In a nutshell, property managers oversee the day-to-day operations and tasks involved in the upkeep of a residential, commercial, or industrial property. A property manager is typically hired by the property’s owner — though you may manage your investment properties — and acts on the owner’s behalf to maintain the property’s appearance, keep systems running smoothly, handle problems, perform maintenance, handle financial transactions, and preserve the property’s value.
Table of Contents
What Does a Property Manager Do?
Property managers oversee everything that happens in a rental property regularly. Property managers work to ensure that rent, tenants, repairs, budgets, and rental property documents meet the owner’s goals. They will be familiar with state and federal laws regarding legal methods of inspecting tenants, managing security deposits, terminating contracts, performing evictions, and complying with property protection requirements.
Screening Tenants
Property managers are in charge of dealing with tenants. Another critical responsibility of property managers is to screen and monitor tenants. Property managers will be responsible for locating and screening potential tenants, handling regular complaints and resolving problems, and distributing tenant removals and relocations.
Managing the Budget
The property manager’s responsibilities include managing the building’s budget and keeping all relevant documents up to date. Property managers must adhere to the building’s budget.
Property Management
Property managers are responsible for keeping the property safe and livable. Property managers are in charge of the physical management of the property, which includes routine maintenance and major repairs. Property managers would be responsible for overseeing the work of builders and other maintenance specialists.
How to Become a Property Manager?
There are some steps to take to become a Property Manager;
Qualify Entrance
Several universities and colleges hold entrance exams. If the students want to pursue a bachelor’s degree, they should also consider the specific eligibility criteria of the various colleges.
Bachelor
The bachelor’s degree curriculum is extensive, covering classroom instruction and opportunities to apply those theories. Students must have a degree or a professional qualification to work as property managers.
What Are the skills and qualities required to become a/an Property Manager?
Here are some of the skills needed to be a successful Property Manager.
Communication Skills
A property manager’s job will be impossible to manage if they lack strong communication skills, and communication skills can make or break a property management career. A property manager must efficiently and effectively interact with people at all levels, including landowners, property owners, current and prospective tenants, contractors, the entire property management team, and other professionals.
Marketing Skills
Marketing skills help businesses succeed because they provide insight into consumer behavior and the outcomes of marketing campaigns. Some property manager skills are more obvious than others; marketing abilities are frequently overlooked when it comes to property management abilities. Property managers should promote vacant apartment units and write persuasively about them.
Organizing Skills
Managers of property, real estate, and community associations must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.
Listening Abilities
To meet the needs of residents and property owners, property, real estate, and community association managers must listen to and understand them.
Problem-solving abilities
Managers of property, real estate, and community associations must mediate disputes or legal issues between residents, homeowners, and board members.
What Is the Job Outlook for a Property Manager?
Property management entails monitoring and managing routine activities and maintaining one or more rental assets. According to the United States Bureau of Labor Statistics (BLS), most housing markets worldwide are increasing rental property demand, and property managers are also in high demand, according to the United States Bureau of Labor Statistics (BLS). Property managers must also perform various complex tasks that require strong management skills. The workload may be inconvenient; however, the job would appear quite confusing without organizing. There are numerous career paths available, each with a unique perspective on each position.
Asset Manager
The average annual salary for asset managers is more than Rs. Six lakhs. They earn more than Rs. Four lakhs per year at the entry-level, and even more than Rs. Nine lakhs per year at the senior level.
Condominium Property Manager
On average, condominium property managers earn up to Rs. 5 lakh per year. They start with more than Rs. Three lakhs per year and end up with more than Rs. Eight lakhs at the senior level.
Homeowner’s Association (HOA) manager
Homeowner’s association (HOA) managers earn more than most other careers at the beginning of their careers, which is around Rs. Seven lakhs per year, but eventually earn more than Rs. Twelve lakhs at the senior level.
Is Property Management Right for You?
A career in property management provides a wide range of tasks, making it a good choice for those who work well independently and don’t want to be stuck behind a desk from 9 to 5. Duties — and challenges — change every day, so you’ll never be bored or feel stuck in a rut. Thanks to web-based property management software like ours, many of these administrative, operational, financial, and even customer service tasks are now easier and more efficient than ever before. If you’re thinking about going into property management, numerous certifications, licenses, and diplomas are available to help you advance your career.
What Are the Best Colleges for a Career as a Property Manager?
The best colleges to pursue a degree as a Property Manager are listed below.
University of Southern California
The University of Southern California has a total undergraduate enrollment of 19,606 students (fall 2020), with a gender distribution of 48% male students and 52% female students. At this school, 98 percent of students live in college-owned, -operated, or -affiliated housing, while only 2% live off-campus.
University of Pennsylvania
The University of Pennsylvania is a private university that was established in 1740. It has 9,872 undergraduate students, and the academic calendar is semester-based. The University of Pennsylvania has ranked #8 in National Universities in the Best Colleges 2022 edition.
