Professional Property Management

October 7th, 2010 · 3 Comments · Property Management

A professional property manager is a specialized generalist. Your property manager has to know all the trades and how to maintain a building. Many have a roster of experienced, inexpensive and reliable contractors. We also have to be knowledgeable about accounting and budgeting. In my case I know a great deal about vacancy and Landlord & Tenant Law. One of the jobs I held in a building involved evicting people full time.

Professional Property Manager’s Duties

1. Hire, manage and evaluate, site personnel, and/or off-site management staff, or contracted management firms, directly or through others.

2. Identify staffing requirements and develop, or approve job descriptions and/or develop and monitor, or approve human resource policies and training and development plans.

3. Identify, implement and monitor, or approve, energy use/ conservation programs for the property.

4. Determine which item or services for the property are to be purchased, prepare specifications, solicit and evaluate bids for contract services, negotiate or approve contracts and monitor contracts.

5. Oversee operation of building systems, supervise employees or monitor contractors who perform routine maintenance and repair work, and/or oversee planning and construction of tenant improvements and interior design.

6. Design and implement and monitor, or approve, preventative maintenance programs for the property.

7. Establish or maintain and enforce the property’s operating policies and procedures and occupancy/usage guidelines.

8. Establish, maintain and monitor adherence to, or approve the property’s record keeping system.

9. Identify, analyze and implement or approve capital improvements or replacement programs including but not limited to maintenance or remodeling programs and resident/tenant improvements.

10. Perform regular property inspections and take appropriate action in accordance with established policies and procedures.

11. Design and implement, or approve resident/tenant retention, orientation and property familiarization programs.

12. Routinely communicate with occupants of the property concerning level of service and other management matters and/or investigate and resolve resident / tenant complaints.

13. Administer the leasing and lease renewal process and / or negotiate or approve leases.

14. Prepare, market and show leasable space.

15. Prepare, approve or execute a marketing plan for the property.

16. Analyze market conditions and recommend or approve the property’s rental rates.

17. Design, implement or approve life-safety and emergency preparedness programs for the property.

18. Develop, implement or approve a risk management program for the property and / or identify the property’s insurable risks and recommend secure and monitor insurance coverages.

19. Recommend and / or initiate legal actions for violations of leases, contracts or governing documents, including but not limited to evictions and filing of liens.

20. Ensure the property’s compliance with government and environmental regulations.

21. Process and/ or monitor, or approve property payables.

22. Supervise property collections, including the handling of property receipts, journal entries, records of account, bank deposits, and delinquent accounts.

23. Prepare, present and implement annual property budgets, including capital expenditure budgets, or review, authorize and monitor such budgets prepared by others.

24. Prepare, analyze or approve the property’s financial and operating statements and variance reports.

25. Approve major deviations from the budget, exclusive of emergencies.

26. Identify, analyze the property’s financial requirements and financing options and / or replacement reserve requirements, and recommend funding sources to the owner.

27. Estimate and monitor the market value of the property and assess the implications that estimates of value have for the owner; determine the reasonableness of assessed value and insurable value.

28. Identify, analyze and propose alternate uses of the property and implement or approve a plan to change the property’s us (e.g. converting a residential building to commercial use).

29. Read and interpret loan document requirements.

30. Establish or maintain management controls and analyze the property’s performance.

31. Identify and recommend or approve, real estate assets for acquisition or disposition.

32. Determine the goals and objectives of the property owner.

33. Evaluate real estate tax assessments and recommend an appeal strategy to the owner when appropriate.

34. Prepare a management plan for the property.

35. Identify and recommend, or approve alternate sources of income for the property and implement programs accordingly.

Then, depending on the owner, there may be even more tasks that are not on this list that you have to perform.

How To Become A Property Manager

In my case, I originally did an internship for a real estate agent. I didn’t follow through with that because I did not like the way that industry worked. I did love real estate; I then decided to become a property manager. I went to college for two years, and then I started learning on the job and I’m still learning more every day. The entire industry is constantly changing in response to legislation and market forces.

So basically, property managers do a lot more than just keep tenants in your condo, in some cases there is no need to provide any other of the services we are able to perform. As a landlord/owner, you should be aware that your property manager can be a greater resource than you know.

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