The real estate industry is big business and there are a variety of ways you can generate revenue from the sector. From buying and selling property to investing in REITs, millions of people are making lucrative returns from real estate.
When it comes to building a career in real estate, property management can be an exciting choice. To get a better idea of whether it’s the right option for you, take a look at what a career in property management involves:
Ensuring Safety and Compliance
As a property manager, you’ll be responsible for making sure that the buildings within your remit comply with relevant safety regulations. This may involve obtaining electrical safety certifications or booking ATIS elevator inspections in multi-story properties, for example. As you gain experience in the industry, you’ll build a network of professional contacts and identify companies that can provide the specialist services you need to keep buildings legally compliant with relevant guidelines.
Arranging Cleaning and Routine Maintenance
Whether you’re responsible for managing commercial or residential buildings, properties need to be cleaned and maintained regularly. If you’re a self-employed property manager, you might decide to undertake these duties yourself. Alternatively, you may identify professional and reliable contractors who can fulfill these duties on your behalf. If so, you’ll need to brief workers and monitor their performance to ensure that high-quality standards are met.
Responding to Tenants’ Concerns
From time to time, tenants may contact you with concerns or complaints about the building or their unit. When this happens, you’ll need to act swiftly to resolve any issues and ensure tenants are satisfied. Property owners will want to keep buildings at full occupancy, so keeping tenants happy is a top priority. From providing tenants with information regarding upcoming maintenance works to responding to out-of-hours requests for urgent repairs, you’ll be the first port of call when tenants require assistance.
Showing Units and Properties
When you’re working as a property manager, your role may extend to showing vacant units or properties to potential tenants. Your in-depth knowledge of the building will enable you to provide prospective tenants with all the information they need before signing a contract. Furthermore, liaising with potential tenants will give you a good indication of whether they’ll be reliable occupants. Due to this, the property owner may rely on your input when deciding who to lease a unit or property to.
Rent and Deposit Collections
In some instances, a property manager will also undertake collections activity and transfer the funds to the property owner. This may involve contacting tenants if payments are missed, using a collections agency to chase missed payments, and ensuring deposits are held in appropriate accounts.
Starting a Property Management Business
As you gain experience in the industry, you’ll have the option to launch your own property management business if you decide that you don’t want to work for a separate firm. If you’re eager to generate a lucrative income from the real estate industry, you’re passionate about providing top-quality service to renters, and dream of launching your own enterprise, starting a property management company could be the ideal opportunity for you.
