A property manager is a person that specializes in leasing out space or property to a tenant. The most commonly known property managers are real estate agents and managers of apartment communities. These professionals are hired by landlords or property owners to assist in the day to day operations and they typically rent out apartments, commercial buildings, homes, condos, and town-homes.
What should I consider before becoming a property manager?
The field of property management is dynamic. Each day can be different from the next while some more challenging than others. Dealing with a variety of people with different backgrounds and goals, its best suited for someone who thrives in a changing work environment. Many people are used to customer service, but a unique aspect of this field is that oftentimes, the people you are working with have conflicting views. For instance, working with a tenant who feels that the carpet should be replaced because of a small wine stain and a landlord who doesn't want to replace the carpet because its only 2 years old.
The challenges that a property manager often faces when working with customers who have conflicting views is compounded by the need to maintain the leased property making their job more… interesting. Not only do they need to have excellent people and negotiation skills, they also need to have a general understanding of property maintenance and repairs. After all, landlords expects you to look out for their interest, get the best prices, understand what needs to be done and make repair recommendations or provide alternative solutions. Meanwhile the tenant expects you to sympathize with their problem and to get someone out there ASAP to fix it.
Both tenants and landlords expect that a property manager understands how the components within a property work ranging from the heating and cooling system to repairing a slab leak. Unfortunately, there are some managers who rely solely on the knowledge and recommendations of service technicians, but this severely limits them because how do they really know that they are being told the truth if they don’t understand how it works.
Debt collecting is another main responsibility of property managers and one that many people do not like which present is own set of challenges. Honing in on their people and negotiation skills, they have to hold a hard line in order to get tenants to pay. Setting up payment plans, enforcing lease terms, sending out notices and evicting someone can be an emotionally demanding feat. Showing up to someone’s home to evict them is hard enough, but imagine that it’s a single mother with three kids is and nowhere to go. This is never easy, but unfortunately this type of situation happens a lot and property managers need to be mentally and emotionally strong enough to see it through.
The ideal candidate for a property manager will be overall well rounded with strong people and negotiation skills, great problem solvers, thrive in changing and dynamic environments, and with the ability to distance themselves emotionally from their work. While it’s not meant for everyone, it can be a very rewarding and exciting career path for the right person.
This site will discuss key issues that affect property managers in the day to day management of rental property. This includes providing guides and articles that outline their obligations to the property owner and the risks that they face on a regular basis.
July 31, 2013