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 as we go over the daily tasks and responsibilities of a property manager.
Main Takeaways
- Property managers oversee many day-to-day rental operations, including maintenance requests, inspections, paperwork, tenant communication, and vendor coordination.
- Organization, time management, and multitasking are important skills for property managers because they often oversee multiple properties and responsibilities at once.
- Property management licensing requirements vary by state and by the activities performed, so professionals should understand the requirements that apply to their specific role.
What is a Property Manager?
A property manager is just as it sounds. They are responsible for overseeing the daily operations of rental properties. For owners who need help with property management in Baltimore, these professionals can handle many of the day-to-day responsibilities that come with managing a rental. 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. However, property management and real estate sales are different services. Some property managers may also hold real estate licenses that allow them to perform other real estate activities permitted under state law.
Property managers may also have job titles such as rental property manager, residential property manager, or community manager, depending on their role and the types of properties they oversee.
Daily Responsibilities of a Property Manager
Property managers may handle several tasks throughout the day. 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 compliance with applicable housing, licensing, and Fair Housing requirements
- 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 to worry about each of these responsibilities 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?
Licensing requirements for property managers vary by state and by the activities they perform. In Virginia, certain real estate activities related to property management may only be performed by appropriately licensed individuals, although state law provides exceptions for some activities and roles. Property managers should review the licensing requirements that apply to their specific responsibilities.
Maryland does not have a separate property manager license specifically for the profession. However, certain activities may fall under real estate licensing requirements depending on the services being performed. Anyone pursuing property management work should confirm the requirements that apply to their specific role.
Because licensing requirements depend on the services being performed, property management professionals should confirm whether their role requires them to work under a licensed real estate broker. 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 Maryland does not have a separate property manager license, some property management professionals may need a real estate license depending on the activities they perform. If you’re interested in obtaining one, here are some of the basic requirements.
- Applicants must be 18 years of age or older.
- The applicant must be responsible and reputable.
- Applicants must complete a 60-hour prelicensing course through an approved education provider.
- The applicant must pass the Maryland real estate licensing exam.
Even when a specific role doesn’t require a real estate license, additional education and training can still be valuable for professionals working in property management.
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 is 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.
FAQs About Property Manager Responsibilities
Property managers handle many moving parts behind the scenes to keep rental properties running smoothly. Here are answers to some common questions about their responsibilities and the profession.
What does a property manager do?
A property manager oversees the day-to-day operations of rental properties on behalf of an owner. Responsibilities may include communicating with tenants, coordinating maintenance, reviewing inspections, handling paperwork, working with vendors, and overseeing other rental operations.
What are the most important skills for a property manager?
Organization, time management, communication, problem-solving, and the ability to multitask are particularly valuable. Property managers often handle several properties, deadlines, tenant concerns, and maintenance issues at the same time.
Do property managers handle maintenance?
Yes. Property managers commonly receive maintenance requests, coordinate with technicians or contractors, follow up on outstanding work, and help ensure repairs are completed. The exact responsibilities depend on the management agreement and company.
Do property managers need a real estate license?
It depends on the state and the activities the property manager performs. Some property management activities may fall under state real estate licensing laws, while others may not. Property managers should check the requirements that apply in the state where they work.
What is the difference between a landlord and a property manager?
A landlord generally owns or leases out the rental property, while a property manager is hired to oversee some or all of its day-to-day operations. In some cases, a landlord may manage their own property and perform many of the same tasks.
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.
