A property manager is a third party person, who is hired to handle the daily operations of a real estate investment. The manager has diverse responsibilities, which can vary from collecting rent from tenants, maintenance and repairs for the building, complete knowledge of the property owner, knowing the tenant law, supervising other employees and vacant properties, and handling taxes on the investment. This paper is based on finding more information on the property manager. This paper will help in defining the process of development of a property manager, and what is expected of him or her.
It is good to understand that the property manager not only deals with buildings but also is concerned with the tenants, their remuneration and caring about their welfare. This needs to be a well-educated person who understands the law and what is expected of him or her. It is, therefore, the work of the investment owner to identify the best person to fit into that position and maintain the whole operations in the real estate.
Property management is considered a real estate brokerage activity. There is a real estate licensing program that goes o before on can qualify to become a property manager. Managing broker’s exams are undertaken after broker exam, preparation courses. Kaplan is an example of an examining body with over 75 years of experience.
For qualifications, an individual must have a high school diploma or equivalent, must have had a minimum of three years of experience as a full-time real estate broker within the past five years.
Must show provide evidence of the completion of at least 90 hours of specific material in real estate, which is detailed by the Director of the Real Estate Commission; such courses are to be finished within three years of completing application for the broker’s exam.
An estate manager administers the payroll for the employees in the real estate. He or she identifies the exact amount to pay each person and at the specified time. This is necessary so that salaries will not be delayed, or complaints of lack of payment from the property manager. It is also necessary to keep tabs to ensure that the finances are well managed to avoid mishandling.
It is also the work of a property manager to supervise on-site work. This includes supervising how the operations are run, if everything that is needed is present, and if the workers are doing their jobs. This also ensures safety and good health condition of the workplace, monitoring performance, planning and allocating work, making decisions, providing leadership and enhancing teamwork.
He is also responsible for hiring employees, who are licensed or unlicensed. This has to be done through interviews, which he or she conducts to enhance hiring of the best and most qualified employees. The hiring process is very crucial in that hiring the wrong person can lead to dealing with employee problem for a long while. An employee may be hired when they are not fully qualified, and this would mean a lot of training and lots of time wasted.
The property manager can employ licensed or unlicensed employees. However, the unlicensed employee cannot do the following
- Unlicensed staff may not complete or attempt the delivery of any lease application, a lease, or such amendments;
- Unlicensed staff may not receive any such lease application, a lease, or any amendment that is to be made, a security deposit, rental payment, or any related payment made payable to the owner or broker;
- Unlicensed staff may not present the showing of a rental unit to any person(s), given that the employee is acting under the direct instructions of the broker, and executing leases or rental agreements;
- Unlicensed staff may not provide any such information authorized by the broker about a rental unit, a lease application, or a lease;
- Unlicensed staff may not provide information to a tenant about the status of such tenant’s security deposit or rent payments or to an owner of the owner’s financial accounts and payments from the owner’s tenants;
- Unlicensed staff may not perform any ministerial acts that are explicitly authorized by the broker in a written agreement between the broker and the employee
(All Property Management, 2017)
Crockett, John H. “competition and efficiency in transacting: the case of residential real estate brokerage.” Real Estate Economics 10. No. 2 (1982): 209-227.
Shilling, J., & Sirmam, C. (2009). The effects of occupational licensing on complaints against real estate agents. Journal of Real Estate Research.
All Property Management. (2017). Property Management requirements in Washington. Retrieved from All Property Managment: http://www.allpropertymanagement.com/propertylaw/property-management-law-in-washington.html