You will be hired as a property manager to manage the operations, maintenance, and administration of a property rental for an owner. Marketing rentals and finding tenants are among your responsibilities, as are ensuring rental rates are competitive while covering taxes and expenses, collecting rent, and adhering to rental laws.
In this guide, we’ll be looking at the most common responsibilities of Property Managers while providing a sample of what a property manager job description looks like.
Who Is a Property Manager?
Property managers are people who specialize in ensuring that a property is run according to the owner’s instructions, whether those instructions are financial, focused on providing appealing living conditions, or both.
Individual property owners may give verbal instruction on their aims for the property, while corporate property owners may issue mission and vision statements for their assets.
The manager ensures that the property is occupied by responsible renters, that payments are collected on time, that budgets are followed, and that the rental is adequately maintained.
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Property Manager Job Description – Responsibilities
It’s worth noting that not all managers are willing to take on the same number of tasks. Some people put in more effort, while others put in less. Let’s take a look at the property manager’s job description.
1. Finding New Tenants
Tenant management is frequently part of a property manager’s job description. Landlords are primarily responsible for this, and many prefer to delegate it to property managers. Finding and attracting tenants is a common part of tenant management.
Residential property managers are required to fill the property’s vacant rental units. As a result, marketing a rental property is part of the job description. They’ll have to publicize the rentals and place convincing adverts on relevant listing sites and other rental-advertising sites.
2. Tenant Screening
Property managers are also responsible for ensuring that new prospective tenants are trustworthy. Professional property managers frequently use a tenant screening process that examines the credit histories and backgrounds of potential tenants.
The good news is that the more people they screen over time, the better and faster they will be able to select the proper tenants and minimize high tenant turnover.
3. Handling Complaints
Maintenance and handling complaints are also common property management responsibilities. For example, if someone is having frequent parties at the property and the neighbors complain about it, it will likely be the property manager who will have to deal with it. Sometimes property managers even have to handle emergency situations, so you should also be aware of the safety precautions taken at the property.
4. Coordinating Tenant Turnover
The coordination of tenant turnover is one of the property manager’s tasks. Property managers, after all, are in charge of coordinating when tenants move in and out. Before new renters move in, property managers must inspect the rental premises for damage left by prior tenants, organize cleaning, and repair any damages.
When tenants generate problems, the property manager is in charge of evictions. This means they should be familiar with landlord-tenant rules and have the confidence to deal with the problem confidently.
5. Setting, Collecting, and Adjusting Rents
A landlord’s primary task is to collect rent. As a result, property manager tasks can also involve lease administration, which is a chore that landlords are happy to delegate to property managers.
In most cases, the property manager will establish and implement methods for collecting rent from renters. They’ll almost certainly need to contain severe deadlines and penalties for late payments, as well as a way to verify that all rents have been paid on time.
Not only is the property manager in charge of collecting rents, but he or she is also in charge of determining the rental rate. This necessitates that they have a thorough understanding of the market.
A property manager must set rents in such a way that tenants are attracted to the property while simultaneously generating rental income for the owners. Similarly, based on changes in the real estate market, property management can raise or cut rent on a yearly basis.
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6. Property Maintenance
Property maintenance is another responsibility of property management. This will keep the property in good repair and provide a secure atmosphere for the tenants. Maintenance entails looking into and addressing tenant concerns as well as enforcing occupancy laws. They will also inspect any vacant flats and, if necessary, maintain and renovate them, or coordinate contractor work. It’s worth noting that in colder climates, basic upkeep may entail hiring snow removal services.
7. Securing the Property
Property managers’ responsibilities typically extend beyond basic property maintenance. They’ll also have to secure the property by hiring security guards, installing adequate security gadgets, or doing both. Their responsibilities will also include developing emergency preparedness policies and procedures. A knowledgeable property manager understands that the more secure the rental property is, the more secure the tenants feel. Tenant retention improves as a result of this.
