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Job Description of a Property Manager

Loveleena Rajeev Oct 6, 2018
Managing and maintaining a property can become very difficult if the owner resides elsewhere or is simply not interested. This is where a property manager comes into picture. A property manager is in-charge of the overall management of the property that is assigned to him/her.
The main duty of a property manager is to bring additional value to the property of the owner by maintaining it properly. He is also responsible for the various business dealings related to the property, with regards to its sale, renting, and lease. He has to satisfy the needs of both, the owners as well as the tenants/buyers.

Key Responsibilities

☞ To plan and employ new marketing strategies so that the set targets can be achieved successfully.

☞ To coordinate with the property management team on a regular basis, and ensure that the tenants and the owners are satisfied with the services provided to them.
☞ To market and analyze vital information about government zoning rules and regulations, future property values, taxes, population growth, and traffic volume around the property.

☞ To advice on ways to preserve and increase the value (monetary worth) of real estate investments.
☞ To look into all aspects of buying property, including registration, payment of taxes, accounting and reporting, maintenance, etc.

☞ To help negotiate property sales contracts, schedule its maintenance, manage building maintenance projects, compile all data for financial reports by regularly maintaining and updating all records and files.
☞ To play a part in resolving all client conflicts and complaints.

☞ To help the clients with all the financial and operational aspects of their property like collecting rent, paying property taxes, and looking after the maintenance.
☞ To help to advertise for lease or rent on the property, select tenants, make rental or lease agreements, collect deposits and rent, solve tenant issues, and oversee eviction in case of violation of rent and lease agreement.
☞ To update the owners about the physical condition of the property, any renovations and maintenance required, and all the financial arrangements.

☞ To plan all maintenance and repair works with vendors, and ensure that the property is being taken care of at all given times.

Qualifications Required

☞ To become a property manager, one should have a bachelor's or master's in real estate or finance or a business administration as a specialization in real estate development from an accredited institution.
☞ However, if one takes up a property management course and joins a well-organized and well-reputed company for some experience, it will also help in gaining a foothold in this sector.

☞ Formal education definitely opens up more windows of opportunity for a person aspiring to be a property manager.
☞ Hands-on experience is very important to learn tricks of this trade and to market oneself better in order to acquire clients and seal the deal.

☞ One can become a Certified Property Manager (CPM) by completing a designated number of courses from the Institute of Real Estate Management (IREM), recognized by the National Association of Realtors (NAR).
☞ With lesser job experience and fewer courses, one can earn the Accredited Residential Manager (ARM) certification. However, the CPM has more credibility than ARM.

☞ Most states in America require property managers to obtain a valid license before they start dealing in property.

Required Skills

✔ Professionalism and punctuality
✔ Attention to detail
✔ Negotiation skills and ability to meet clients' needs
✔ Self-motivation and patience
✔ Excellent communication and accounting skills
✔ Ability to work in a team
✔ Ability to judge the current market scenario and take right decision at the right time
✔ Good marketing and computer skills
According to the Bureau of Labor Statistics (BLS), a property manager earns about $58,670 per year on an average. The jobs in this sector are estimated to rise by about 10% by 2026 i.e., around 349,900 jobs are going to be added to the current number.
So, if you have a keen interest in the real estate market and think that you can work in an office environment as well as onsite, this might be a good choice for you. After gaining a considerable experience and developing good contacts in the field, you can also plan your own firm and be your own boss.