The Role of a Property Manager: Duties and Responsibilities
Property managers are responsible for the day-to-day operations of a rental property, including managing tenant relations, collecting rent, and maintaining the property. They also play a vital role in marketing the property to potential tenants and ensuring that it is in compliance with all applicable laws and regulations.
Duties and responsibilities of a property manager
The specific duties and responsibilities of a property manager will vary depending on the size and type of property, as well as the preferences of the property owner. However, some common duties and responsibilities of property managers include:
- Marketing the property to potential tenants
- Screening and selecting tenants
- Collecting rent and depositing it into the owner’s account
- Maintaining the property, including repairs and renovations
- Enforcing the terms of the lease agreement
- Responding to tenant complaints
- Managing the property’s finances
- Administering the property’s insurance policies
- Complying with all applicable laws and regulations
Qualifications for becoming a property manager
There are no specific educational requirements to become a property manager, however, most employers prefer candidates who have a bachelor’s degree in business administration or a related field. Property managers should also have strong communication and interpersonal skills, as well as the ability to manage multiple tasks simultaneously.
Property managers typically receive on-the-job training from their employers. However, they may also choose to earn a professional designation, such as the Certified Property Manager (CPM) designation from the Institute of Real Estate Management (IREM). The CPM designation demonstrates that a property manager has met specific educational and experience requirements and is committed to professional excellence.
Salary and benefits of property managers
The median annual salary for property managers is $55,240, according to the Bureau of Labor Statistics (BLS). However, salaries can vary significantly depending on the size and type of property, the location, and the property manager’s experience and education.
Property managers typically receive a benefits package that includes health insurance, dental insurance, and retirement savings plans. They may also receive paid time off, sick leave, and bonuses.
Career outlook for property managers
The BLS projects that employment of property managers will grow by 10% from 2020 to 2030, faster than the average for all occupations. This growth is expected to be driven by the increasing demand for rental housing, as well as the need for property managers to maintain and manage rental properties.
Property managers who are certified and have experience managing multiple properties will have the best job prospects.
Conclusion
Property managers play a vital role in the real estate industry. They are responsible for the day-to-day operations of rental properties, ensuring that they are in compliance with all applicable laws and regulations, and marketing them to potential tenants. Property managers who are qualified and experienced will have the best job prospects in this growing field.
Resources
- Bureau of Labor Statistics: Property Managers
- Institute of Real Estate Management: Certified Property Manager (CPM) Designation
- National Association of Realtors: Property Manager Careers