Real Estate Property Management involves the management of revenue-producing residential or commercial properties, including single-family homes, apartment complexes, office buildings, retail centers, medical facilities, and industrial warehouses. Property Management is a service industry in which property managers are expected to work closely with both the property owners and the residents of the property.
The primary responsibilities include:
- Management of the physical property, including maintenance, operations, capital improvements, and sustainability
- Human resources, including interacting with tenants, managing people who maintain and support the property’s operations, and working with property owners
- Marketing and leasing, including developing marketing plans and strategy, advertising and preparing property for rent, showing the property, negotiating leases, and establishing rents
- Financial management, including budgeting, accounting, financial and investment analysis, and financing
- Legal and risk management, including insurance, emergency planning, government regulations, contracts, and leasing.
Property Management is a multifaceted industry that is becoming more reliant on technology to increase operating efficiencies, maximize revenue, and monitor property performance. Property managers use industry-specific programs to generate financial reports, and to track data related to marketing, maintenance, insurance, payments, and tenant services.