Property managers take care of and manage buildings and other real estate properties for individuals or groups of owners. They are classic middle managers that connect owners to renters and also take care of vacant rental properties. Responsibilities of property managers include marketing vacant units, showing the properties, collecting applications, getting leases signed, collecting rent, overseeing maintenance on the properties, conducting move-in/out inspections, and more.
One attraction of property management as a new business venture is that the barrier to entry is low. Startup costs are affordable ($2,000-$10,000), no advanced degrees are required, and you can get into the business with little experience. Having a background in real estate is helpful, but not essential.
Most important is the ability to be well organized, able to connect and empathize with people, and be responsive to many types of urgent situations. You’ll want to build a strong network of contractors to handle maintenance issues as well as special requests. And ideally, you’ll be proactive in identifying ways for property owners to make valuable enhancements to their properties as well as to save money where appropriate.
Most of your daily tasks will involve working with landlords, tenants, and contractors, so your ability to communicate and deal honestly with them is most crucial. Property managers must also be detail oriented, dependable, independent, and consistent. Owners are outsourcing this task so they don’t have to be involved. The successful property manager is a creative and effective problem solver. Finally, you need to have a working knowledge of local, state, and federal housing laws and regulations.