Property managers have a basic understanding of construction and floor plans. They also have strong communication skills. Because of these, they are able to effectively work with construction professionals to ensure renovations and repair are done properly. They make long term decisions about the maintenance and care of a property.
Residential Property Management
Residential Property Managers take care of much of the everyday business regarding tenants. They extend, collect and process applications. They may also set and collect rents for a property.
On the operations side, property managers are responsible for the general maintenance and emergency issues of the property and its grounds. This requires that they manage the operating budget and maintenance schedule of the property. These budgets and schedules often change by the season or year.
Another thing property managers do is find, negotiate with, and manage third party vendors. They oversee maintenance tasks and renovations to the property on a small and large scale.
Because of the level of involvement, residential property managers often have varying schedules and are often on-call much of the time.
Commercial Property Management
Commercial Property Management tends to be characterized by consistency in task and schedule. A large focus of this work is daily preventative maintenance on larger commercial properties. This consists of minor and major renovations and regularly scheduled maintenance.
Commercial renovations are significantly more complex than residential ones due to larger legal and engineering challenges. Commercial Property Managers need to have some level of architectural knowledge to successfully do their jobs. Because of this, Commercial Property Managers are considered more advanced than Residential Property Managers.