Property and Real Estate Managers

On the Job

Overview

Property managers take care of the daily operation of properties. Some find, buy, and develop property.


The need for shelter is considered one of the top needs of human existence. That's why the search for an apartment can often be an epic undertaking. There are many factors to consider, from rental prices to the number of bedrooms to the part of town you would like to live in. Does the property allow pets? What are the floor plans? Is there a dishwasher? The list is seemingly endless. Hopefully, the right apartment (or condo, house, or office) will emerge, along with a property manager who keeps the place running.Property managers are in charge of the daily operations of properties that owners rent or lease to other people. They may manage office buildings, apartments, retail and industrial properties, or condos. Managers show vacant spaces to people who want to rent. They explain the rules of the lease to clients. They also set rental rates, handle bookkeeping, and collect payments. Managers make sure that mortgages, taxes, and other property bills are paid. They keep track of profits and losses for property owners.

Some property managers live at a property. These are called on-site managers. Working with people is an important part of their job. They look into problems or conflicts. When residents break rules, managers try to persuade them to change their behavior. If problems continue, managers may consult with legal advisors about asking residents to leave buildings. On-site managers inspect buildings after renters move out and determine if repairs are needed.

Property managers recruit, hire, and train their staff. These workers include secretaries, bookkeepers, and maintenance workers. Property managers plan, schedule, and coordinate repairs and maintenance of their properties. They assign simple repairs to their own maintenance workers. However, they also hire outside companies, such as construction firms or exterminators. If they use these services frequently, managers may gather bids from several vendors. Managers evaluate the bids and negotiate contracts.

Some property managers are called real estate asset managers. They act on behalf of clients to plan the purchase, development, and sale of real estate. Real estate managers focus on the long-term plans rather than the day-to-day problems. Some real estate managers are hired to find good places for hotels, stores, or factories. They research sites by looking at zoning, property values, and traffic patterns. Once managers find suitable spots, they meet with clients to discuss the land. Managers negotiate to buy or lease suitable properties.

Work Activities

The following list of occupational tasks is specific to this career.

• Manage office buildings, apartments, and retail and industrial properties.
• Meet customers to show them buildings. Explain rules and provide information about the local area.
• Direct collection of monthly payments from clients. Make sure property insurance, taxes, and mortgages are paid.
• Maintain records of sales, rentals, costs, and property availability.
• Investigate complaints about tenants and resolve problems. Act as a liaison between tenants and landlords.
• Confer with lawyers to make sure contracts follow laws.
• Recruit, hire, and train managerial, clerical, and maintenance staff.
• Direct and coordinate staff and evaluate their work.
• Inspect buildings, grounds, and equipment. Determine what repairs need to be made.
• Plan and schedule repairs, remodeling, and construction projects.
• Purchase building and maintenance supplies, equipment, and furniture.
• Gather and analyze construction and vendor bids for jobs.
• Negotiate contracts with companies that provide cleaning, painting, and other maintenance services.
• Prepare financial and summary reports of property.
• Meet with clients who want to purchase properties.
• Negotiate sale or lease of property. Review and complete forms.

People in this career perform the following list of tasks, but the tasks are common to many occupations.

• Get information needed to do the job.
• Perform administrative tasks.
• Establish and maintain relationships.
• Evaluate information against standards.
• Communicate with supervisors, peers, or subordinates.
• Resolve conflicts and negotiate with others.
• Organize, plan, and prioritize work.
• Communicate with people from outside the organization.
• Guide, direct, and motivate subordinates.
• Document and record information.
• Inspect equipment, structures, or materials.
• Work with the public.
• Think creatively.
• Process information.
• Teach others.
• Analyze data or information.
• Make decisions and solve problems.
• Judge the value of objects, services, or people.
• Convince others to buy goods or change their minds or actions.
• Explain the meaning of information to others.

Working Conditions

In a typical work setting, people in this career:

Interpersonal Relationships

• Have a high level of contact with the public and staff.
• Communicate by telephone, letters, memos, and in person on a daily basis. They also use e-mail, but less often.
• Are responsible for the health and safety of tenants.
• Are responsible for the work done by their staff.
• Are sometimes in conflict situations. They sometimes may deal with angry or unhappy people.
• Usually work as part of a team.

Physical Work Conditions

• Often work indoors. On-site managers may spend time outdoors when showing property or meeting with staff.

Work Performance

• Must be sure that all details of the job are done and completed accurately. Errors could cause property owners to lose money.
• Make decisions on a daily and weekly basis that impact their employer's reputation.
• Work in a competitive atmosphere where strict daily deadlines must be met.
• Make most, but not all, decisions independently. They may also consult supervisors and other workers when making an important decision.
• Determine most of their daily tasks and goals independently.
• Often repeat the same mental tasks.

Hours/Travel

• May work full time or part time. Most work full time.
• Generally work a set schedule.
• May work evenings or weekends to show properties. Property and real estate managers are usually given other days off during the week if they work weekends.
• May travel to visit properties. Real estate managers may travel out of town to check out new properties for sale.

Physical Demands

In a typical work setting, people in this career:

People in this career frequently:

• Sit for long periods of time.

It is important for people in this career to be able to:

• Speak clearly so listeners can understand.
• Understand the speech of another person.
• See details of objects that are less than a few feet away.

It is not as important, but still necessary, for people in this career to be able to:

• See details of objects that are more than a few feet away.
• Determine the distance between objects.

Source: Minnesota Department of Education.