Residential Property Manager
What is a residential property manager?
A residential property manager is someone who oversees and manages residential properties such as apartments, houses, or condominiums on behalf of the property owner.
What does a residential property manager do?
A residential property manager typically performs the following tasks:
- Collecting rent from tenants and ensuring it is paid on time
- Advertising and marketing vacant properties to attract potential tenants
- Conducting background checks and screening tenants before leasing out a property
- Handling maintenance and repairs to keep the properties in good condition
- Addressing tenant concerns and resolving any issues that may arise
- Keeping organized records of rental agreements, leases, and financial transactions
What does the day-to-day life of a residential property manager look like?
A residential property manager usually works regular office hours, typically from 9am to 5pm. However, you may need to be available outside of these hours in case of emergencies. Your daily tasks may include:
- Responding to tenant inquiries or concerns, either in person, over the phone, or via email
- Conducting property inspections to ensure everything is in order
- Meeting with contractors or maintenance staff to discuss repairs or improvements
- Reviewing rental applications and conducting background checks on prospective tenants
- Preparing financial reports and maintaining records of rental income and expenses
Where does a residential property manager work?
Residential property managers can work for a variety of employers or be self-employed. They may work for:
- Property management companies: These companies specialize in managing various residential properties on behalf of property owners.
- Real estate agencies: Some agencies offer property management services as part of their overall real estate operations.
- Housing associations or local councils: These organizations may hire property managers to oversee their rental properties.
- Self-employment: Some property managers choose to work independently and manage properties on their own.
The location of work can vary depending on the employer and the properties being managed. Residential property managers can be found in cities, towns, or even rural areas where rental properties exist.
What tools/software/hardware does a residential property manager use?
Residential property managers use various tools and software to help them in their work, including:
- Property management software: This software helps with tasks such as rent collection, tenant screening, maintenance requests, and financial reporting. Examples include Buildium, AppFolio, or Rent Manager.
- Office productivity software: Programs like Microsoft Office or Google Workspace are used for tasks such as data entry, document creation, and communication.
- Communication tools: Email, phone, and messaging apps are used to communicate with tenants, property owners, contractors, and other stakeholders.
Hardware commonly used by residential property managers includes computers, phones, printers, and sometimes tablets for on-the-go tasks or property inspections.
What do I need to become a residential property manager?
There are several paths to becoming a residential property manager:
- Work experience: Some property managers start in entry-level positions within property management companies or real estate agencies and gain experience on the job.
- Higher education: Pursuing a degree or diploma in subjects such as property management, real estate, business administration, or hospitality management can provide a solid foundation for this career.
- Professional certifications: Organizations such as the National Association of Residential Property Managers (NARPM) offer certifications that demonstrate competency in property management.
What career paths are available?
As a residential property manager, you can pursue various career paths, including:
- Senior Property Manager: With experience and proven skills, you can progress to higher-level management positions overseeing larger portfolios of properties or managing a team of property managers.
- Property Management Consultant: Some property managers transition into consulting roles, providing expert advice and guidance to property owners or management companies.
- Real Estate Developer: With a strong knowledge of property management and the real estate industry, you may choose to become involved in developing or investing in real estate projects.
To start on these career paths, it is important to gain experience, build a strong professional network, and continue learning and staying updated on industry trends and regulations.
What jobs are similar to a residential property manager?
- Facilities Manager: Overseeing the maintenance, operation, and security of buildings and facilities, both residential and commercial.
- Real Estate Agent: Assisting clients in buying, selling, or renting properties and providing market expertise.
- Community Association Manager: Managing and maintaining properties within planned communities or homeowner associations.
What made you want to become a residential property manager?
How did you get your first residential property management job?
What was the one thing that surprised you the most about being a residential property manager?
Are you a residential property manager? We want you to share your experiences with those looking to start or change their careers to residential property management. If you're interested, please contact us at mail@calumchilds.com.