Property Management

Property Management is a job for people who like to challenge themselves and enjoy heavy contact with the public. The position involves making sure the property is kept in good condition, occupancy is at its fullest, repairs happen swiftly and efficiently as well as maintaining good communication with tenants.

Since most tenant filled properties are a commercial investment for the owners, they require that their investment is kept in good condition. By scheduling regular landscaping maintenance, getting on a pest control routine and paying close attention to external conditions such as paint, roof and gutter issues, the property will appeal to possible tenants which correlates with making a profit at the end of the year.

Keeping the exterior in good repair is the best way to fill any vacancies. If the outside looks good then people who pass by the property will be more likely to stop in. It also helps to advertise the property. This can be a fun and creative part of the job. Managers should contact television, newspaper, radio and yellow page services in order to find the best and most economically feasible way to inform would be tenants about the property, its location and availability.

Once the tenants are in place, the property manager has an obligation to oversee repairs. The manager should have an experienced handy man who can work on the many different repairs as they are needed. Since companies usually give discounted rates for regular companies, property managers should have an established relationship with a carpet cleaning company, a painter and housekeeping service. Each time a tenant moves out the painter the above agencies should be contacted and scheduled so that the unit does not stay vacant and may be immediately placed back on the market. It is not a bad idea to also have a locksmith on call in order to be ready for emergency lock-outs.

Property Managers should establish good communication with tenants from the start. They should make clear what they expect in respect to timely payments, acceptable payment drop off location and consequences for late payments. There will be tenants with many reasons and excuses as to why their payments cannot be made on time and the property manager must be prepared to protect the investor’s interest and collect outstanding debt.

With its many different facets, Property Management can be a great career for the right personality type. If not sure, most colleges and job placement centers can administer aptitude tests and career assessments to determine if an individual is likely to enjoy this type of job.