Property Manager

Working Schedule

Property Managers work full-time and may need to respond to urgent after-hours tenant issues. Traveling to view and inspect properties is necessary if the manager doesn’t live on the premises. 

 Typical Duties

• Meet property owners to discuss goals (and timelines, if they only want to rent a building or space for a temporary period)
• Advertise available properties or work through an agent
• Interview potential tenants and provide tours of available properties 
• Review rent or lease terms, responsibilities, and costs
• Collect rent and other applicable fees
• Make mortgage payments to lenders
• Submit taxes and insurance premium payments on time 
• Hire contractors to perform tasks related to painting, roofing, windows, flooring, gutter cleaning, tree trimming, landscape work, plumbing, and HVAC-R
• Collaborate and pay (as needed) utility service providers for electricity, water, natural gas, sewage, trash, cable, phone, and Internet   
• Handle tenant issues including complaints and urgent repair issues
• Respond to safety and security problems and cooperate with applicable agencies such as law enforcement or fire departments 
• Procure new equipment or appliances 
• Schedule and conduct routine property inspections and take note of issues 
• Maintain thorough records of all rental agreements, rent collections, and insurance payments. Prepare budget reports and statements for owners 
• Ensure strict compliance with housing and commercial tenant laws

Additional Responsibilities

• Stay up to date on local, state, and federal laws related to renting and leasing properties, including tenant and landlord rights and responsibilities
• Build and maintain good relations with tenants and contractors
• Keep owners aware of all issues related to their properties, especially financial considerations
• Train new staff on relevant duties

Soft Skills

• Accuracy
• Business and financial acumen
• Dependability
• Detail-oriented
• Diligence
• Empathy
• Integrity 
• Listening skills
• Multi-tasking
• Objectivity
• Organized
• Problem-solving
• Relationship-building
• Sound judgment  

Technical Skills

• Understanding of basic finance, accounting, and commonly used software 
• Knowledge of real estate property values and taxes
• Familiarity with contracting property maintenance and repair workers
• Familiarity with utility service providers including electricity, water, sewage, gas, garbage, cable, Internet, phones, and security systems

• Real estate agencies
• Private owners 
• Self-employed

Property owners usually have a lot of their finances tied up in their real estate investments. They rely heavily on Property Managers to find good tenants who’ll take care of their places and pay the rent on time. Problematic tenants can cause thousands of dollars in damages, and those costs are often only recouped in court—if at all! 

Meanwhile, late rent payments can mean late mortgage payments, which can lead to foreclosure and negative impacts on an owner’s credit rating, causing higher interest rates on future loans. Managers have to walk a fine line because they’re also responsible for complying with landlord-tenant laws and respecting occupants’ rights.

Real estate prices have experienced a lot of fluctuation in recent years, which ultimately is never a good thing for investors or renters. Buyers may overpay for a property that they must then rent out for enough to cover their mortgage payment, taxes, and cost of maintenance. If property values go down too much in the area, renters are less inclined to pay over the going market average. Then the owner may be forced to charge less rent, and must pay the difference out of pocket. When owners can’t pay their mortgages, banks can foreclose and then everyone is out of luck! 

Property Managers must do their best to help owners turn a profit each month, or at a minimum cover their expenses. Real estate is usually a long-term investment. As long as incoming rent is covering the outgoing mortgage, taxes, and other monthly costs, in the long run, the owner will get a return on investment when they choose to sell (since someone else paid off their mortgage). 

The Bureau of Labor Statistics predicts that single-family housing market growth “may have a positive influence on demand, as some new housing developments will require property managers to oversee jointly owned common areas, such as pools, gyms, and business centers and to enforce homeowner association laws.”

In their youth, Property Managers may have displayed high levels of responsibility and maybe an interest in helping do house and yard maintenance. They may have been tidy, organized, and always followed a schedule, keeping their daily affairs in order. As they got older, they might have liked helping other people manage activities and finances!