A career in property management is both challenging and rewarding. Property Managers have a range of responsibilities but their primary role is to serve and protect the interest of the property's owner. If you're thinking about a career in property management, here's some information to help you on your way.
What is property management?
Property management covers all facets of tenanting and maintaining an investment property. We act on behalf of the property owner and our duties will vary slightly, depending on their requirements.
But in brief property management functions will generally include:
- Finding suitable tenants for the property; this involves marketing the property then screening the applicants, including checking of references.
- Preparing all the documentation for the lease of the premises and briefing the tenant on the terms.
- Conducting an inspection of the premises before handing it over to the tenant.
- Carrying out regular inspections to ensure that the premises are being maintained in the appropriate condition and report to the owners.
- Collect all monies for rent and water usage and manage any arrears.
- Pay accounts on behalf of the owners for such expenses as rates, strata levies, repairs etc.
- Arrange for repairs and maintenance to be carried out at the property.
- Disburse monies to the owners and provide monthly financial statements.
- Keep owners informed of any matters relating to their property.
- Carry out periodic reviews of the rent being received for the property.
- Where necessary, prepare the case and present it to the Consumer Trader Tenancy Tribunal. This may be for a variety of matters, including to seek rent arrears and compensation from the tenant.
What does the Property Manager do?
Well, in effect, a Property Manager might do some or all of the functions outlined above. It will depend on the structure and size of the indiviual office.
Often the duties are divided, particularly in relation to the main administrative functions. In some cases there may be a Property Manager dedicated to leasing and showing the premises or arranging repairs and maintenance for the properties.
In larger offices there is sometimes a Property Manager whose responsibility it is to acquire new clients for the business. Administration people will often take care of paying accounts and financial reporting to the owners. And of course a receptionist's role can be as narrow as meeting and greeting in larger offices, to taking on numerous tasks in smaller offices. There may also be someone dedicated to marketing of the properties and business.
So how do I become a Property Manager?
There are a few pathways to becoming a Property Manager.
One of the most common ways is to become a Receptionist or Administration Officer and then move into a Property Manager's role. Usually this involves becoming an Assistant (formally called Property Associate) to a Property Manager (formally titled Property Management Representative) for a period of time.
Another common approach for aspiring Property Managers includes them doing their Certificate of Registration (see below for formal qualifications) and then commence as an Assistant. A further pathway is when real estate offices hire staff for roles in sales administration and support; some of these people will want to be salespeople, while others progress to property management.
What formal qualifications are required?
This will depend on the specific roles that you apply for. There are no formal requirements for administration and reception roles; however you will normally need some level of administraion training through TAFE or a private provider.
To enter the industry as a Property Associate (assistant to Property Manager) you require at least a Certificate of Registration.
To become a fully licensed agent you need to complete an accredited licensing course.
You can find out more information from the Office of Fair Trading who are the governing authority.
Good luck with your career pursuits; be sure to check if we have any positions available.