People who have experience in apartment management can become Property Managers, but they will have a lot more responsibilities than an apartment manager. Apartment managers only manage one apartment building. Property Managers and Real Estate Managers are responsible for managing several different apartment buildings and homes. They are there to ensure that the apartment managers are performing their jobs adequately. They are also responsible for ensuring that the apartment managers are collecting the tenants rent payments on time.
When rent is due at the beginning of the month, the apartment manager collects the rent from the tenants, and then gives it over to the property manager. The property manager then calculates all of the rent, and prepares three day notices for tenants who have not paid their rent. The property manager and the apartment manager collaborate on the upkeep of the apartment building, in regard to maintenance, coordinating with vendors, and move in and move out tasks.
The property manager and real estate manager act as ago between for the owners of a property, a mortgage company, and the tenants that live in the apartments and homes. The property manager and real estate manager oversees the operation of a property. They are responsible for ensuring that the apartment units are being shown and leased to potential tenants. They are also there to ensure that the apartment managers are made available to execute maintenance orders, and coordinate with vendors on getting an apartment unit rent ready. The property and real estate manager will do a walk through of an apartment that has just been vacated to find out the damage, and what repairs need to be done. The property manager calculates the tenants security deposit against the damages and repairs that were made in order to make the unit rent worthy again. The property manager also orders painters, carpet cleaners, and house keepers to get an apartment unit rent ready. Once the apartment is rent ready, the property manager performs a walk through to ensure that there are no hidden damages that were not caught in the first inspection.
Once the apartment is rent ready, the property manager puts in the appropriate advertisement for the apartments in order to interest potential tenants to look at the unit. The property manager coordinates with the owners of an apartment building on the rental and security deposit monetary values. The property manager must also be instructed by owners on what they will or will not allow when getting an apartment rent ready in order to save on the budget. The property manager will do a property unit budget analysis to find out what other competitive apartment buildings are charging for their rents, and then establish the rent accordingly. The property manager also performs credit and background checks on potential tenants to find out their credit worthiness to rent an apartment. They are also responsible for evictions and follow up on evictions, which include testifying in a court hearing, and being present for a lock out by the sheriffs office.
There are many responsibilities that go with running an apartment building. There are rental agreement and leases that must be signed and dated, move in and move out forms that must be recorded and followed up on through property management software. Inspections of units after a tenant moves out, and a new one moves in. The apartments must be inspected to record the state that the apartment is in before move out, so that it will reflect the same when the person moves out. If anything is different, the property manager must take the extra costs for damages out of the tenants security deposit, and then send the remaining balance to the former tenant with explanations on each charge. The property manager is responsible for the day to day operations of an apartment building, and ensuring that the tenants are satisfied with their apartments and deal with any complaints.
Training and Educational Requirements
In order to become a Property Manager and Real Estate Manager, a person must have a Bachelor’s degree in business administration, real estate, accounting or finance.
A property manager must be working for a property management company that is a licensed real estate broker. Property managers do not need any type of certification to become a manager of a property. They only need to have at least five years experience in apartment management, or if they have a bachelors degree in real estate, they will be considered for a position as a property manager. A Real Estate Manager who manages commerce buildings or homes, must have a bachelors degree in business administration or real estate, and then be licensed through the Institute of Real Estate Management.
Salary and Wages
The salary for a Property and Real Estate Manager depends on the property management company a person works for. The pay scale will vary with each company. The median average income of a Real Estate and Property Manager is $84,000 a year.*
*According to the BLS, http://www.bls.gov/oco/
- Institute of Real Estate Management
- National Association of Realtors