Northwestern University
Northwestern University is a for-profit organization. Northwestern University has a total undergraduate enrollment of 8,194 students (fall 2020), with a gender distribution of 48% male students and 52% female students.
Villanova University
Villanova University was founded in 1842 as a private institution. Business, Management, Marketing, Engineering, Social Sciences, Communication, Journalism, Related Programs, Psychology, Biological, and Biomedical Sciences, and Computer and Information Sciences and Support Services are the most popular majors at Villanova University.
San Diego State University
San Diego State University, established in 1897, is a public, multipurpose university. It is the oldest and largest higher education institution in the San Diego area and one of the top 20 largest universities in the United States. San Diego State University currently offers 76 bachelor’s degrees, 58 master’s degrees, and 11 doctorates.
Stanford University
Stanford University has ranked #6 in National Universities in the Best Colleges 2022 edition. The total cost of tuition and fees is $56,169. Stanford University’s beautiful campus is located in the Bay Area of California, about 30 miles from San Francisco.
Bentley University
Bentley University is a private university that was established in 1917. It has a total of 4,061 undergraduate students. Bentley University admissions are more selective, with a 58 percent acceptance rate.
New York University
New York University is a private university that was established in 1831. It has a total undergraduate enrollment of 27,444 (fall 2020) and is located in an urban setting. The academic calendar is semester-based. New York University has ranked #28 in National Universities in the Best Colleges 2022 edition.
Arizona State University
Arizona State University is a public university that was established in 1885. It has a total undergraduate enrollment of 63,124 students (fall 2020), an urban setting, and a campus. Arizona State University has ranked #117 in National Universities in the Best Colleges 2022 edition.
What Are the Best Online Courses for Property Managers?
We discovered top courses for Property Managers on Udemy, Coursera, EDX, and ed2go that will help you advance in your career. If you want to improve your property management skills, these courses can help.
Property Management 101 by Udemy-
This course will take the student through various scenarios, problems, solutions, and issues with owning rental property. This course is designed to give you an overview of what it’s like to be a landlord. You should be familiar with basic real estate terminologies such as lease, lessee, lessor, and tenant.
Fundamentals of Residential Property Management by Udemy-
The course will focus on residential property management and the various aspects of managing an apartment complex or rental property as a property manager, landlord, or someone looking to start a residential property management business.
The Real Estate Syndication Process by Udemy-
This course will walk you through the entire process of syndicating capital to purchase large real estate transactions. This course will teach you how to confidently syndicate capital to purchase commercial real estate properties, whether on your own, with partners, or within your current company, and how to diversify risk in your commercial real estate investments by minimizing your initial equity investment while maximizing your overall profit potential.
The Complete Guide to Analyzing Single-Family Rental Houses
This course will teach you how to analyze single-family home investments using professional real estate investment analysis techniques used by the world’s most significant and most sophisticated real estate investment and private equity firms.
Intellectual Property in the Healthcare Industry by Coursera-
This course starts with a general overview of intellectual property law in the United States. The course concludes with in-depth case studies of an international pharmaceutical company, a major medical device company, and a new DNA-testing start-up.
Introduction to Intellectual Property by Coursera-
This course will introduce the various types of intellectual property in the United States, including patents, which protect inventions and process innovations; copyright, which protects original works of authorship; and trademarks, which protect a company’s commercial identity as the source of valuable goods and services.
Intellectual Property Law in Digital Age by Coursera-
The course will aid in the formation of students’ ideas about intellectual property law and its significance in the legal system; upon completion of the course, students should be able to apply intellectual property law regulations, draught and analyze license agreements, and understand the fundamentals of international legal intellectual property protection.
Electronic, Optical, and Magnetic Properties of Materials by EDX-
This course will teach you how the speed of sound is related to the electronic bandgap, the difference between a metal and a semiconductor, and how many magnetic domains can fit in a nanoparticle. You will investigate a wide range of topics in the domains of materials engineering, quantum mechanics, and solid-state physics that are critical for any engineer or scientist seeking a deeper understanding of the principles underlying modern electronics.
Intellectual Property Law and Policy: Part 1 by EDX-
Learners will be introduced to a broad overview of intellectual property laws, the theory underlying this area of law, and an in-depth look at patent law in this course. You will also learn about copyright and trademark law, as well as alternatives to IP and the future of this exciting area of law.
Intellectual Property Law and Policy: Part 2 by EDX-
Students will investigate the contemporary realities and debates surrounding copyright and trademark laws and alternatives to intellectual property and the future of this exciting area of the law.
Conclusion
In conclusion, property management is an outstanding career. It’s not just about making sure that everyone has their own space in the world; it also means being able to provide for yourself and your family by acquiring new skillsets and building a network of contacts to ensure professional success. The benefits are numerous: you can work from anywhere, have flexible hours, make an excellent living without needing any formal education or experience. Property managers even get bonuses if they’re quick on their toes.
