Duties and Responsibilities of a Property Manager

The duties and responsibilities are a reflection of the profession that a person is in. These duties are dependent on other issues such as the setting of the occupation or what type of employer hires them.

The general duties of a property manager are detailed below.

• Property managers have to look after the monetary part of the property which includes the collection of rent and to see that payment towards taxes, mortgages, payroll, insurance premiums and maintenance are made regularly and on time.
• Property managers are also likely to prepare financial statements and from time to time inform the owners about the status of their property with respect to the occupancy rates, when leases are going to expire, and any other matters.
• Property managers also advertise with regards to the property when it falls vacant or hire a leasing agent who would find a tenant.
• They may also advice owners about the going rate of rentals and how much they should charge.
• A homeowner in community associations do not pay any rent and have to pay their own real estate taxes and mortgages, while the community association managers collect the association fees that help pay for a variety of services such as the upkeep of the ground and open areas, clubhouse, swimming pool maintenance, etc.
• Another duty of a property manager is to make and renew contracts security, janitorial, trash removal, landscaping and other services.
• They also have to supervise their performance and whenever any complains are received from the tenant or residents regarding the dereliction of services, investigate and resolve the issue.
• Any repairs that cannot be managed by the regular maintenance staff, they call for specialists in the fields and they also stock supplies and purchase for the property’s upkeep.
• Other than these duties they are also supposed to know and adhere with all the applicable legislation such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act and local fair housing laws.
• They also have to make certain that the advertisements and renting practices are not discriminatory and that the property which they manage complies with all the local, state and federal regulatory and building codes.

About Property Managers

Property managers are a person or a firm who looks after and manages the property of a person who is the owner, for a fee when the said owners are unable to attend to such duties themselves or are not in a position to do so due to lack of time or expertise needed to take part in the day-to-day running of their real estate investment or home owner’s association. The property could be owned singly or could have sectional title, share block company owned and the property could be registered for residential, commercial office or retail or for industrial use.

Property managers are also known as real estate managers or community association managers. Property managers are hired by homeowners so that their property could look good, operate smoothly and that the resale value of the property is also maintained. They are hired by businesses and investors as a properly managed real estate could mean greater income and profits. By taking the burden of day-today running of a property or real estate the property or real estate managers and community association managers raise or maintain the value of the investment in the property. The role of a real estate or property manager is to supervise the function of income producing residential or commercial property thereby ensuring that the investments in real estate attain their expected earnings. Property managers when they are called community association managers look after the services of the condominium or communal property, planned communities and cooperatives by taking an active part in their homeowner or community association.

How much does a Property Manager earn?

The salary or remuneration is dependent on many factors and varies according to these factors for a property manager.

As they gain experience over the years their salary also sees a change for the better. The other variables that affect the salary of a property manager are the industry that they work in, the type of employer that they work for and the city that they work in.

The average annual salary that a property manager receives is in the range between $ 25,561 and $ 69,273 which is inclusive of bonus, commission, and profit sharing.

• Years of Experience

• Experience of less than one year the salary range is between $ 19,000 and $ 49,763 and the hourly wage range is between $ 9.10 and $ 16.25.
• Experience between one to four years the salary range is between $ 23,996 and $ 51,841 and the hourly wage range is between $ 9.89 and $ 19.95.
• Experience between five to nine years the salary range is between $ 27,750 and $ 63,979 and an hourly wage range is between $ 10.52 and $ 22.77.
• Experience between ten to nineteen years the salary range is between $ 30,340 and $ 73,512 and an hourly wage range is between $ 12.11 and $ 24.55.
• Experience of more than twenty years the salary range is between $ 31,131 and $ 84,492 and an hourly wage range is between $ 12.40 and $ 33.72.

• Industry

• A property manager working in real estate property management gets an annual salary range between $ 27,702 and $ 65,643.
• A property manager working in affordable or low-income housing gets an annual salary range between $ 29,855 and $ 56,014 and an hourly wage rate between $ 9.64 and $ 22.54.
• A property manager working in real estate gets an annual salary range between $ 24,348 and $ 70,171 and an hourly wage rate between $ 9.94 and $ 24.23.
• A property manager working in commercial real estate gets an annual salary range between $ 25,188 and $ 81,628 and an hourly wage rate between $ 11.91 and $ 25.00.
• A property manager working in real estate development gets an annual salary range between $ 28,642 and $ 72,644 and an hourly wage rate between $ 12.28 and $ 15.77.
• A property manager working in condominium association gets an annual salary range between $ 28,087 and $ 71,362.
• A property manager working in hotel and hospitality management gets an annual salary range between $ 25,369 and $ 60,402 and an hourly wage rate between $ 10.00 and $ 13.02.

