Knowledge of local laws is important for property managers.
Property managers oversee the operation and maintenance of rental buildings, real estate developments and commercial properties such as retail centers. Residential property managers sometimes live in on-site apartments, but many work out of offices on or near the property. Property maintenance and functional and aesthetic development are common duties. Property managers, whose median pay in 2010 was $51,480, according to the Bureau of Labor Statistics, bring a specific set of skills to their jobs.
Organization
Property managers need a high level of organizational skills. This is essentially the talent that makes them useful in their roles. Property managers are hired by owners who don’t have the time, desire or talent to oversee all of the duties and responsibilities of property management. In residential properties, managers need to maintain files of application forms and documents. They also typically keep files on each resident. In commercial or industrial buildings, they need to keep track of renter or owner contact information to address any problems that arise.
Basic Maintenance
You don’t necessarily need to be a building contractor or repair professional to work in property management, but a basic level of handyman talent makes you more valuable. Residential property managers who can fix doorknobs, leaky plumbing and other routine issues save owners a lot of money on service calls and repair bills. In business properties, this ability is especially valuable since clients or renters need a well-functioning property or location to earn profits.
Business Acumen
Property managers need a whole slew of business skills. Some owners require a business, management or related degree for higher-level work. Financial budgeting and cost control management are common for more autonomous property managers, making decisions on the rewards and risks of rental decisions necessary. Resolving basic tenant building problems by relying on the right people and resources makes problem-solving skills useful as well. Also falling under general business skills is communication. Property managers must listen well to owners’ directions and what clients say they need and convey information.
Negotiation
Property managers negotiate in a lot of ways. They negotiate with city officials in some cases to ensure the property is in line with city codes and laws, especially with new projects. They also resolve disputes with and between tenants. When contract work or project additions are needed, managers negotiate the best rates and terms possible to optimize their value to the property and its owners.
