Properties are more valuable, appealing and sellable if they are well maintained. A variety of factors such as weather, vegetation growth, wear and tear, vandalism and other mishaps have to be remedied to maximize the value of property. Because property owners do not always have the skills needed to effectively manage property, they sometimes hire property managers to not only handle repairs but to also oversee all financial matters such as rent collection.
New residents meet the assistant property manager when they are looking for an apartment. The assistant property manager answers questions and provides the prospective renter with lease information. Some assistant property managers also play a role in marketing vacant properties. In order to market effectively, the assistant property manager must be aware of market trends, according to Berkshire. Assistant property managers also retain residents both by offering them incentives to renew the lease and by making sure that all apartment maintenance is tended to. In some cases, assistant property managers handle repairs, while in other cases the repairs are handled by a staffed or contracted repairman.
The assistant property manager is responsible for keeping track of all rent payments, fees and deposits, must report all of the aforementioned to the property owner and must update all renters on any changes made to lease rates. Whenever there’s a problem such as a bounced check, late payment or an eviction, the assistant property manager notifies the renter of the problem, according to Berkshire. Payments are deposited by the assistant property manager to the appropriate bank accounts. When renters do not pay fees or rent, the assistant property manager is responsible for reporting these renters to attorneys. Administrative work is also performed by the assistant property manager.
Assistant property managers must be aware of the Fair Housing, Americans with Disabilities Act and Fair Credit Reporting Act and follow these laws, according to Berkshire. These managers are expected to present themselves in a professional manner. They must have good communication and interpersonal skills because they must provide customer service and work with renters who are struggling with rent payments. Assistant property managers must be detail-oriented because they must inspect properties to determine if they need maintenance.
The growth in the need for property managers is expected to be as fast as the average growth of industries, according to the Bureau of Labor Statistics. Between 2008 and 2018, the need for property managers is expected to grow by 8 percent. This growth is driven both by population growth and by expanding senior living.
In 2008, the median earnings for property managers were $46,130, according to the Bureau of Labor Statistics. The range in the earnings of property managers varies greatly, with the highest 10 percent earning more than $102,250 and the lowest 10 percent earning less than $21,860.