Property management is a field that promotes properties through both marketing as well as customer service experiences. Property management can include looking after and lightly maintaining building units, commercial properties, or properties that individuals are looking to sell. The field is lucrative but competitive, allowing for an array of different interpersonal and business skills to be used in the workplace, allowing for a flexible work role.
What are the Duties of a Property Manager?
There are a multitude of duties that property management engages in to help promote properties as well as maintain renter satisfaction. Some typical duties of property management may include:
• Using customer service skills
• Using software for property management including rental property management software or residential property management software
• Using marketing and branding services for both the management company and the property
• Regular liaison with potential renters or buyers, as well as the current residents
• Performing small scale repairs on units or helping renters with certain questions
• Utilizing negotiation skills for contracts as well as delegation techniques for office workers
• Understanding tenant laws and, if asked for clarification, speaking to renters or potential buyers about such laws and what they mean
• Answering any questions staff, potential buyers, or renters may have regarding the property
Using excellent communication skills as well as interpersonal abilities to make renters and potential buyers feel comfortable in the property is of utmost importancein a property management role.
What Schooling is Needed to Enter the Field of Property Management?
Schooling for property management is very flexible, and is not mandatory, but some experience in the field of management, real estate, or business is preferred. There are a number of different schooling options that will help to increase one’s demand in the field of property management either through a degree program or diploma course. Overall, the higher the education, the more likely the job opportunity. Some schooling options may include:
• Bachelor’s degree program (in-school or online)
• Master’s degree program (in-school or online)
• Diploma or certification courses in business or real estate (in-school or online)
• Residential property management courses
• Commercial property management courses
• Fast-track or part-time schooling for degree or diploma courses (depending on school)
There may be other degree course options available depending on the institution. The best way to understand what credentials are needed is to talk directly to a property management firm and see what background is needed to enter the field.
What is the Salary Outlook for Property Management?
There is a large gap in pay scales due to the diverse nature of the work in property management. Building property management may consist of lower pay but more steady work, while real estate endeavors may be less steady work with higher pay. Generally, the pay ranges from $ 30,000.00 per year to about $ 75,000.00 per year.
Overall, the field of property management is a lucrative field that consists of diverse duties as well as the chance to move up within the residential community. Speaking to someone in the field of property management is the best way to understand what the job consists of and if the lifestyle would suit your own.