Property ManagerJob Description, Salary, Career Path, and Trends
Property managers undertake the management responsibilities for residential, industrial, or commercial properties. They handle everything from rent prices, marketing, finding tenants for vacant properties, addressing tenant issues, and managing the maintenance of properties. They work with tenants and property owners to meet their needs, so they must have good communication and customer relations skills. Property managers must have strong negotiation skills to negotiate lease contracts. They must have good attention to detail and good record-keeping skills as they handle rent payments, security deposits, and operating expenses.
A property manager should have an in-depth understanding of property management and the rental market, and they need to keep abreast of the rules and regulations pertaining to property management. They work on computers and must be familiar with MS Office or other relevant software.
Sample job description
[Your Company Name] is searching for a property manager who can help with the day-to-day operations at our management firm. We manage [list of properties] and need someone to oversee applications, move ins, move outs, maintenance requests, and more. This person should be experienced, reliable, and ready to manage a growing portfolio with potential to grow. Because of our commitment to tenant satisfaction, we’re searching for an experienced property manager to join our team and help manage and deescalate tenants in our properties. As an ideal candidate, you have proven experience in managing multiple properties, either in residential or commercial properties. Your ability to establish and maintain relationships should be top priority, and you have a natural desire to help people in all areas of the process.
Typical duties and responsibilities
Oversee and manage all designated buildings/properties
Coordinate maintenance and inspections to ensure all laws and codes are in compliance
Assistant tenants with the application process and background checks
Resolve property complaints and schedule repair work
Paying property taxes, mortgages, insurance and maintenance costs
Assessing applications in accordance with anti-discrimination laws
Document property interior and exterior with each new move in and move out
Prepare annual expense reports
Market vacant properties
Manage leasing team
Education and experience
High school diploma needed
Associates degree or bachelor’s degree preferred
Three years of related experience
Required skills and qualifications
Exceptional written and verbal communication skills
Strong problem solving skills
Proficiency using Microsoft Office Suite
Ability to convey and resolve complaints and problems that arise
Excellent organization and customer service skills
Experience managing properties both residential and commercial
Experience handling stressful situations that may arise
Ability to deescalate situations with current or past tenants
Experience with advertising rental properties
Experience in marketing and writing great property descriptions
Treating client needs with urgency
Average salary and compensation
The average salary for a property manager is $63,200 per year in the United States. Salary may depend on the level of experience, education, and geographical location.
Los Angeles, California
New York City, New York
Typical work environment
Property managers usually work alone, often onsite at an apartment building or in an office where there are multiple properties being managed. While many of these employees are full-time in a company, some work part time or are self-employed.
Property managers usually keep regular office hours. That being said, they will occasionally need to work late or over weekends to solve problems that tenants may have. Property managers should expect to sit in front of a computer for extended periods of time, and also work directly with potential tenants.
The typical work hours for a property managers in an office setting are 9 AM to 5 PM, Monday through Friday. Oftentimes, property managers may need to be on call for tenant emergencies.
As property managers work in a variety of industries, there are many institutions that offer certifications, including:
Certified Manager of Community Associations (CMCA). This is awarded by the National Board of Certification for Community Association Managers (NBC-CAM) and recognizes those who have gained the necessary skills and knowledge to manage community associations, such as co-ops and/or condo associations. Education on new and updated rental laws are needed for all members. This is a requirement for them to keep their CMCA certification current.
Certified Property Manager (CMP). Qualifying is an extensive process. To become certified, one must have knowledge in all areas of the business. Having a real estate license or having documentation proving that a license isn’t required from your state is required.
Residential Management Professional (RMP). You must have a real estate license, have a minimum of 2 years of experience, and manage 25 rentals in a candidacy time period.
Certified Apartment Manager. This certification works great for property managers who work specifically on apartment rentals. These programs can be completed online or in a classroom. An exam is required to take at the end of the course for property managers to achieve accreditation.
The journey to becoming a property manager begins with relevant work experience. A college degree is not required to be a property manager, but is helpful and can benefit your career growth in the long run.
Students who aspire to be property managers are encouraged to pursue relatable majors such as business, accounting, or real estate. It can also be useful for property managers to obtain certifications. Some companies will require you to have a real estate license, so this may be something you want to invest in early on.
Property managers need to develop strong interpersonal skills, so they can be a successful liaison between the tenants and property owners. Managing properties is a collaborative process, involving clients, property owners, maintenance workers, and more to ensure the operations of the business are successful and smooth for all involved.
US, Bureau of Labor Statistics’ job outlook
SOC Code: 11-9141
Projected Employment in 2030
Projected 2019-2029 Percentage Shift
Projected 2019-2029 Numeric Shift
Since users are using smart devices for everyday computing needs, optimizing information and documents for electronic access has emerged as a crucial need for property managers. Offering digital leasing processes such as application processes, video tours, and more proves beneficial for all involved in the process.
Staying on top of industry trends and best practices— from advertising an available property to marketing a new apartment complex — is definitely needed to ensure you keep your position as new software gets developed and released for these managers. There will also be an increase in property managers who are also real estate agents, so it may be beneficial to receive this license.
Sample interview questions
What interests you about being a property manager for our company?
What do you know about our prospective tenants/residents?
What measures do you take to stay updated on market trends in property management?
What software tools do you use on a daily basis?
Do you have experience in commercial or residential management?
How quickly can you learn to use a new software?
How comfortable are you with giving property tours and assisting prospective tenants with the application process ?
What is your availability after hours? What arrangements do you have in place in case an emergency arises?
Tell me about a time you had to deal with a difficult tenant. What steps did you take to resolve this issue?
Describe a time you received negative criticism from your supervisor. How did you handle it?
Who do you use for property maintenance and repairs and how long have you worked with them?
What role did you play in the success of your prior property management company?
Describe a time you worked after hours to resolve a problem.
How would you handle a tenant who was late on their rent payments?
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