Important Duties Involved in Property Management
Professional property managers are in great demand because of the specialized services they offer. Clients who have large and multiple properties but are unable to manage them themselves can benefit tremendously from these services.
Duties of Property Managers
Property managers are not just maintenance supervisors or leasing agents. According to American Heritage Properties, Inc., they are also responsible for daily operations like rent collection, marketing, bill paying, negotiating for maintenance contracts, and resolving tenant complaints. They also ensure compliance with federal and state housing legislation and do the paperwork that includes preparing financial statements and lease expiry reports on a monthly basis.
This job needs multi-tasking abilities. It also involves frantic work schedules, long hours and prompt yet difficult schedule coordination. According to a recent CNN report, property management jobs are likely to increase by at least 15 percent in the next ten years. The Labor Statistics Bureau has, however, predicted this growth at eight per cent. The Bureau also predicts that the highest job growth shall be in the communities involving senior housing because of an increase in the geriatric population.
Schedules of Property Managers
Property management happens to be a 24/7 job. If a tenant’s pipe bursts at an ungodly hour or the building’s air conditioning unit fails, he has to be around to handle the problem. It involves work on weekends and public holidays even if prospective tenants want to inspect available apartments to show them around. But, many companies rotate duty hours for staff members to ease the pressure and monotony of work and allow some time for relaxation.
But, smaller companies, having slim staff members, demand more on-duty hours from their managers. But, the number of rental units managed are relatively smaller, so crises are also fewer.
Training and Education for Property Managers
Most property managers are trained at the workplace, although an undergraduate degree coupled with some business or public relations courses are ideal. Certification pertaining to programs on public housing is required for managing government properties.