Why Property Management Is a Great Business
Last updated 01/28/2020 byMelissa Batai
Do you enjoy working with people? Are you naturally social yet are a firm disciplinarian type? Are you detailed oriented and organized? If you like variety in your day and to do several different tasks, pursuing a property management career may be perfect for you. A property manager fills a specific niche and has many jobs to do. However, thanks to the many different skills required, this job is best suited for only a select few.
For people who like to have busy days, there are several benefits to being a property manager:
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1. Property managers don’t have the financial risk the property owner has.
While you earn money working for the property owner, you don’t have many of the same risks as the property owner. You don’t need to worry about declining property values regarding your outstanding loans, and you don’t have to be concerned with changing interest rates.
However, a property manager’s job is to make money for the property owner, so you do need to have a clear understanding of the expenses to maintain the property, which will help you decide how much to charge in rent as well as what discounts or incentives you can offer to keep quality tenants longer. It will also help you understand how much money can be used for property improvements.
2. Property managers get to interact with a variety of people and use multiple skills.
A property manager deals with many different people in a typical month, including contractors, tenants, and property owners. Also, property managers do many various tasks. They are responsible for marketing and advertising the properties, determining if a prospective tenant would be a good fit for the property, and determining what upgrades and routine maintenance must be done to the property. Besides, they typically have to do basic accounting and money management.
An unpleasant part of a property manager’s job is evicting tenants for not following the lease or for non-payment.
3. Property managers never know what the day will bring.
Because property managers have so many different jobs to do, they never know what the day will bring. Of course, there will be expected events like showing the property to tenants or cashing rent checks, but there may also be unexpected events like a water leak or other events that must be handled.
The downside to this is that a property manager’s hours are not the traditional 9 to 5. Some days may be shorter, but often the days may be longer than 8 hours a day.
Property managers are vital to property owners. They are expected to know the local real estate market and to handle many of the days to day property concerns, freeing up the property owner to focus on other endeavors.
As you gain a reputation for being a good property manager, your business can grow, and quickly. If you like to face the unexpected at work as well as interact with a variety of people in a variety of situations, property management may be the perfect job for you.
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