Property managers may work onsite or offsite. If they work onsite they will enforce agreements made between residents and administration. They will collect rent, handle termination-of-lease procedures if the rent is not paid, and enforce parking and pet violations. If they work offsite, they serve as a liaison between the people who are onsite. For example, they will tell a landlord that someone hasn’t paid the rent but not collect it themselves. Property managers are not simply a police-like figure hired by landlords and owners, they care about renters and consider their wishes and demands.
Education and Training
Important qualities that a property manager must have includes speaking, writing, computer, and financial skills. The most valuable credential is experience in management. Onsite managers should also have basic experience involving real estate and understanding of building mechanics. There is no required amount of education needed to be a property manager, however, it can be beneficial to obtain a bachelor’s and/or master’s degree. Formal degrees in business administration or real estate are most recommended. If a property manager intends to work in public housing they will need to be certified by the Federal Government.
Property management personnel may be certified with one or multiple titles pertaining to their position. These titles are awarded by organizations such as the National Association of Realtors and require successful completion of certain training courses. These designations make the property manager more valuable to their career field and make the recipient more proficient and capable of assisting a wider variety of clients.
Tracking the finances for a property and keeping records of its tenants is a complex and detailed process so it is important to manage data in the most effective manner. Property managers should maintain various digital files with information that can be updated quickly and periodically. There are various property management software programs available on the market, each with specific features and benefits. Some of these programs include emergency notification call trees, response polls, status updates referring to progress, and the ability to attach notes on files. However, it is important to make sure that any purchased property management programs are secure as the files will hold important personal information.