• Employer Type

• A property manager working for a company gets an annual salary range between $ 27,402 and $ 65,893 and an hourly wage rate between $ 10.14 and $ 20.43.
• A property manager working for a non profit organization gets an annual salary range between $ 30,196 and $ 63,379 and an hourly wage rate between $ 11.88 and $ 22.58.
• A property manager working for a private practice or firm gets an annual salary range between $ 23,809 and $ 65,590 and an hourly wage rate between $ 8.07 and $ 25.53.
• A property manager working for other organization gets an annual salary range between $ 25,431 and $ 67,934 and an hourly wage rate between $ 9.86 and $ 20.70.
• A property manager who is self employed gets an annual salary range between $ 14,094 and $ 121,497 and an hourly wage rate between $ 10.21 and $ 45.00.
• A property manager working for government – state and local gets an annual salary range between $ 30,319 and $ 62,588 and an hourly wage rate between $ 11.15 and $ 30.30.
• A property manager working for a foundation or trust gets an annual salary range between $ 23,489 and $ 74,777 and an hourly wage rate between $ 10.68 and $ 25.16.
• A property manager working for government – federal gets an annual salary range between $ 33,633 and $ 80,224.
• A property manager working for a franchise gets an annual salary range between $ 14,100 and $ 60,000 and an hourly wage rate between $ 9.38 and $ 17.50.
• A property manager working for a hospital gets an annual salary range between $ 44,161 and $ 82,165.
• A property manager working on a contract gets an annual salary range between $ 12,080 and $ 89,396 and an hourly wage rate between $ 13.84 and $ 20.69.

• City

• A property manager working in New York, New York gets an annual salary range between $ 34,797 and $ 102,945.
• A property manager working in Chicago, Illinois gets an annual salary range between $ 30,798 and $ 69,911 and an hourly wage rate range  between $ 12.00 and $ 18.92.
• A property manager working in Houston, Texas gets an annual salary range between $ 25,286 and $ 71,865.
• A property manager working in Atlanta, Georgia  gets an annual salary range between $ 30,975 and $ 56,396.
• A property manager working in Los Angeles, California gets an annual salary range between $ 25,786 and $ 82,850 and an hourly wage rate range between $ 8.30 and $ 29.29.
• A property manager working in Austin, Texas gets an annual salary range between $ 33,624 and $ 58,568.
• A property manager working in Philadelphia, Pennsylvania gets an annual salary range between $ 28,828 and $ 57,059.

This profession attracts more females than males and the percentile figures working in this profession is 71% and their average annual salary falls within the range of $ 32,183 and $ 50,184.

Their male counterparts on the other hand make up 29% in this profession and their average annual salary falls between the range $34,658 and $ 59,750.

Certification and Licensure for Property Manager

• Property or real estate managers who buy and sell property have to be licensed by the state that they operate in.
• Some states require that a property association member should be licensed.
• Certification is required for manager of public housing subsidized by the Federal government.
• There are various voluntary short term certificate courses that would hone their management skills and increase their knowledge in specialised fields.
• Institute of Real Estate Management offers certificates in Certified Property Manager (CPM) or Accredited Residential Manager (ARM).

Skills, Abilities and Other Qualifications

• Must be able to define jobs and set performance standards.
• Must have knowledge of ‘best practices’ in the business of property management.
• Must be proficient in organization and keeping of records.
• Must be conversant with insurance terms and concepts and must have the ability to take proper insurance coverage.
• Must have financial and budget planning skills and must be able to do financial analysis, create financial reports and also explain them.
• Must be able to use software that helps keep accounts accurately.
• Must be able to deal effectively with accountants, attorneys, contractors and other professionals.
• Must have an understanding of preventive, deferred and routine maintenance and be able to set adequate standards of maintenance and service.
• Must have problem solving skills, good communication and listening skills.
• Must be able to hold and conduct meetings in an orderly way.
• Must have knowledge of building systems, how they work, of landscaping and pest control.

Educational Background of a Property Manager

• Property managers who generally are onsite property managers looking after the upkeep and the rental of the premises that they handle, learn about it on the job or have real estate or maintenance field experience.
• For most commercial properties college graduation is necessary for an offsite property manager who looks after the finance and does contract management of the property.
• A bachelor’s or master’s degree in any of the fields such as finance, business administration, accounting, or public administration is preferred.
• Relevant coursework and a degree in the liberal arts are also acceptable to become a property manager.
• On-the-job training is mostly the norm for any person newly entering the field and can land a job as an assistant property manager.