Property managers also known as community association managers are responsible for overseeing properties to assure it has a nice appearance, proper maintenance, and keeps its resale value. They show the property to prospective renters and discuss the requirements and terms of occupancy. They may collect monthly fees, pay, or delegate bill payments like taxes, insurance, maintenance, and payroll.
Watch a video to learn what a property manager does.
How to Become a Property Manager
Most employers prefer that a property manager have a bachelor’s degree or may even ask for a master’s degree in accounting, business administration, real estate, finance, or public administration. Some employers may consider a high school diploma depending on the job or if they offer vocational training. In addition some property managers are required to have a real estate license as this is a valuable background when showing commercial properties.
Pending on what state you reside in and what title you hold you may also be required to obtain professional credentials by attending additional training in management skills or specified fields such as mechanical systems, risk management, personnel management, laws and regulations, liabilities, tenant relations, and financial concepts that may be necessary to be effective in their job duties.
Job Description of a Property Manager
A property manager contracts property landscaping, trash removal, security, swimming pool maintenance, and other services. They also investigate and resolve any complaints from tenants or address any violations committed on the property.
A property manager keeps accurate records of all rental activity and any owner requests. They must also prepare financial and budget reports. Property managers show potential tenants properties and inspect properties as tenants move out. About half of property managers are self-employed but others work for complexes or associations. At times they may be required to reside or get discounted rates to live in the apartment complexes where they work thus are available to respond to emergencies when necessary.
Property Manager Career Video Transcript
Owners of commercial buildings, apartments, and other real estate… rely on the skills of property, real estate, and community association managers to ensure their property is well maintained and preserves its resale or leasing value. These managers collect rent or fees, process complaints and repair requests, negotiate favorable terms with tenants or sellers, and enforce their facility’s policies. They also show vacant space to prospective tenants, and report profits or losses to property owners.
Property and real estate managers oversee the operation of a business or residential properties and ensure they achieve their expected revenues. Community association managers work for homeowners or community associations to manage shared property and services for condominiums, cooperatives, and planned communities. Onsite property managers handle day-to-day operations of apartment complexes, office buildings, and shopping centers. Some apartment managers live in the building they manage.
Real estate asset managers buy, sell, and develop real estate properties for investors, to ensure the portfolio of holdings remains profitable. Most property, real estate, and community association managers work full time, splitting their time between an office and offsite at meetings and inspections. A high school diploma plus several years’ related work experience is needed for entry-level positions, although many employers prefer to hire college graduates. A real estate license is required for some positions.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Property, Real Estate, and Community Association Managers.
National Center for O*NET Development. 11-9141.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.