Property Management

A property manager is a person whose specialty is ensuring that rentals are operated in accordance with the owner’s guidelines and goals. Pursuant to this definition, property managers are expected to execute roles such as setting as well as handling rent, finding and screening tenants, handling any issues that tenants raise, ensuring that rentals are properly managed and maintained, and managing records together with finances related to rental property (Eberlin, 2020). The impression created by this role description is that property management can be quite a demanding, tough career, but like all careers, it has its benefits too. Some of the advantages of pursuing property management as a career include its high growth prospects, the relatively good salary, and that it equips individuals with a diverse range of valuable skills (Baker, 2019).

To be a successful property manager, the skills and attributes required include patience, the mindset of an investor, professionalism, aggressiveness, flexibility, tech-savviness, excellent communication skills, and ingenuity. Among these skills, professionalism is arguably the most important as it implies that one can treat others respectfully whilst also exhibiting aggressiveness and patience.

Property management and real estate, like all other fields, have significantly been affected by the COVID-19 pandemic and the economic shocks it has caused. The pandemic has caused massive unemployment, business closures, job uncertainty, and wage cuts (Bloom, 2020). This has led to many people being extremely cautious when making huge investments such as buying homes or building premises for commercial purposes. At the same time, the economic hardships currently being witnessed across the world may affect the property business in terms of falling prices.

When the economy is in a recession, rental property is affected in some way. In most cases, owners of rental property may be required to lower rent rates to entice new tenants and encourage the existing ones to remain. Even so, it is interesting that rental cost of property does not change by substantial margins with economic fluctuations. This is because when most people are unable to afford their own houses or homes due to increased home prices, they shift to rentals (Marshall, 2020). In such situations, the property manager’s main responsibility is setting competitive rent prices.

References

Baker, H. (2019). The pros and cons of becoming a property manager. www.mashvisor.com/blog/pros-and-cons-becoming-a-property-manager/

Bloom, J. (2020). Coronavirus may have huge impact on property markets. BBC News. www.bbc.com/news/business-52977890

Eberlin, E. (2020). What is a property manager? www.thebalancesmb.com/what-is-a-property-manager-2124842

Marshall, A. (2020). How will a recession affect my rental properties? www.forbes.com/sites/forbesrealestatecouncil/2020/01/02/how-will-a-recession-affect-my-rental-properties/?sh=4b69a7425c70

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