"Property Management is like being the mayor of a small city..."
Property management involves the daily operations at the individual property level and can include marketing and promotion, tenant screening and selection, managing rent, coordination of the maintenance and repair function, optimizing building efficiency and acting as liaison between owners, investors, vendors, and tenants. The duties and expectations of property managers have grown over time especially as the downturn of the economy has put an increased focus on the bottom line. The position increasingly involves a comprehensive understanding of the asset or assets in a real estate portfolio and the responsibility to lease and management to maximize returns and insure the real estate's long-term viability.
Information on this page provided courtesy of Cornell University Baker Program in Real Estate
College Degree in Business, Finance, Management, or Marketing
Licensed Real Estate Agent or Broker
ARM: Accredited Residential Manager from IREM
CPM: Certified Property Manager designation from IREM
CMCA: Certified Manager of Community Associations from NBC-CAM, the National Board of Certification for Community Association Managers
RMP: Residential Management Professional from NARPM
MPM: Master Property Manager from NARPM
Effective Oral and Written Communication
Financial Skills and Budgeting
Leadership and Management of Property Staff
Looking to the Future
Property managers will always have a place in real estate and the role will continue to evolve. Every asset needs someone to manage expenses, collect rent, and provides customer service and the downturn in the economy has put an increased focus on optimizing operating efficiency. With that said, future property managers may be asked to provide higher level services to owners. Wall Street has become a major player in the real estate industry and its ownership has increased the level of scrutiny and sophistication required at the property management level. Based on experience, property managers can assist in development by suggesting layouts and plans that maximize efficiency and lower replacement costs. They can provide detailed financial analysis of the property and forecast trends in the market as well. As property management becomes more sophisticated, barriers to entry will increase, but it will always be a profession that provides opportunity at the entry level position.