New to real estate.. interested in property management

[Haider Zaman]

Hello Bigger Pockets Family,

I am new to the world of real estate. I just obtained my Virginia real estate sales license and am looking for opportunities to build a business.

I've heard many people talk about property management as a business but don't really know what that means and entails. Could you all provide some guidance? What does it mean to management properties and how much money (general ballpark figure) can a person make?

I would greatly appreciate any guidance you all can provide.

Thank you sincerely,

Ch

[Kevin Fletcher]

@Haider Zaman

Property Manager Job Purpose: Maintains property rentals by advertising and filling vacancies; negotiating and enforcing leases; maintaining and securing premises.

Property Manager Job Duties:

• Establishes rental rate by surveying local rental rates; calculating overhead costs, depreciation, taxes, and profit goals.
• Attracts tenants by advertising vacancies; obtaining referrals from current tenants; explaining advantages of location and services; showing units.
• Contracts with tenants by negotiating leases; collecting security deposit.
• Accomplishes financial objectives by collecting rents; paying bills; forecasting requirements; preparing an annual budget; scheduling expenditures; analyzing variances; initiating corrective action.
• Maintains property by investigating and resolving tenant complaints; enforcing rules of occupancy; inspecting vacant units and completing repairs; planning renovations; contracting with landscaping and snow removal services
• Maintains building systems by contracting for maintenance services; supervising repairs.
• Secures property by contracting with security patrol service; installing and maintaining security devices; establishing and enforcing precautionary policies and procedures; responding to emergencies.
• Enforces occupancy policies and procedures by confronting violators.
• Prepares reports by collecting, analyzing, and summarizing data and trends.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Accomplishes organization goals by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.