Property Management

Real Estate Property Management is a career that is fairly self-descriptive and encompasses a wide variety of responsibilities.  In general, a property manager deals with the management of the actual real estate as well as responsibility for revenues generated by the property.  In order to accomplish this, a property manager must not only be in charge of the upkeep of the property, but also must learn to deal with tenants and leases. 

This career can cover a variety of properties such as commercial, retail, and residential.  The ultimate goal of the manager, is to maximize income to the owner of the real estate by adding new and retaining current tenants.

In slight contrast to general property managers, community association oversee manage the common property of various associations and organizations for real estate developments such as condominiums, cooperatives, and planned communities.  The day-to-day operations require managers to handle the collection of dues as well as serve the residents or tenants of the properties.

Many of the duties of both property managers and community association managers overlap.  The positions' duties include business management, finance, sales and marketing, and operations.  As mentioned above the manager has the mandate to provide income to meet budgets and returns for property owners and investors.

The manager is also the go-to person for all tenant requests and problems.  In addition, these managers coordinate maintenance staff and schedule regular upkeep as well as execute and enforce lease and contract agreements tied to the property.

Managers can work for a variety of firms or corporations.  A majority of the time, managers are hired by property owners who do not have the time, skill, or expertise to manage day-to-day operations of their properties.

Corporations also have dedicated or outsourced management to maintain and run their facilities.  It is generally not difficult to break into the property management industry. Previous experience as an agent or manager is a plus in getting into property management.  Some get into the industry by building relationships with real estate asset holders.