Everyday property managers wear a variety of hats. They have a lot of skill-sets and abilities. On this infographic, ValencePM pays tribute to property mangers in a humorous way by illustrating and highlighting their many job functions. Enjoy
Accounting is one of the most important roles of a property manager for one simple reason; it directly affects the bottom line. Property managers are responsible for maintaining and optimizing a budget, storing and organizing payment records, and filing taxes for the property. A good property manager can maximize and optimize the profits coming into a property.
Multifamily apartment buildings provide a home to many different residents and families. The diversity and ecosystem of a large property is interesting, but with that comes inevitable problems with residents. If a resident is out of line and breaking the rules or terms of their lease, it is the responsibility of a property manager to handle the situation and apply fines or even process an eviction when necessary.
When a resident or potential resident has a question, they are going to go to the property manager. Sometimes a property manager is expected to answer questions that may seem impossible to answer. Welcome to the customer service side of the job. Property managers, for better or worse, are the main point of contact for the property. If there is an issue with billing, maintenance, policy, or anything else, the question will go to the property manager.
Property management laws are always changing, and laws differ from state to state. A good property manager will be up to date and aware of all laws in their working state regarding property management. These laws can affect how evictions are processed, what amenities need to be fixed, who pays utilities, and what rights residents have in their property. A lease is a binding legal contract, and can contain their own specific rules. Property managers have to know the rules of their state regarding policy and procedure in order to keep their property safe and protect their residents.
Like a private investigator, property managers do thorough research and background checks on potential residents. This process is very important, because a bad tenant can be a costly mistake. Background checks include criminal, credit and eviction history. Many modern property managers will even check social media accounts to find additional information. In addition, managers do periodic property inspections to make sure that the units are in order, and check for any illegal activity.
Similar to a real estate agent, it is the property manager’s job to list and fill vacant units. This marketing strategy can include maintaining a property website and social media channels, listing available units on the internet, and running advertising campaigns to represent the property. There are many marketing strategies available today, and it is the property managers responsibility to find a marketing plan that is effective.
Collecting rent payment seems simple enough, but any experienced property manager will tell you that there is more to it than meets the eye. Excuses and late payments are common place, and property managers develop methods to get rent paid on time and learn which residents may need an extra reminder. Late fees, email notifications, and rewards for on-time rent payment are just a few of the strategies for collecting rent on time. Regardless of the strategy, rent collection is a part of property management.
Marketing the property will get interested applicants in the door, but once they are on the property the show starts. Effective property managers perform a tour that will sell a potential resident on the property, and make them want to live in their property instead of the competition’s. This requires some showmanship, and it is a skill that experienced property managers master.
Emergency situations will happen. An injury on property, a flooded unit, or a domestic dispute are just a few examples of the many problems that may arise working a day as a property manager. When these problems arise, it is their duty to step up and handle the situation. Sometimes this requires calling maintenance or even the police. Either way, the property manager is the first responder, and will be there in time of emergency.
Property managers oversee the property. They make sure the units are being cared for, the commons area is clean, and they can also be responsible for the management of other employees. These employees can be leasing agents, security, maintenance workers or more. The word “manager” is in the title for a reason.
Property management is not for everyone. As you can see, an average property manager is working 10 jobs at once. While this responsibility can be too much for some, it is a rewarding career that requires leadership and fast-thinking. So what do you think? Did we leave anything out? We’d love to hear from you in the comments section with any stories or suggestions as a property manager.