Property Management

Property management involves handling the financial operations of a real estate property, ensuring rent payments are collected and that all bills and taxes are paid. Property managers report to the owners and supervise any contractors. It’s a perfect career for detail-oriented people with an expertise in managing logistics, finances and people.

Property Management Degrees

Since property management is the supervision of rentals and maintenance of properties, a lot of the daily tasks are learned on the job, unless one already has previous experience in the real estate field. On the other hand, commercial property managers and those who deal with finances typically need a bachelor’s or master’s degree in business administration, accounting, finance or real estate management.

Property Management Job Description

Property managers maintain and raise the value of real estate by handling the daily logistics and financial tasks involved in running a property. They oversee the operation of commercial properties such as apartments or office buildings and ensure that investors get their expected revenues.

Property management involves the following day-to-day tasks:

• Inspecting the grounds, facilities and equipment to determine if repairs are needed
• Meeting with current tenants
• Showing prospective tenants vacant units
• Collecting rent and other lease paperwork
• Keeping current records on income and expenses and submitting expense reports to property owners
• Negotiating and supervising contracts with service providers such as: security, janitorial, trash, landscaping, carpentry, plumbing and more
• Ensuring their properties comply with anti-discriminatory legislation such as: Americans with Disabilities Act, Federal Fair Housing Amendment Act and more

Property Management Salary

According to the U.S. Bureau of Labor Statistics (BLS), property managers earn a median annual salary of $48,460 with the top 10% earning up to a surprising $104,400. Job prospects are best for those with a college degree in business administration or related fields.