The property management industry offers many opportunities for financial and professional growth. That said, to become a successful property manager, you must stay determined, organized, and professional throughout your career. If you’re wondering what it’s like to manage properties at Bay Property Management Group, read along while we go over the daily tasks and responsibilities of a property manager.
What is a Property Manager?
A property manager is just as it sounds. They are responsible for overseeing the daily operations of rental properties. Typically, property managers take care of all kinds of properties, including residential, multifamily, and commercial buildings.
Essentially, when a person invests in one or more properties and does not wish to take on the responsibilities of rental tasks, they can hire a property manager. First, however, it’s essential to understand that property managers do not purchase or sell real estate, which is a key distinction between them and realtors.
If you’ve never heard the term “property manager” before, you may have heard another name for it. Other common words for a property manager include:
- Rental Property Administrator
- Real Estate Manager
- Asset Manager
Daily Responsibilities of a Property Manager
Property managers are responsible for several tasks daily. Some of the main functions and responsibilities of a property manager include:
- Responding to Maintenance Requests
- Checking Emails and Voicemails
- Following Up with Old Maintenance Requests
- Working with Technicians
- Approving Invoices
- Keeping up with Housing Requirements
- Answering Phone Calls Throughout the Day
- Reviewing Inspection Reports
- Processing Security Deposits
- Overall Problem Solving
The responsibilities of a property manager can seem endless at times. However, they have a vital job. To walk you through a typical day at Bay Property Management Group, our Baltimore property managers typically start by looking through new maintenance requests. This involves checking emails or voicemails for any new requests that may have come in outside of business hours.
Although every day is different, property managers at BMG make a point to follow up with older maintenance requests. Then, they ensure technicians or vendors are assigned to specific tasks. An essential part of the job is making sure technicians take care of maintenance issues in vacant units to get them ready for new tenants.
Once maintenance concerns are taken care of, managers move on to approving invoices, signing documents, and renewing rental licenses. Additionally, some of the most important jobs of our property managers at BMG include:
- Sending tax documents to property owners
- Ensuring housing requirements and licensing compliance
- Overseeing housing inspections and reports
- Scheduling and facilitating lead hazard inspections
As most property managers will tell you, every day on the job is different. So, you won’t have each of these responsibilities to worry about every single day. However, property managers are responsible for a lot. So, remember that if you are looking into this career path, you must be an organized person who can multitask.
How Many Properties Can They Manage at Once?
Typically, our property managers at Bay Property Management Group oversee anywhere from 130 to 150 properties. Some experienced managers can handle more, while some prefer to stay around the 130 mark. Every property portfolio is different and some may require more attention than others based on a multitude of factors. Therefore, the goal is that property managers have adequate time to ensure every property gets the attention it needs.
Do You Need a License to Become a Property Manager?
The requirements and responsibilities of a property manager may differ state by state. For example, you don’t need to obtain a license to become a property manager in Maryland. However, property managers must hold a real estate license to show properties, collect rent, and process specific paperwork in states like Virginia.
While property managers don’t have to have a management license in Maryland, real estate agents who also handle property management must follow real estate licensing laws. That said, not all property managers in Maryland must have a license.
Instead, property managers that aren’t real estate agents can use a broker to oversee their properties. Now, if you’re wondering what it takes to obtain a real estate license, we’ll go over that next.
How Can You Obtain a Real Estate License in Maryland?
Although it’s not necessary for property management in Maryland, some people may be wondering how you can get a real estate license. Check out the following basic requirements –
- Applicants must be 18 years of age or older.
- The applicant must be responsible and reputable.
- Before getting a license, the applicant must complete a 60-hour real estate course that’s been pre-approved.
- The applicant must pass the Maryland real estate licensing exam.
Although property managers don’t have to obtain a license in Maryland, it’s never a bad idea to explore the extra training. After all, the training and courses that come with licensing offer valuable information for anyone in the property management field.
In fact, at Bay Property Management Group, we offer property management training for new employees, depending on their prior experience. For new employees, we go through a thorough training process for approximately three to six months. This process ensures our property managers have a good understanding of both responsibilities and daily tasks.
Skills That Every Property Manager Should Have
Just like any other job, there are a particular set of skills that property managers must possess in order to excel in this dynamic and stressful field.
According to our experienced Director of Property Management at Bay Property Management Group in Baltimore, there are three primary skills that each manager should have.
- Organization – Staying organized is one of the most important parts of successfully managing multiple properties.
- Time Management – Frequently, managers must hit strict deadlines for property showings, maintenance, and paperwork.
- Multitasking – Handling multiple things at once is a must if you want to be a property manager.
Hardest Part of Being a Property Manager
Every job has its ups and downs, including property management. That said, the job isn’t always pleasant or fair all the time. For example, one of the most complex parts of being a property manager is that it can be highly stressful and fast-paced.
Since there are so many responsibilities of a property manager, it can easily create tensions and misunderstandings between tenants, property owners, coworkers, contractors, etc. That said, to excel in this field, it’s important to mediate the communications between all parties involved effectively.
Additionally, it’s okay to realize that sometimes you will be “the bad guy.” As a few of our Directors of Property Management at our Baltimore location have said, “Property management is not for the weak. You need to have thick skin to excel at the job.”
After all, there are challenges within every career path, including property management. So next, let’s go over some ways to deal with the daily stress and responsibilities of a property manager.
How to Deal with the Stress and Responsibilities of a Property Manager
Unfortunately, property management is often a stressful position. However, there are some practical ways to manage this stress. For example, it’s important to separate work from your personal life and maintain balance.
Additionally, sensitive or difficult situations will arise. When they do, it’s important to keep in mind that if you’re following all the necessary procedures, then that’s all you need to do. Thus, it’s crucial to understand how easy it is to become burnt out if you don’t take time for yourself. Therefore, make sure to take some time outside of work to do things you enjoy.
Looking for Property Management in Baltimore?
No matter how many properties you own, if you don’t want to manage the overwhelming day-to-day tasks, you don’t have to. At Bay Property Management Group, our team of professionals has the experience, tools, and dedication to manage your properties efficiently.
Are you looking for property management in Baltimore, Philadelphia, Washington DC, Northern Virginia, or other surrounding counties? If so, contact us today to learn more about how professional property management can make rental ownership the enjoyable experience it should be.