Property Management is a Job Most People Can Do
Need a Job? Consider a Career in Apartment Management
Apartment buildings are everywhere. Most need a manager to oversee day-to-day operations and handle emergencies. This means plenty of employment opportunities that often don't require experience. I began my career at a 15-unit building. It was not time-consuming or a difficult job. Most people with a high school diploma and common sense can manage a small building. To help others decide if this is a career for them, I've written a brief overview of property management.
The Job
Property management is usually not physically demanding or time-consuming, especially when there are no vacancies. Most managers must live on-site and work out of their apartment. Hours are flexible as a manager schedules when repairs are made and vacant apartments are shown. Emergencies do occur and a manager must be available 24/7 to deal with them. Some managers earn a salary and receive benefits. Most compensation is in the form of rent reduction, utility or cellphone reimbursement, and bonuses.
Duties
Four main duties of a property manager are to maintain the building, collect rent, prepare vacant units for occupancy, and lease them. A manager also serves as liaison between upper management/owner and tenants. This often requires a manager to enforce lease terms, resolve tenant disputes, process applications and post legal notices. A manager should stay abreast of Fair Housing laws to avoid legal issues. A successful manager will keep tenants happy and maximize building profits for the owner.
Property Manager Traits
This job revolves around dealing with people. Thus, a manager should maintain a professional appearance and have great people, communication, and negotiation skills. The ability to multitask and organize are important to ensure all duties are completed properly and on time. A manager should be ethical to avoid tenant claims of discrimination. Honesty is a must as a manager will collect rent. An eye for detail is necessary to ensure leases are filled out correctly and the building is clean and safe.
Positive Aspects
It's a great job for retired people, students single moms or others who want to work from home. The hours are flexible. A manager will meet many varied and interesting people. Property management offers the opportunity to gain management experience that can lead to better paying jobs in other industries. A manager usually works without direct supervision.
Negative Aspects
Expect some loss of privacy as tenants will knock on a manager's door at all hours. There will be a few long days as everything goes wrong at once. The job can become stressful when tenants cause problems or building malfunctions take time to repair. A manager must be available 24/7 to handle emergencies and clean up vomit or other unpleasant substances.
Managing a small apartment building is definitely a job most people can do. Hopefully this brief overview will encourage others to consider property management as a career.
Comments (3)
Hi @Tony LeBlanc and @John Montgomery and thanks for your comments. I wrote the article many years ago for Yahoo who rejected it because they thought it was not different from articles they already published. Since so many people were being laid off at the time, I thought some might want to turn to property management. Now that I've become active in BP, I thought I would share the article with everyone here. Like John, I hope Tony is able to start changing the perception of the PM industry. I will weigh in on a few things. I think there are several reasons for the lower perception of PM's. It starts with the owner. No matter how willing/dedicated/competent a PM is, if the owner will not pay for repairs, enforce lease issues or treat tenants as valuable entities rather than an easily replaceable sources of income; then many tenants may have negative rental experiences. I left a large complex after 12 years because I was burned out. After a few years, decided to find a smaller building for free rent. My experience has been exclusively with apartment management and after a year of interviews and walking buildings, I rejected several job offers because there was no way I wanted to work with the owner. Dare I say that it seems many owners see PM's as a necessary evil. I should blog about my experiences...bet that would generate some ineteresting replies...lol. Another reason for the negative impression towards PM's is look at all the apartment buildings everywhere. Each building over 16 units must have a manager. One thing that amazed me is how few job listings there are for PM's. That's because most owners find it easiest to hire a recommended or best qualified existing tenant to collect rent, deal with maintenance issues and pick up trash. Very few owners provide training for their PM's. And as @Tony LeBlanc suggests, many of these newly hired PM's aren't ready for all the unique issures/pressure that come with the job. Thus, they don't react properly when dealing with issues leaving tenants with a negative impression. While I could go on and on, I'll close with one last point. PM's are often not very well compensated. So, owners aren't often hiring highly motivated/skilled individuals for these jobs. I do still believe propery management is a job most people can do with the caveat that many PM's (consisting of those who fell into the job as opposed to those who chose it as a career) may not find it rewarding or satisfying.
Fred Dray, about 9 years ago
Tony - I hope you succeed in changing the perception of the PM industry... because it needs some changing! I was at one of my new properties today and struck up a conversation with the neighbor next door. Within two minutes he began complaining about his PM. As I listened to him I realized that his complaints seemed valid.... and completely avoidable. I walked away asking myself the age-old question... why can't PMs abide by the golden rule? Fred is right, PM isn't inherently difficult, but it does take someone who treats people with respect and follows through on commitments. And your comment about "very thick skin" is equally valid, as some tenants will take advantage of whoever their PM is.
John Montgomery, about 9 years ago
I agree and disagree.
I agree that being a PM is a great job and very rewarding. I've been around it all my life and now run a firm over over 1500 units. I eat, sleep and breath property management. Unfortunately its often overlooked as a career. PM's were classified one step above car salesmen. In the public eye, our job is not too glamorous.
I don't agree that everyone can do it. In my experience, being a PM takes a special bread of person. You gotta have a ton of patience and a very thick skin. This is why most investors hire out because they don't want the headache. The turn over in the PM industry is massive. Average PM lasts less than 2 years.
I've made it a personal mission to change the perception of this industry and make it more attractive for people. Hopefully someday I will be able to agree with you on this point!
Tony LeBlanc, about 9 years ago