What is Property Management
A property manager is hired by a third party to oversee and perform the daily operations of a real estate property. As a liaison between the property owner and the tenants of the property, a property manager ensures that both parties are satisfied with the property and its daily operations.
Property Management Explained
Property management is about overseeing, controlling, managing operations and these four main things:
- Maintaining Property’s Financials: Third parties expect property managers to set, collect, and adjust rent for a property’s tenants. Managers are also expected to maintain all records for such transactions.
- Managing Tenants: A property manager directly deals with tenets through the management of leases, tenant screenings, evictions, and complaints.
- Ensuring Property Integrity: All property repairs and maintenance fall under the responsibility of the property manager.
- Supervising General Operations: Property managers handle all general operations, such as supervising other property employees or overseeing vacant properties.
Benefits of Working in Property Management
There are many advantages of working in this diverse field. A few of the most prominent include:
- Job Opportunity: More and more companies have begun hiring property managers, meaning that the field offers a wide variety of job opportunities to both new property managers and seasoned professionals.
- Gaining Experience in Diverse Tasks: As a property manager, you will be exposed to a variety of tasks, and this exposure will strengthen your repertoire of skills and your value as an employee.
- Establishing Knowledge about Real Estate: This job will give you insight and experience within the real estate world that will benefit you in future property management jobs or allow you to invest in real estate for yourself.
Types of Positions in Property Management
There are many different jobs that fall under the category of property management, and responsibilities vary for each position. Common positions in the field of property management include:
- Property Manager: A property manager takes charge of a client’s investment property. The responsibilities of this job include organising and maintaining tenants, reporting to the property owner, and managing the property’s finances.
- Acquisitions Manager: An acquisitions manager must arrange the purchase of properties and real estate, find the acquisitions themselves, negotiate terms of purchase, and finalise contracts.
- New Building Site Manager: To ensure the integrity of a property’s construction, a new building site manager oversees the day-to-day operations of a construction project. The responsibilities of this job vary from inspecting the quality of work to organising communication between the public, the property owner, and all parties involved with the construction of the building.
- Architectural Manager: An architectural manager develops the design and construction of a property. This means that the manager must coordinate with the company’s staff and outside parties involved in the development of a property.
- Survey Manager: Survey managers supervise the planning of a property’s dimensions, elevations, and gravitations. This means managing data, creating legal descriptions of property data, and determining layout calculations.
- Lettings Negotiator Manager: As an intermediary between tenants and the property owner, a lettings negotiator manager handles tenant applications and tenants’ references, creates and distributes advertising materials, and generates new business for the property.
Best Work Locations for Property Management
As the most populous city in the UK, London occupies the top spots for property managers. Property managers in South West London make about 22% over the national average salary, while North and Central London each make exactly the national average. Meanwhile, cities outside of London generally make below the national average for property management salaries. Birmingham averages £29,000, and Manchester averages £27,000.
Key Skills Needed by Property Managers
While the field of property management does not require extensive experience, there are a few key skills that will benefit a property manager on the job:
- Communication: Since property managers serve as a liaison between the property owner and the property tenants, strong communication skills are both necessary and beneficial when on the job.
- Strategic Planning: Strategic planning skills help managers efficiently operate properties and preserve the property’s value.
- Organisation: The multiple responsibilities of a property manager necessitate a manager’s organisational skills. Because managers deal with a variety of paperwork and day-to-day interactions, efficiency and organisation will maximise the property’s value.
- Negotiation: In order to keep the property owner and the property tenants happy, an effective property manager must be a strong negotiator to come to an agreement in which all parties are satisfied.
- General Knowledge: In order to succeed, a property manager must be skilled in general marketing and financial organisational skills. The responsibilities of maintaining a property require both meticulous bookkeeping and a basic understanding of the real estate market.
What Can You Expect to Earn in Property Management?
Entering the field of property management is surprisingly easy and requires minimal experience.
While the average salary for property managers in the UK is £32,500, property managers have the potential to increase the number of properties they manage, which will lead to an increase in revenue. As a property manager gains experience, the property manager will also learn skills to decrease expenses and increase occupancy rates.
Commercial property managers generally offer the highest salaries in terms of property management, while regional property managers offer the second highest salaries. In general, the more properties a manager oversees, the more she earns. The highest paying industries (salaries pa) include Banking, Insurance, Finance (£52,500), Engineering, Manufacturing, Utilities (£42,500), and Public Sector & Services (£42,500).
By acquiring skills and establishing yourself within the industry, you’ll have the chance to improve revenues for both your properties and yourself. Overall, the field of property management is growing and offers multiple opportunities for both seasoned property managers and those just entering the field.