When the elevator goes on the fritz or a leaky roof needs fixing, property
managers are often first on the scene.
Property managers oversee a building's maintenance. They may also handle
the property's finances, make sure the rent comes in on time and manage the
money paid to taxes, insurance, payroll and other bills. They may also work
to minimize the operating costs of their building. For instance, they may
look into cheaper lighting options for an office space. They may also seek
new tenants to fill vacancies.
Property managers are responsible for the day-to-day management of commercial
and residential properties. Commercial properties include office buildings,
shopping centers and industrial properties. Residential properties include
apartment buildings, condominiums and RV parks.
The most important part of property management is keeping the property
in good shape. That way the owner can make more money from the investment.
For example, if an apartment building is dirty, leaky and the paint is peeling,
the chances are that, fewer people are going to pay to live there.
A good property manager improves the condition of the building. Then it's
easier to attract and keep tenants. The owner makes more money in rent in
the short term. And in the long term, the value of the property goes up. If
the owner wanted to sell the property, he or she could turn a profit.
Some property managers work directly for building owners. Others work for
property management and development firms or real estate investment companies.
The government employs property managers and administrators to manage public
buildings. Private corporations with commercial properties also employ property
managers.
Some jobs are on-site -- meaning the manager works on the property that
he or she manages. Other managers work from a remote office location.
Property managers often work a traditional workweek. However, they may
be on call after office hours and on weekends for emergencies, new business
or showings for potential tenants.
Kristy Ludwar is an on-site property administrator. She works in a large
office building. She works typical office hours, but she says there's no
such thing as an average day in property management. "There are new issues
and problems arising," she says. "That can be a lot of fun -- you're not at
your desk all day. It's kind of nice for that variance."
Working as a property manager may require some lifting and other physical
work. Typically, maintenance workers do the manual labor. However, property
managers move around to different areas of the building throughout the day.
If an elevator stops working, they would likely have to climb the stairs to
determine or fix the problem.
"There are ways around [physical work]. Teamwork is very important, and
you could call on others to do certain jobs if you had physical restrictions,"
says Ludwar.