New surprising statistics suggest that the private rental sector has grown by almost 63% in the last decade, with more people than ever turning to rent. On top of this, Strata fees, the funds raised to put towards a property group’s running costs, are getting more competitive for housing groups as more people invest in real estate.
Not only does this huge increase benefit landlords and property investors, it also benefits property managers, leaving more opening for jobs than ever before.
So if you think you have the administration and people skills to start your career with residential management companies, here’s everything you need to know.
What is a Property Manager?
A property, or block manager, oversees all the responsibilities involved with managing blocks of flats, or rental properties.
Properties can include residential properties as well as commercial buildings. A property manager predominantly takes responsibility for a large number of administrative tasks like filing taxes and managing insurances, as well as handling all aspects of property maintenance. This would include ensuring electrical, plumbing, and heating are in good working order as well as getting in touch with a local service similar to trugreen in illinois to maintain the lawn and landscaping of the property.
Property managers are expected to remain abreast of local property laws and health and safety regulations, as well as possess great communication and interpersonal skills as the role is people-facing.
What do Property Managers Do?
On a day to day basis property managers will oversee key aspects of property maintenance and administration. These areas could include:
- Tenant Management
Property managers manage all aspects of a tenants stay, including initial screenings, the signing of leases, collecting rents and inspecting properties after tenants vacate.
- Insurance Management
Property managers will be expected to handle all aspects of insurance policies, including finding cover, renewing cover and any claims made. Insurances like contents and liability are key for landlords and property owners to ensure they and their residents or tenants are fully protected.
- Site Visits
Property managers perform site visits to ensure the block or property is compliant with health and safety regulations. Areas to inspect include all communal areas like grounds and leisure facilities, as well as pathways and corridors.
- Health & Safety Compliance
Property managers must ensure compliance with property health and safety regulations. Property managers protect a number of key areas including lifts, gates, stairways, lighting, fire risks, asbestos and more.
- Accounts and Support Services
Property managers must also have great administration skills to manage areas such as accounting to ensure any contractors or site staff are paid.
What qualifications do I need to be a property manager?
Qualifications needed to become a property manager are usually Bachelor degrees in Property Management, or certificates from training courses such as those supplied by City & Guilds.
Property Management companies will be looking for appropriate certification like Residential Property Letting and Management courses, as well as good literacy and numeracy grades.
However, some property management companies do not require candidates to have training backgrounds and will instead willingly train the right candidate.
In the United States it should also be noted that most states require by law a real estate broker’s license or a property management license.
What skills do I need to be a property manager?
Property managers heavily depend on strong administrative skills, effective communication, literacy, mental numeracy, and problem-solving abilities in their daily work.
The ability to think quickly and make decisive choices is a significant advantage in property management services, as unforeseen circumstances and problems can arise unexpectedly, requiring swift solutions.
In essence the main skills required are:
- Good communication and customer service
- Excellent time management skills as well as organization skills
- Good interpersonal skills like diplomacy and empathy
- Creativity when faced with complex problem solving
- Leadership skills
- Flexibility and adaptability
What does my property manager career path look like?
If you are brand new to the world of property management, luckily there are many entry-level positions.
These positions help beginners because they offer a wide range of experience in the different areas of property management. Plus these skills are transferable which will help when moving up to positions that have more responsibilities. As you progress as a property manager, you will need to use the right software to keep everything in line and managed effectively and efficiently. Resources from websites such as AAOA can help provide this and offer that much-needed support.
Depending on your college experience, if you held, or are planning to hold, a Resident Advisor position RA’s enact many of the same roles as property manager. Transferable experience and skills can include policy, rule and regulation enforcement, coordination and management of events and the processing of any maintenance or repair requests.
When looking to start your property management career, look out for titles such as:
- An Assistant Property Manager
Assistant Property Managers begin their careers by providing general assistance to property managers by making sure things run correctly in the office.
Assistant Property Managers have the following responsibilities:
- Managing the property management company’s relations with clients
- Advertising rental properties on behalf of clients
- Communicating with tenants
- Processing rental payments and collecting late rental fees
- Processing and overseeing maintenance and/or repair requests
- Assisting with managing the company’s budget and expenditures
Plus assistant property managers must possess communication, marketing, and management skills.
- Administrative Assistant/Office Coordinator
Administrative assistant or office coordinator positions are usually the first entry level positions for applicants with no prior experience.
By hiring an administrative assistant to handle general office duties, property managers are assisted greatly in the execution of their duties like landlord and tenant relations, maintenance requests, communication and marketing.
Administrative assistants or office coordinators will usually handle the following responsibilities:
- Answering phone calls and replying to emails
- Assisting walk-in clients
- Making appointments for property viewings
- Collecting and handling data where requested
- Processing and overseeing maintenance requests
Office coordinators and assistants often act as the communicative voice of their company so good communication skills are vital for this role, as is quick thinking and problem solving.
Once you have secured an entry level position you can start collecting skills which will quickly move you up the ladder to positions with more responsibilities. Good luck!
