Property Manager Job Description: What Do Property Managers Do?

Property managers are the unsung heroes of the rental industry. They play an essential role in making the leasing experience great for their community. It takes a lot of hard work to efficiently run and manage a residential property. 

From finding quality tenants to collecting rent, there are several important duties that come with leasing out a property. Oftentimes, a landlord may choose to delegate these duties to someone who is better suited to taking them on.

That’s where property managers come in.

They take complete ownership of all the day-to-day responsibilities that come with leasing and managing a residential property.

Landlords hire property managers for a number of reasons. However, the bottom line is that landlords trust their property and tenants to the care of a professional. 

We’ll show you how to start your career in the property management field, as well as how to spot a great candidate.

• Property Manager Job Description
• What is the Difference Between a Property Manager and a Landlord?
• Typical Duties of a Property Manager
• How to Become a Property Manager: The Knowledge and Skills You’ll Need
• On-Site Property Manager vs. Off-Site Property Manager
• Property Manager Salary Expectations

Property Manager Job Description

The duties of a property manager include all things that are necessary for maintaining a residential community. They’re in charge of meeting the needs of the tenants. Their responsibilities can range from delegating maintenance tasks, hosting community events and handling evictions if need be. 

A management contract with the property owner outlines a property manager’s specific duties. This makes it clear to both the property manager and landlord (the property owner) what is expected from both parties. 

Once a landlord hires a property manager, it’s customary for the landlord to send out an offer letter. The offer letter details the services the manager will provide, salary, and benefits. It also includes their contact information.

What is the Difference Between a Property Manager and a Landlord?

A property manager and a landlord may have intertwined responsibilities. However, there are some key differences between them. 

One of the primary differences pertains to ownership. A landlord is a property owner. They may hire a property manager to handle the daily operation of the property. They pay the property manager for their services.

A landlord who handles their own property management will not earn anything extra for their work. Landlords pay property managers a salary or set percentage of the rent for their work. Many landlords decide to hire a property manager to help offset the time and effort it takes to successfully run a rental property. 

Landlords may hire an individual property manager or through a property management company. However, they should always ask to see a portfolio or history of properties that the person or company has successfully managed.

Typical Duties of a Property Managers Include: 

• Marketing the Property. If a property is vacant or a tenant is preparing to move out, it’s the property manager’s responsibility to market the property to attract new clients. Property managers may use sites like Apartment List to market properties directly to prospective renters.

• Screening Tenants. The property manager typically screens all new tenants. This can include running background checks, credit checks, and verifying income. It may also include calling former landlords of prospective tenants as a form of due diligence.

• Maintaining the Property. A key duty of a property manager is to ensure that the property is well-maintained. They perform routine property inspections. This can mean anything from performing move-out inspections to hiring landscapers, electricians and other various contractors to keep the community running smoothly 

• Repairs. Property managers typically handle a range of common house repairs. Those may include fixing a leaking pipe or filling holes in walls. However, they may have to contract larger repairs out. They are responsible for getting quotes and getting the landlord’s approval for those.

• Setting Rental Rates. Setting the rent price is a collaborative effort between a property manager and a landlord. However, the property manager is responsible for pulling pertinent data that may affect rent pricing.

• Communication. A property manager can act as a liaison between landlords and their tenants. If a tenant needs to address an issue to the landlord specifically, a property manager can relay that message. They keep the landlord up-to-date on tenant concerns.

• Rent Collection. A property manager may set a range of different methods of monthly rent payment. They’ll follow up with tenants who are late on rent. They also maintain records of the property’s finances. Those can include anything from security deposits to money they spent on repairs and upkeep necessities.

• Handling Evictions. Property managers may also handle the eviction of a tenant who has violated the lease agreement or who hasn’t paid rent.

How to Become a Property Manager: The Knowledge and Skills You’ll Need

Becoming a professional property manager requires a very specific set of skills. It’s a job that requires the individual to be a jack of all trades and handle various responsibilities on a daily basis. 

Becoming a property manager will look different for every individual and community. However, there’s some common ground. Here are the skills and knowledge necessary to be a stellar property manager.

Knowledge

• Education. At a minimum, property managers need to have a high school diploma. However, many employers require a bachelor’s degree. Some relevant majors include real estate, finance, or accounting. It may also be in public administration or business administration. Property managers must also have proper competency in their state’s landlord-tenant laws and fair housing regulations.

• Certifications. Most property managers have a formal certification granted by a recognized professional association. One of those associations is the National Association of Residential Property Managers. Some states require property managers to have real estate broker licenses. 

Skills

• Communication. Property managers must be able to effectively communicate with tenants, landlords, and business owners. Sharp listening skills are also key to help pinpoint potential issues and discuss solutions.

• Problem-Solving Skills. They must be able to quickly find viable solutions to problems as they arise.

• Organizational Skills. With everything on a property manager’s plate, organization and time management skills are key. They must be able to prioritize tasks, schedule, and coordinate. They also need to lead subordinates and be able to delegate tasks as needed.

• Handyman Skills. A property manager can act as an on-call handyman for the property they manage. They may take care of minor repairs, so they must have some knowledge of property maintenance.

On-Site Property Manager Versus Off-Site Property Manager

Property managers can work on-site or off-site (remote) from the communities they manage. Although these roles typically serve the same functions, there are important distinctions between the duties of an on-site property manager and an off-site property manager. 

Here is a breakdown of the key differences between an on-site property manager and an off-site property manager.

An On-Site Property Manager:

• Handles most repairs and maintenance needs immediately. They either do that by themselves or by outsourcing contractors for major repairs.
• Keeps records of important financial data regarding cash flow and tenant turnover. 
• May even live directly on the property, allowing them to be available more immediately to handle any issues.
• Acts as a liaison between tenants and landlords.
• Handles all tenant relations. Those tasks include rent collection, security deposit dispersal, and responding to tenant concerns.

An Off-Site Property Manager:

• Schedules and coordinates repairs and maintenance of the property. 
• Performs tenant screenings.
• Draws up lease agreements.
• Sets rental rates and collects rent.
• Off-site property managers don’t typically live on the property. Therefore, they may take longer to respond to issues.
• Records business and financial information.
• Communicates with tenants and the landlord.

Is Being a Property Manager a 24/7 Job?

Most property managers work full-time. However, they’re able to maintain a normal work/life balance. 

The one potential drawback to working as a property manager is the fact that you may be scheduled to be “on-call” and perform emergency duties after hours. That means that if a tenant reports significant maintenance issues at 1 a.m., you’ll have to be on-site. The good news is that these kinds of calls are usually few and far between or delegated to specific “on-call” periods. 

Property Manager Salary Expectations 

According to data from the Bureau of Labor Statistics, the median salary of a property manager is $58,340 annually. That number reflects those with mid-level experience. 

Property manager salaries will vary with experience. Those in the lowest percentile, usually those in entry-level positions, make just $29,000 annually. On the other hand, those in the highest percentile, typically those in 20+ years tenured positions, make upwards of $126,200. 

Salary will also vary by area. For example, the annual mean wage of a Dallas, TX property manager is around $82,870. While a property manager in Miami, FL can expect to take home $65,130.

Final Thoughts

Whether you’re thinking of applying your skills to the property management industry or you’re a landlord considering hiring a property manager, it’s essential to understand the invaluable role that property managers play. 

Bottom line: property managers are responsible for the day-to-day operations of a rental property. They take on the responsibilities of a landlord and are on the first line of attack when it comes to taking care of any problems.