Property Management Jobs, or real-estate management jobs, are for estate owners, or estate management companies. These property-management representatives monitor tenants and see to the condition of their residential property. Primarily, they accept rent payments and pursue the tenants who fail to make these payments. Moreover, they respond to tenants’ complaints about building operations, oversee new construction or repairs to the building, advertise vacancies in the building, and do financial background checks on new tenants to make sure they can pay rent for their residence. Landlords earn their money by receiving a percentage of total rent sent to the property-management company each month.
Besides residential buildings, property managers also work with businesses in their building-management activities. For instance, they oversee the business’s rent and overhead payments, and help negotiate contracts for janitorial services, trash-collection services, and gardening services. As with residential property, they handle building-operations complaints from building tenants and advertise new office space.
As they make on-site visits to the property in question, property managers bear in mind both federal and state housing laws and regulations. They point out any possible violations to company managers and work with them to resolve those violations. They especially look for a building’s accessibility to those with disabilities and search for fire hazards. Some property managers inspect a building daily for its smooth maintenance and safety. Besides residential buildings and commercial buildings, they also manage shopping centers, health centers, religious buildings, and community centers.
There are also property managers that advise and negotiate new acquisitions of property for businesses. They are often called real-estate asset managers, whose primary job is to work with company managers as they purchase new real estate for their business. These asset managers are knowledgeable about reasonable selling costs. They take into account the taxation, economic growth, surrounding population, zoning laws, and transportation relating to the new building. These managers also bear in mind the long-term growth of the above aspects, and whether the property, is a profitable investment, for the business. They advise the business managers on these matters so they can make the appropriate final payment for the new building.
Those who work Risk Management Jobs address the potential risks of a project and measure their various probabilities and projected costs. For instance, one project manager may assess the risk of overhauling the existing computerized tax-accounting system to install a new one. The risk is that the end of the financial year is quickly approaching and the new computer system may not yet be fully installed. Therefore, the risks are that the company may not complete their tax returns at the end of that year due to the accounting system’s reworking, and face federal auditing. In most cases, the project manager would deem this risk too great, and delay the installation of the new accounting program.
Conversely, another common risk is switching to another vendor, because the current vendor is not meeting deadlines. The project manager discusses the risks of changing vendors with other managers and associates, and analyzes the company budget as well as the projected costs of changing to a vendor. If the company finds a new vendor whose rates fall within the budget, the project manager may take on the risk and initiate a new project that involves changing to that new vendor.
Project managers in the process of identifying risks often use charts and other graphical tools to weigh the risks’ severity. They typically draw up a chart that lists the risks and assigns a numerical rating to that risk. They consult with other managers and ask for their expertise. For instance, if the risk is a financial risk, they often consult with accounting managers or Chief Financial Officers (CFOs). If the risk is deemed manageable, they strive to lessen that risk’s impact on the company as much as possible. This goal often means they work overtime in order to meet deadlines.
Property managers’ salaries are wide-ranging, since they consist of multiple careers and hinge on education and training qualifications. Property managers who have completed master’s degrees in business administration (an MBA), real estate, finance, accounting, and public administration stand the best chance for top-tier entry-level jobs. While practical experience is an asset, many recruiters put more consideration into the education level. In addition, property managers who want to manage public housing must complete certification. Other property managers who buy or sell property also must have state licensing and complete a licensure exam.
Entry-level jobs for property managers often include assistant property managers, who work with a property manager to analyze budgets, oversee building maintenance, collect rent payments, and advertise new property. They then advance to property managers, especially if they earn professional certification. Once they make this leap, they earn about $43,000 per year. Greater experience and advancement to more responsibilities often garners them a potential of $90,000 per year. Moreover, property managers can anticipate job growth of about 15% from 2006 to 2016, especially in retirement and assisted-living facilities.
Many insurance companies hire risk managers who do background checks on potential clients to see if they are worth insuring. Financial analysts who work in contracting firms may also be called on to do risk management. Moreover, there are some self-employed risk managers, whom companies can hire to assess their financial solvency. Because their job titles and responsibilities are so varied, there is hardly an average income level for risk managers. Entry-level risk managers, such as assistant risk managers, may earn $50,000 per year, while directors of risk-management who work for corporations may make upwards of $100,000 per year. Those risk managers who have MBAs or graduate degrees in risk-management, as well as accounting experience, solid financial analysis, and good on-the-job records can expect to make the highest earnings. They can also look forward to higher job growth as more companies employ them to handle larger-scale financial transactions and avert financial miscalculations.