8. Overall Supervision
A property manager’s responsibilities and position are frequently more than meets the eye. Yes, property managers are responsible for the more visible day-to-day chores and services, but they can also handle the entire operation in the background. That is if the real estate investor wants to take advantage of the full range of property management services available.
Property managers can be hired to handle all aspects of the property’s analysis, planning, and management. To do so, they’ll require a diverse range of management talents as well as real estate understanding.
If the rental property has other employees, such as security guards, the property manager’s responsibilities include overseeing their work. This includes determining their pay and appraising their work. Other possible contractors at the property will be supervised by the property manager.
9. Financial Management
Financial management for a residential property manager begins with assessing and creating the appropriate rental rates, calculating costs, depreciation, and taxes, and defining realistic profit targets and a budget to reach them. A property manager is also expected to meet financial goals in addition to planning. They accomplish this by collecting rentals and paying invoices, keeping notes of discrepancies, and taking remedial action to get the budget back on track.
10. Staying Up-to-Date and Enforcing Landlord-Tenant Laws
Professional property managers must be well-versed in local landlord-tenant laws, including those governing tenant screening, security deposits, lease terminations, and evictions, as well as property safety standards. They will be responsible for enforcing these, as well as all other policies outlined in the leasing agreements. Confronting potential violators is one example.
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Property Manager Skills
Some of the most critical talents a property manager can have are:
Communication skills
Property managers can use clear, concise communication and active listening skills to successfully reply to tenant emails and ensure vendors understand exactly what needs to be done on the property.
They use good communication skills to explain the leasing process to new tenants. As a property manager, you may hone your communication skills by providing regular updates to your team and sending follow-up emails with crucial information. When conversing with your tenants, use active listening and thoroughly address any questions they may have.
Relevant Legal Expertise
To protect each property they oversee and maintain compliance with all regulations, a property manager must have a thorough understanding of real estate and pertinent landlord-tenant laws. Property managers may be required to have real estate licenses in some states, while others may demand different certificates or licenses.
Investigate the regulations for the state in which you propose to manage properties using a search engine. Then subscribe to relevant newsletters, read real estate magazines, or join a networking group to stay up to date on real estate laws and regulations.
Organization
Property managers are in charge of keeping track of all of their properties, contacting tenants, and managing maintenance. They could also be in charge of presenting properties to prospective tenants. You can keep track of your chores and manage your duties more successfully if you have great organizational abilities. Keep a precise record of property changes and maintenance requests, and prioritize forthcoming activities with a to-do list or a calendar. You can also look at various software apps and databases to aid in the organization of crucial files.
Marketing knowledge
A property manager’s responsibilities include advertising available flats and signing new tenants. Knowing how to write a professional property description, take high-quality images, and create interesting video tours may help you showcase the greatest features of the homes you manage and pique potential tenants’ interest. Knowing which marketing methods are most effective in reaching your target audience can also assist you in swiftly filling units. You could use various social media platforms, email marketing, and third-party real estate websites as marketing tools.
Basic building maintenance
Understanding how buildings work can help you conduct thorough and well-documented inspections as a property manager. It can also assist you in identifying potential maintenance issues and responding to tenant concerns in a timely manner. This can make prioritizing maintenance work based on their urgency much easier. Electrical repairs, grounds upkeep, and reconditioning are some of the essential maintenance skills you can master.
Customer service
When tenants have questions or concerns, they frequently contact the property manager first. Practicing customer service skills will assist you in defusing heated situations and having more fruitful conversations. To make your tenants feel heard and understood, show empathy by repeating parts of their queries back to them when you deliver your response. You may improve your tenants’ experience by letting them know you’re willing to work with them to find a solution.
Time management
Successful property managers understand the need for time management, especially if they manage many properties. Managing your time effectively will help you avoid stress, complete chores more quickly, and respond to renters’ continuing needs. To arrange your day and help you use your time wisely, utilize a planner, to-do list, or task management software.
