How to Be Property Manager - Job Description, Skills, and Interview Questions

Jun 19, 2021 / 5 Minutes Read / By Albert

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The housing crisis has caused a steep increase in rental prices, leaving many tenants struggling to make ends meet. This, in turn, has led to an increased demand for property managers, as landlords now require professionals to handle the legal and financial aspects of running rental properties. Property managers are invaluable in helping landlords navigate the complexities of the rental market, from processing applications, to collecting rent, and managing tenant issues. As such, their presence is crucial in maintaining the stability of the rental market.

Steps How to Become

Obtain a High School Diploma or GED. Most employers require property managers to have at least a high school diploma or GED.
Consider a College Degree. A college degree is not necessary for this job, but it may be beneficial to obtain a degree in real estate, business administration, accounting, or another related field.
Get Relevant Work Experience. Property managers should have prior experience in the field of property management. This could include working in real estate sales, as a leasing agent, or as an administrative assistant at a property management company.
Get Certified. Most states require property managers to be licensed or certified. The requirements for this vary by state, but typically involve taking an exam and/or completing a course of study.
Have Strong Interpersonal Skills. Property managers must be able to communicate effectively with tenants, landlords, and other stakeholders.
Develop Good Organization Skills. It is important for property managers to be able to manage multiple tasks at once and stay organized.
Stay Updated on Laws and Regulations. Property managers must be aware of local, state, and federal laws and regulations related to property management.

The success of a property manager relies upon their ability to be reliable and efficient. This means they must have strong organizational skills, be able to effectively communicate with tenants and other stakeholders, have a good understanding of property laws and regulations, and also be able to make sound decisions when managing the property. To ensure reliability and efficiency, a property manager should have a well-defined system in place for inspecting the property, collecting rent, resolving tenant issues, and responding to any emergencies that may arise.

They should also have a good understanding of the local market and industry to ensure that their decisions are informed and effective. By utilizing these skills and strategies, a property manager can create a reliable and efficient environment for tenants and stakeholders.

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Job Description

Develop and implement property management strategies.
Monitor and review rental agreements and enforce compliance with any applicable laws.
Maintain accurate records of all property-related transactions.
Oversee property maintenance and repairs, including arranging for contractors and other service providers.
Collect rent and security deposits from tenants and ensure that all rent payments are made in a timely manner.
Address tenant complaints, inquiries and requests in a timely manner.
Negotiate new leases and renew existing leases.
Prepare reports on property-related activities, such as rent income, expenses, and occupancy rates.
Ensure that all properties are kept in a safe, clean, and attractive condition.
Develop and enforce rules and regulations for tenants.
Supervise and coordinate the activities of other staff members, such as maintenance personnel or custodians.

Skills and Competencies to Have

Knowledge of rental laws and regulations.
Ability to read and interpret legal documents.
Ability to manage a budget and financial records.
Excellent customer service skills.
Strong organizational and problem-solving skills.
Knowledge of computer systems and software programs.
Knowledge of building maintenance and repair procedures.
Understanding of residential rental markets.
Ability to communicate effectively with tenants and landlords.
Ability to respond quickly to tenant inquiries and requests.
Ability to negotiate agreements with tenants and landlords.
Ability to inspect properties for safety and maintenance issues.
Ability to oversee contractors and vendors.
Attention to detail when preparing documents and contracts.
Proficiency in conflict resolution.

The ability to effectively manage a property is an essential skill for any successful property manager. Being able to effectively communicate, both verbally and in writing, is crucial for coordinating with tenants, vendors, and other stakeholders. the capacity to understand and adhere to the local laws and regulations regarding rental properties is key for avoiding potential legal issues.

Lastly, strong organizational skills are necessary for managing multiple properties, tracking tenant payments, and staying on top of maintenance needs. All of these skills are necessary for a successful property manager, and having them will help ensure that the properties they manage are efficient, well-maintained, and profitable.

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Frequent Interview Questions

What experience do you have in Property Management?
What strategies do you employ to maximize rental income?
How do you handle difficult tenants?
How do you keep up with relevant legislation affecting the property management industry?
Describe a time when you had a conflict with a tenant and how you handled it.
What do you think are the most important qualities of a successful Property Manager?
How do you ensure that all paperwork is kept up to date and in order?
Describe your experience in dealing with maintenance issues.
What performance metrics do you use to evaluate the success of a property management team?
Describe a time when you had to make an unpopular decision as a Property Manager and how you managed the situation.

Common Tools in Industry

Property Management Software. software used to manage all aspects of a rental property, such as tenant information, rent collection, maintenance requests and accounting. (eg: Rent Manager)
Building Maintenance Software. software used to track and schedule preventative maintenance tasks and repairs for property buildings. (eg: Building Engines)
Tenant Screening Software. software used to verify the background and credit information of potential tenants. (eg: TenantCloud)
Lease Agreement Software. software used to generate customized lease agreements and track lease expirations. (eg: LeaseRunner)
Accounting Software. software used to manage financial transactions and accounts for rental properties, such as invoicing, payments, collections, and taxes. (eg: QuickBooks)

Professional Organizations to Know

Institute of Real Estate Management (IREM)
National Apartment Association (NAA)
National Multi Housing Council (NMHC)
Building Owners and Managers Association International (BOMA)
National Association of Residential Property Managers (NARPM)
National Association of Home Builders (NAHB)
American Society of Home Inspectors (ASHI)
National Association of Realtors (NAR)
Community Associations Institute (CAI)
International Facility Management Association (IFMA)

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Common Important Terms

Lease Agreement. A contract between a landlord and tenant that outlines the terms and conditions of the rental of a property.
Rent. The amount of money that a tenant pays to a landlord in exchange for use of the property.
Security Deposit. An amount of money paid by a tenant to a landlord as a form of insurance against any damages to the rental property.
Property Management. The process of overseeing and managing the daily operations of a rental property.
Maintenance. The process of keeping a rental property in good condition and making repairs when necessary.
Tenant Screening. The process of evaluating potential tenants and verifying information such as employment, credit history, and references.
Eviction. The process of legally removing a tenant from a rental property due to non-payment or other violations of the lease agreement.
Landlord-Tenant Law. The body of laws that govern the rights and responsibilities of landlords and tenants in a given jurisdiction.

Frequently Asked Questions

What is a Property Manager?

A Property Manager is a professional who is responsible for the day-to-day management of rental properties, including collecting rent, coordinating maintenance, dealing with tenant issues, and ensuring the property is in compliance with local laws and regulations.

What responsibilities are included in Property Management?

Responsibilities of a Property Manager include collecting rent, coordinating maintenance, dealing with tenant issues, enforcing rental agreements, conducting inspections, and ensuring the property is in compliance with local laws and regulations.

What qualifications do you need to become a Property Manager?

Generally, Property Managers must have a high school diploma or GED, plus experience in the real estate industry. In addition, some states may require Property Managers to hold a real estate license.

How much do Property Managers typically charge?

Property Managers typically charge a management fee of 8-10% of gross rents, as well as additional fees for additional services.

What are the benefits of hiring a Property Manager?

Benefits of hiring a Property Manager include time savings for the property owner, increased efficiency in managing the property, improved tenant relations, and increased rental income.