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Is Property Management Right for You?

Whether you’re already employed as a property manager or you’re considering a career change, you may be asking, “Is property management right for me?” In order to answer this question, you’ve got to be informed — and in the case of property management, that means understanding what the job entails.

Read on to learn about the skills, knowledge and duties involved in property administration — and what they entail in a position as a property manager.

What is Property Management?

In a nutshell, property managers take care of the day-to-day operations and tasks associated with maintaining a residential, commercial or industrial property. Usually, a property manager is hired by the owner of the property — though you may manager your own investment properties — and they act on the owner’s behalf to maintain the property’s appearance, keep systems running smoothly, take care of problems, perform maintenance, handle financial transactions, and preserve the property’s value.

What Does a Property Manager Do?

Most of a property manager’s tasks fall into four general categories:

Financing
Customer Service
Operations
Administration

Financial tasks ensure that the property continues to produce income. A property manager may:

Collect rent
Pay maintenance and cleaning bills, taxes, insurance premiums and mortgage payments
Maintain financial statements
Prepare budgets
Create financial reports
Write checks
Transfer funds
Bank reconciliation

Customer service is another important aspect of property management. In this position, you’ll often deal directly with both residents and owners while acting as an agent for the owner. You’ll need good customer service skills in order to perform tasks such as:

Showing the rental property to potential residents
Explaining the details of the lease, rules, regulations and terms of occupancy
Looking into complaints
Settling disputes
Investigating disturbances
Responding in case of emergency

As a property manager, you’ll be tasked with many day-to-day operations of a property. These may include:

Regularly inspecting facilities, including equipment, buildings and grounds
Ensuring that regular maintenance is performed, such as landscaping, security and trash removal
Delegating or performing repairs and routine maintenance
Filling vacancies
Dealing with late rent and evictions

Administrative duties are another aspect of property management. Administrative tasks may include: