Every field of human endeavor needs managers who can effectively execute their set of duties and deal with unforeseen situations that may arise at times. Good managers are the most essential prerequisite of any business success story. The property management field needs able managers to take care of residential and commercial properties.
About Property Management
Most residential property or commercial property owners prefer outsourcing the task of managing a property to professional property management companies. All the tasks ranging from regular maintenance to rent collection, creation of tenant agreements, payment of taxes and emergencies are handled by property management companies on the owner's behalf. Property managers are hired by such companies, who are responsible for execution of all the aforementioned duties on behalf of the owners.
Most property management companies look for individuals with a graduate degree in any field and experience in real estate management, who also have the ability to handle accounting and have the requisite communication skills. In some US states, candidates need certification to be able to work as property managers on government properties.
The ideal candidates are ones with a mixed bag of experience in diverse fields, but experience in real estate counts. You have to be good at handling numbers and people. The roles of residential/rental property managers are substantially different and hence you will find a separate description of their job profiles.
A Typical Working Day For a Property Manager
Residential property managers tend to be extremely busy people. One of the prime tasks which these managers need to carry out with clockwork precision is rent collection and handling all the finances. Addressing tenant complaints and overseeing maintenance tasks for the property is also a part of their job profile. Finding tenants for the property is another task they must carry out. Creating and updating lease agreements between owners and tenants is also their responsibility. Seeing to it that the tax payments related to the property are made on time is another duty they must carry out. These managers need to possess good communication and accounting skills.
Job Profile of Commercial Property Mangers
Commercial property managers have all the same tasks as managers of rental property, but their set of responsibilities are even more wider. The biggest task is that of property maintenance. Taking care of electricity, plumbing and heating/air conditioning system problems fall in their set of responsibilities. If it is a commercial rental property, they must act as intermediaries between owners and tenants.
This also brings in the added task of handling all the rental accounts and tax affairs related to the property. They are responsible for finding new tenants for the commercial property. Here again, communication skills and ability to juggle multiple tasks is an essential quality. He must deal with any emergency that may develop on the property premises.
Considering the varied range of tasks that he or she needs to handle, the role of a property manager is challenging. The buck stops at the manager's desk as far as any problem related to the property is considered. If you think you have it in you, to deal with emergencies that may crop up and handle the wide range of administrative duties, this is the career for you.