As more women begin to enter the property management sector, this feature assesses what this profession entails and what more can be done to make this role more appealing to women.
When it comes to selling a new build property or overseeing a rented property – estate agents play a crucial role. The maintenance of a certain property is overseen by individuals known as property managers. This is a highly lucrative and successful role that many wish to undertake. In recent years, the housing sector has seen a rise in the number of women participating in a number of roles, whether that be a managerial role or working on the construction site. Particularly, there has been a rise in the number of women becoming a property manager or entering the property management sector. All things considered, this feature wishes to assess the growing number of women becoming property managers, where this surge has emerged from and what this means for the housing sector as a whole.
What is property management and what do property managers do?
Property management is simply the operation, control, maintenance and oversight of real estate and physical property. This can include residential, commercial and land real estate. The job requires daily or regular oversight of any given property. Generally, property managers take responsibility for security and upkeep of the property too. They tend to work for owners of investment properties such as apartments and even industrial parks. The owners will provide them with tasks that the property managers will have to complete. In return, the owners pay the property managers a fee or a percentage of the rent generated by a property while it is under management. Furthermore, they preserve the value of the properties they manage by generating income.
The aim of every property manager is to move on from any given project as soon as possible. The responsibility of a property manager generally involves the following:
- Drafting, signing and renewing leases on behalf of property owners
- Screening potential tenants
- Collecting rent
- Maintaining properties including landscaping and snow removal
- Arranging for necessary repairs to properties
- Setting up and adhering to budgets for property maintenance
So understandably, property managers have a vast amount to do and contribute significantly to the housing sector. It is usually landlords that hire property management firms for a variety of reasons. Whether it is due to multiple rental properties in their portfolios and the lack of time and expertise to maintain the properties and deal with individual tenants. Some also hire property managers as it works out better financially for the landlords, allowing them to generate profits. Absentee landlords may also dabble with property management services – for instance a landlord that owns a holiday home.
Read more of the latest developments in our new edition: May 2022 Issue Form – Show Home Magazine (yourshow-home.com)