What Is A Property Manager? (With Work Responsibilities)
Updated 15 March 2023
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Landowners may often hire professional property managers to manage their properties on their behalf. Along with being responsible for the property's upkeep, the property manager may rent it, collect the rent and deal with various other tasks related to property management. By understanding what a property manager does daily, you can make an informed decision about pursuing this profession. In this article, we discover the answer to the question, 'What is a property manager?' and learn about their responsibilities, along with the different types of property managers and their average salary.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
What is a property manager?
The answer to the question, 'What is a property manager?' is fairly straightforward. A property manager is a professional that undertakes property management in real estate. Property managers may work for a real estate company or independently and are responsible for overseeing and managing various commercial, industrial and residential real estate properties on behalf of the owners. They handle the daily operations and maintenance of the property to retain its value and rent it to ensure it generates an income. Property managers also vet the tenants they rent to and respond to their complaints.
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What are the work responsibilities of a property manager?
The exact work responsibilities of property managers differ according to the work contract they have with the property owner. Some property owners may hire a property manager only to rent out the property and collect the rent. Others may additionally require them to handle property management and maintenance tasks. The general work responsibilities of a property manager are:
Understanding rental laws
It is crucial for a property manager to have in-depth knowledge of current rental laws in their state and country. Understanding legal regulations can help them with various property-related concerns such as screening tenants, creating rental lease agreements, setting and collecting rent, ending rental leases and evicting tenants. They can be fair about the security deposit they take from renters and the notice period they give to them.
Marketing rental properties
Property managers handle the marketing side of rental properties. They take internal and external photographs of the property for advertising. They may also write a detailed description of the property features and explain its advantages and proximity to public facilities such as hospitals, shops and schools. Besides, they may list the property on various rental and property websites and social media and provide a fixed or negotiable rental charge. Widespread marketing efforts are likely to generate a lot of interest in the property and allow the property owner to be selective in the tenants they decide to rent.
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After advertising the property for rent, the property manager is responsible for showing it to prospective tenants and screening them to ensure they are the right people for the property. They may ask them for personal details and financial information such as their phone number, work address and bank statement. They may negotiate the rental fee with the selected tenant and prepare a legal rental agreement with information about rental duration, rental deposit, rental fees and payment schedule.
Along with finding tenants for the property, the property manager handles tenant move-outs and evictions. A move-out happens when the tenant shifts elsewhere, while the eviction might occur because of tenant misconduct, violation of lease terms or non-payment of rent. During these, the property manager inspects the property and makes sure it is clean and not damaged. If there is property damage, the property manager may decide to withhold a portion of the tenant's security deposit for undertaking the repair work.
Collecting rent from tenants
The property manager sets the rental amount per what the property owner wants, the current market rate, the property location and the property features and advantages. They decide if the rent amount is fixed or negotiable and state it clearly in the rental lease agreement along with the payment terms. Generally, they are responsible for ensuring that the tenant pays the rent regularly by a specific date. They may collect the rent in person or have the tenant deposit it in the property owner's bank account.
Responding to tenant complaints and disputes
Managing a property involves handling tenant complaints and resolving tenant disputes as much as possible. The tenants may post their complaints on the property manager's website or contact them via email, text message or phone call. The property manager may respond to the complaints within a prescribed period and take the appropriate action.
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Undertaking property maintenance
The upkeep of the property is another important task that the property manager undertakes. They check the property regularly and ensure that all the necessary maintenance and repair work gets done on time. That may include cleaning the place, removing trash, exterminating pests, repairing pest or weather-related damage and handling water leakage issues. Some property managers can perform these maintenance tasks on their own, or they may hire independent plumbers, electricians and other maintenance professionals to do the work.
Some properties may have regular employees such as security guards, cleaners and gardeners and the property manager is usually responsible for hiring and supervising them. The property manager may advertise for available positions, interview applicants and check their backgrounds. After discussing salary with the employees, the property manager may sign a contract agreement with them and assign them a work schedule. The property manager may monitor their work regularly and, depending on their work performance, they may decide to let them continue working on the property or terminate their employment.
Handling property budget
The property owner generally allots a specific budget for maintaining the property and paying its employees. The property manager is in charge of managing this budget. Along with making payments, they keep track of expenses and maintain accurate records. They try to ensure that they can get all the repair and maintenance work done while staying within the budget.
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Assisting with property tax payments
The property manager may be knowledgeable about property-related taxation matters. They may be able to assist the property owner with gathering relevant information for filing property and property-related income taxes. Some property owners may entrust the property manager with filing the property taxes on their behalf.
Related: How To Become A Tax Consultant: Skills, Education And Salary
What are the different types of property managers?
The different types of property managers include:
Residential property manager
A residential property manager is responsible for the day-to-day management of residential properties on behalf of busy property owners and property investors. The residential properties may be multi-storey apartment buildings, row houses and independent houses. The residential property manager finds tenants for these properties, creates and signs rental agreements and collects rental deposits and fees. They may also respond to tenant complaints, mediate tenant disputes and take action to evict tenants when necessary. Additionally, they undertake property cleaning and maintenance work.
Commercial property manager
A commercial property manager handles the regular management and utilisation of commercial and industrial properties like office buildings, business complexes, business parks and industrial facilities. They may manage a single property, multiple properties in one location or various properties in different places. Their duties include finding tenants for the rental properties, preparing and signing lease agreements and collecting rent deposits and fees. They also conduct regular maintenance work and ensure garbage disposal and property cleaning. They may also respond to tenant complaints, find appropriate solutions and ask tenants to vacate the properties for violating contract terms or not paying rent.
Rental storage property manager
A rental storage property manager is in charge of a facility that provides storage space for rent for a specified duration. Their work involves determining what type of items are safe for short-term or long-term storage and the right kind of temperature necessary to prevent deterioration or spoilage of stored items. They are also responsible for cleaning the storage units and arranging for storage-related items like boxes, containers and duct tapes. Additionally, they undertake marketing to attract customers to the rental storage properties and require good customer service skills to develop good business relationships with current and potential customers.
Related: How To Become A Facilities Manager (With Duties And Skills)
What is the average salary for property managers?
The average salary for property managers is ₹41,234 per month. The exact pay may differ as per the employer, location, specific duties, educational qualifications, skills and experience. Property managers with many years of property management experience and those responsible for managing large estate can expect to earn higher annual incomes.
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