Property Management – Northridge

A property manager must be a talented juggler of many tasks, keeping both owners and tenants satisfied. In addition to keeping a property maintained and attractive, a property manager is responsible for preserving the value of the real estate. Although only a high school diploma is required for this position, many clients prefer to hire a property manager with a degree in business, finance or real estate. A wealth of other professional qualities are necessary for a property manager to be successful.

Property managers deal with the bottom line when it comes to preserving and increasing the value of real estate. While not required, a degree, either a bachelor’s or master’s, gives property managers an edge when dealing with the accounting side of property management. Courses in accounting, business and real estate will provide the necessary tools to be successful in a property management career. Assisting a property manager is another way to develop qualities for this position. Previous work in the real estate field as a sales agent or broker is also helpful. Some states, such as Florida, require a real estate broker’s license to manage property on a commission basis, but not if the manager is paid a salary or the property is personally owned. To become a property manager at any public housing unit subsidized with federal dollars, a candidate must be certified. The Institute of Real Estate Management is one national organization that offers certification and accreditation programs.

One of the most important qualities a property manager should possess is the ability to work well with people. Negotiation skills are a must in working out issues with angry tenants or persuading an owner to make improvements to increase or maintain a property’s value. A friendly, positive attitude, coupled with above-average customer service skills, are necessary to build relationships with existing clients and tenants, as well as potential new ones. The ability to communicate clearly and concisely, both verbally and in written form, is a requirement for a successful property manager.

Organizational Qualities

Working with multiple properties and tenants requires excellent organizational skills. A property manager must have contact information for both owners and tenants within reach at all times, along with phone numbers for maintenance staff, contractors and vendors. She must be able to coordinate several projects and develop a suitable timeline to complete property improvement tasks. A property manager maintains a calendar of due dates for inspections and lease payments. She pays bills in a timely manner, prepares financial reports for owners and presents lease renewal contracts to tenants on schedule.

A property manager should pay strict attention to details to protect both clients and tenants. Laws on handicap accessibility and fair housing are ever-changing, requiring a property manager to stay abreast of any amendments to federal or state laws, as well as local building codes and ordinances, that impact properties. Potential safety hazards on a property can lead to a lawsuit, so a property manager should regularly inspect and immediately handle any repair needs.

by Kelli Peacock Dunn, Demand Media