How to Become a Property Manager
Property Manager Job Details
Skills and Qualities of a Property Manager
Property Manager Salaries
Influential Professionals in the Property Manager Field
Leading Property Manager Organizations
Top Cities for Property Management Jobs
Other Careers of Interest
How to become a Property Manager
Property managers supervise the day-to-day running of both commercial and residential properties. These properties are income-generating investments. They see to it that real estate investments earn the revenues that are expected of them. Property managers' jobs are normally reserved for college graduates. There is an increasing trend by most property management firms to hire unpracticed graduates who have bachelor's or master's degrees in the fields of real estate, finance, accounting or public administration. Prior to becoming full-pledged property managers, these persons begin their careers in assistant property managerial positions. Here they work closely with property managers and learn skills that include budget preparation, analysis of insurance coverage, marketing of property to potential clients/tenants and collection of late rent payments. Others begin their careers as onsite managers of various properties that include apartments or office complexes. As they train under more experienced property managers they learn handy skills that often see them being promoted to the positions of assistant offsite property managers.
In addition to on-the-job skills that are learned property management firms encourage their staff to attend various short training programs that are organized by a number of professional and trade fraternities that are inherent in the real estate business. These courses give the largely unexposed persons skills in management and designated subjects including accounting and financial matters, tenant relations, business and real estate law, insurance, risk management, communications and how to add value to various properties. The property managers are often encouraged to sit for written examinations to receive certifications from various sponsoring associations. Persons who have a combination of job experience, certifications and formal training programs stand better chances of advancing their property management careers.
What does a Property Manager do?
Property managers are tasked with the responsibility of seeing to it that the financial obligations of a given property are adhered to. These include issues regarding rent, taxes, insurance, mortgages and maintenance bills. Property managers ensure that these commitments are settled in time. Senior property managers oversee the writing of financial statements and regularly update property owners on the condition of their property, occupancy, etc. Property agents are also responsible for ensuring that specialists carry out various repair and maintenance that must be regularly done on the property. Property managers make purchases of necessary supplies and equipment required for the property. Further, they make arrangements for contracts concerning various important services that include garbage collection, cleaning services, plumbing work, security and other associated services. They advise property owners on what service providers to engage. They listen to and handle complaints from tenants with regards to the conditions of the property and provision of associated services. Property managers are required to comprehend and consent to all stipulated legislations that are concerned with the management of property including the local fair housing laws. Their property advertisement and rental practices should always be free from any possible discrimination. They are also supposed to constantly ensure that the property they manage is always in compliance with all building codes and regulations.
What skills or qualities do I need to become a Property Manager?
An increasing number of employers in the property management industry are now placing emphasis on hiring persons with financial, communication, and administrative skills to fill in the managerial positions in their firms. This is a departure from past practices where those with qualifications in building maintenance were preferred in managerial positions by virtue of their grasp of a building's mechanical structures. In addition to the skills that are aforementioned, property managers need to be astute at analyzing financial data and patterns so as to be able to determine a property's value and its development capacity potential. Property managers are supposed to have eloquent skills in negotiating and convincing potential tenants and property owners. They should be computer savvy, capable of handling different people with tact, resourceful and good at speaking and writing. Onsite managers who have a background in real estate sales are at an advantage since they possess handy skills that are vital when displaying office spaces or apartment buildings.
How much does a Property Manager make?
Median annual earnings of salaried property, real estate, and community association managers were $43,070 in May 2006. The middle 50 percent earned between $28,700 and $64,200 a year. Land subdivision property agents earn the highest salaries followed by those in local government. Lessors of real estate earn the least. Property managers are compensated in instances where they have used their personal vehicles. Those that are involved in land development are apportioned small percentages in the properties that they help to develop.
Who are some influential professionals in this field?
Sam Zell is one of the most prominent property management moguls. He and Robert Lurie have founded Equity Group Investments LLC, which comprises three real estate public companies including Equity Residential, Equity Office Properties and Manufactured Home Communities.
Frank Johnston is the President of Royal American Management. He rose through the ranks having started at Royal American Construction in 1981. Back then he was in charge of general contractor/subcontractor interface during construction work in Florida, Georgia and Alabama.
What are some leading organizations in this field?
Equity Residential is a publicly traded real estate firm that is based in Chicago. The firm owns or has stakes in more than 550 apartment properties in 23 states. This is in addition to corporate housing and condominium interests. Altman Management Company manages more than 14000 apartment homes in and beyond the Mid-Atlantic region. Real American Management Inc. is a renowned apartment community marketing, management and maintenance firm that was formed in 1971. The firm is based in Panama City, Florida.
What are the top cities for Property Management jobs?
The ever growing real estate, rentals and leasing industry is set to spur an increase in the demand for property managers. Commercial and residential property owners are expected to source the services of property management firms in a bid to increase the resale values of their properties. Property managers are required in New York, Dallas, Chicago, Houston and Los Angeles.
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