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What are the duties of a residential property manager?

What are the duties of a residential property manager?

At Centennial Property Management there are a few specific duties that are required of property managers. First off, the person must be charismatic and respectful. They are also extremely responsive and expected to act on behalf of the property manager.

Responsibilities of a Residential Property Manager

The residential property manager must be able to maintain property rentals by advertising and filling vacancies. In addition, they work with the tenants in negotiating and enforcing leases, but also maintaining and securing the premises. Another common action is to establish a rental rate. This is done by going and looking at other rental rates and calculating overhead costs, as well as depreciation, taxes, and profit goals. This leads to an ultimate decision of the rent cost. Property managers should also work to find tenants and fill the vacancies. This can be done by obtaining referrals from current tenants, and also explaining the advantages of location and services, and even showing units as they are always licensed, realtors. When it comes to leases and contracts, they will collect the rent as well as a security deposit. This will then be their job to enforce bills, requirements, preparing an annual budget, as well as scheduling expenditures, analyzing variances, and initiating corrective actions. In the event there are complaints by tenants they will begin investigating and resolving tenant complaints, but do their job by enforcing rules of occupancy, inspecting vacant units, and completing repairs. In some cases, they may even work by planning renovations, as well as handling landscaping and snow removal services. Security should always be a concern, as the property manager works to secure the property by contracting with a security patrol service. They may also install and maintain security devices, enforce policies and procedures, and respond to emergencies. Although property managers are on duty at all times, there are some flexible hour and workweek options. Sometimes the manager will live on site.

Skills Required

  • Sales
  • Negotiation
  • Familiarity with local, state, and federal laws and regulations
  • High level of organization
  • Attention to detail
  • Professionalism
  • Internal communications
  • Listening

Education, Experience, and Licensing Requirements

  • High school diploma, GED, or equivalent
  • 3-5 years experience in real estate or sales
  • Real estate license
  • 1-3 years management experience a plus
  • Knowledge of office software such as Microsoft Outlook, Excel, and Word

Becoming a Property Manager

Property managers are not citizens who have walked off the street, they are licensed real estate agents who work hard to take care of properties. Knowing how to manage and handle a building is essential, and not something to take lightly. Contact us today to learn more about our services, and talk to us about our team of esteemed property management professionals. We take care of business and take pride in our work to manage your investment.