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How
to Advance Your Property Manager Position
Property Management Positions
Do
you know
what are the different property management positions and which property
manager position you should be holding based on your education, work
experience and credentials? Uncover all the answers and find out how to
leapfrog your property manager positions today.
Lower
Level: Resident Manager ==> On-Site Manager
If you are a
beginner and looking for a starter position, being an
on-site manager is a great way for you to gain some valuable work
experience. Many people
who lack formal training or experience start off at this property
management position.
An on-site manager is in charge of just one
rental property such as a residential multiplex, shopping center or
smaller office building. Depending on who hires you, you will either
report directly to the rental property owner or a property manager if
you are working for a property management company.
As an
on-site manager, you are responsible for the day to day tasks of
running a rental property such as dealing with tenants, collecting
rents and preparing reports. You will also have to supervise the
cleaning and maintenance of the property so it's a good idea to have
the contacts of cleaners and repairmen at your finger tips.
Some on-site manager actually live on the residential property that
they are managing in exchange for free lodging or heavily discounted
rent. These type of live-in managers are also labeled as resident
managers.
If you take on the property manager position of a resident property,
your compensation can vary widely depending on
the size of the rental property and the scope of your duties. Some
employers will also provide free training on the job so it will be a
valuable opportunity to brush up your property management skills.
Middle
Level: Assistant Property Manager
If
you have
2 to 3 years of property management experience under your
belt, you can work your up to an assistant property manager.
The
assistant property manager position is usually the starting place
for people with the relevant education or training such as graduates
with degrees in real estate or property management.
An assistant property manager will be usually be responsible handling
multiple rental properties. Common examples will be luxury homes, mid
sized office buildings or a mixture of both.
Because this position requires that you
deal with a few rental properties at the same time, you will have to be
highly organized and have a good eye for details.
In addition to the day to day running of your properties, an assistant
property manager will have to handle the accounting and rental cash
flow as well. That is why it is crucial for you know how to use basic
office software such as Microsoft Word and Excel.
As an assistant property manager, you will also have to do with a large
circle of people including your tenants, company superiors and possibly
the rental property owners. For these property management positions,
having solid people and communication skills will make your life a lot
easier.
Higher
Level: Property Manager ==> Senior Property Manager
These
property manager positions will generally require you to have at
least 5 years of property management experience. The average property
manager has to oversee anywhere from 30 to 200 smaller rental homes or
up to 10 large rental buildings.
With this many rental properties under your wing, you are not expected
to get down and dirty with the day to day running and routine
maintenance of the properties. Instead you will have on-site managers
and assistant property managers doing these tasks for you.
As a full-fledged property manager you will be in charge of maximizing
the rental income and profits of the properties under you. If serious
problems rear their ugly heads, then your assistant managers may need
to call on your vast experience to settle the issue. Knowing the local
landlord tenant laws and real estate rules will be greatly helpful for
you.
With 7 to 10 years of hard work and good performance, you may
eventually reach the lofty property management position of a senior
property manager.
Earning a well recognized property
management certification such as CPM along the way
does help to hasten your promotion.
A senior property manager is also known a regional manager or portfolio
manager. As the upper management, you will be responsible for
monitoring and improving the performance of your lower managers. You
will also be dealing with major clients and making sure that your
property management company remain profitable.
Do you want to learn MORE must-know facts on being a
property manager?
Return
from Property Manager Position / Property Management Positions
page to our Property
Management Career
guide
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