What does a property manager do?

From high school to college; from licensure to experience; from certification to seniority in the field, the road to a career in property management calls for focus, commitment, and stamina.

Because the responsibilities of a property manager are so varied, this is a career that calls for a considerable and diverse skill set. Before committing to entering the field, be certain that you either possess or are able and prepared to develop the following attributes and aptitudes:

Interpersonal, communication, & presentation skills Property managers must often speak with tenants and owners; interact with service providers; hire workers; and deliver presentations to strata councils and homeowner or community associations.

Customer service skills Providing quality customer service allows property managers to build relationships with and keep existing clients and win new ones.

Organizational, coordination & multi-tasking abilities Working with multiple properties and tenants demands excellent organizational skills. Property managers must have within reach at all times contact information for owners, tenants, maintenance staff, contractors, and vendors. They must be able to prioritize and coordinate multiple tasks and develop suitable timelines to complete numerous property-related projects. Property managers must maintain a calendar of due dates for inspections and payments, prepare financial reports for owners, and present lease renewal contracts to tenants on schedule. This multi-tiered portfolio of responsibility calls for one more skill: stress management.

Attention to detail Property managers who pay strict attention to detail will ultimately protect both clients and tenants. Laws concerning handicap accessibility and fair housing evolve and change, requiring managers to stay abreast of any federal or state amendments. Awareness of local building codes and ordinances that impact property management is, of course, particularly important in the profession. As potential safety hazards on a property can result in lawsuits, property managers are expected to regularly inspect and immediately address issues. Simply stated, a successful property manager anticipates problems, takes steps to prevent them, and never becomes complacent.

Problem-solving skills The ability to think critically and solve problems is essential for these professionals. Property managers need to be able to mediate and resolve disputes between residents, homeowners, or board members.

Negotiation skills One of the most common duties of a property manager is to put out bids for work or service on properties. The capacity to negotiate favourable cost estimates is vital. This skill is also useful when it is necessary to deal with angry tenants or owners.

Working knowledge of the local area It is, of course, beneficial for property managers to be familiar with the city and neighborhoods in which they work.

If the above prerequisites describe you, you may be suited to the role of property manager, also known as a juggler of many tasks.

Based on our pool of users, property managers tend to be predominately enterprising people. This is no surprise, as the occupation calls for its practitioners to do a bit of everything. The job of property manager is not a humdrum nine-to-five undertaking. Property managers are not glued to their office chairs all day. They deliver service over a wide spectrum of areas, including association operations; systems and equipment maintenance; finance and budgeting; resident relations; contractor and vendor management; compliance; and more. Such a varied portfolio can only be handled by resourceful, industrious, and enterprising individuals.

Property managers rank among the least happy careers. Overall they rank in the 28th percentile of careers for satisfaction scores. Please note that this number is derived from the data we have collected from our Sokanu members only.

While we have no hard data to confirm the reasons for this low happiness quotient in the profession, one could speculate that, for a certain percentage of property managers, the occupation’s extremely broad spectrum of responsibilities, hectic demands, long hours, and never-ending stress are contributing factors.

After completing high school, it generally takes between four and six years to become a property manager. The first component of the educational track is commonly a four-year Bachelor’s degree in finance, real estate management, business administration, or accounting. This may be followed by state licensure and voluntary professional certification. Some students pursue an additional two years of study and complete a Master’s program in real estate management.