Financial skills
You may be responsible for negotiating lease agreements, collecting rent and utility payments, paying vendors, and keeping track of daily spending as a property manager. Having a strong financial background might assist you in maintaining the profitability of the property you manage. Maintain a detailed account of your income and expenses by keeping an updated spreadsheet. You can also use a search engine to find several accounting software applications and choose the one that best meets your demands. This can help you stay organized, prepare reports quickly, and forecast how much money you’ll make from your property in the future.
Technology skills
Property managers may market available apartments, provide 3D property tours, and schedule showings using a variety of web tools. They may also use software to generate invoicing, reply to tenant inquiries, and keep track of their finances. To familiarize yourself with the most popular software tools and websites used by property managers, do some research and brush up on your technological abilities.
Relationship building
Every day, property managers interact with a diverse range of people, including renters, vendors, and workers. Increase tenant retention, boost vendor performance, and make staff feel valued by focusing on relationship building. To establish rapport, greet everyone with a smile, use their preferred name, and inquire about their interests or hobbies. You can also seek ways to assist your tenants and show your appreciation for your vendors or staff.
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How To Improve Your Property Manager Skills
Here are some things you can do to improve your property managerial skills:
1. Join A Local Networking Group
Participating in local networking groups might assist you in increasing brand recognition and meeting new vendors. It can also aid in the development of your communication skills and the formation of relationships with individuals in your community. Finally, it can enhance your company’s reputation as well as generate interest in your rental homes.
2. Practice Active Listening
Active listening can help you improve your communication skills and build stronger relationships. When speaking with tenants, vendors, or employees, pay attention to your body language and attempt to be present at the moment. Making eye contact, smiling, and pausing to allow others to ask questions can demonstrate that you are interested in what they have to say and that you understand them.
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3. Invest in yourself
Invest in yourself as a property manager by attending seminars and furthering your knowledge. This will enable you to stay informed about changes in the real estate and property management industries. Finance, social media marketing, and general business training are some of the online courses that might help you flourish as a property manager.
You may also sign up for industry magazines to keep up with the newest developments in real estate and property management. This can help you provide better service to your tenants while also allowing you to continue learning as a property manager.
How Much Do Property Managers Earn
The national average property manager income in the United States is $54,183 per year, according to Glassdoor, one of the world’s leading employment and recruiting sites. The typical pay range is $36k to $79k, with $36k being the lowest and $79k being the highest. As you can see, while all property managers have identical jobs and obligations, their salaries differ greatly.
Property Manager Job Description Template
Job Overview
Come work at Example Co., a Springfield-based leader in our field. To join our team, we are seeking a competent Property Manager. Example Co. is a great place to improve your career if you’re serious about your next job. With us, you can make your next career move.
Responsibilities For Property Manager
- Oversee, maintain, and inspect all designated buildings and properties
- Coordinate ongoing maintenance and inspections to comply with all relevant laws, codes, and company policies
- Select tenants through interviews and background checks
- Collect rent, pay invoices, and analyze operating statements
- Prepare the annual budget and report on financial performance regularly
- Manage on-site staff, and vendor and contractor relationships
- Address tenant complaints, violations, and problems
- Prepare and maintain all records, correspondence, and files
- Establish and maintain relationships with tenants
Qualifications for Property Manager
- Bachelor’s degree highly preferred; equivalent work experience in property management will be considered
- CPM, RPA, or RAM designation preferred
- 5 years of experience in property management
- Highly proficient in Microsoft Office
- Strong interpersonal skills
- Proven ability to comply with operational policies and procedures, codes, and regulations
- Must be able to read, write, and speak fluent English
- Exceptional organizational, problem-solving, and interpersonal skills
- Strong familiarity and working knowledge of affordable housing laws and anti-discrimination legislation
Conclusion
As you probably noticed, property manager responsibilities can include only a few essential tasks or include the entire management of the rental property. It is safe to say that property managers need to acquire various skills and knowledge for managing rental properties successfully.
References
- What are the responsibilities of a property manager?
- 10 Common Property Manager Responsibilities
- For Home Owners – Your Property Manager’s Duties and Responsibilities Explained
- Property Manager Skills: Definition and Examples
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