Read time: 2.44 mins
Launch Your Career in Property Management
Real estate is an important part of the economy, but many people underestimate what it takes to develop and maintain it. This is where the property manager comes in. While this function is often overlooked, the role is essential to ensuring a property owner’s vision is actualised. Responsibilities such as budgeting, leases, maintenance, and administration all form part of the property manager’s diverse portfolio.
Learn more about the importance of effective property management from Sean Godoy, Head Tutor on the University of Cape Town Property Management: Marketing, Contracts and Administration online short course.
Transcript
It is widely known that property is an important part of any economy, but we might take for granted what it takes to develop and maintain property and the many different types of professionals who are involved in making a particular property, a success story. Your mind might jump to the investor who is financing a new building, or the architects, or the builder, or the eventual owner or the users of the building, but few people would think straight away of the property manager. However, in the same way that the architect and the contractor helped bring the vision of the building to life, the property manager helps to make sure that the owner’s vision for the building becomes a reality.
A property manager needs to stay on top of factors, such as budgets and related income and expenses, leases, and periodic maintenance, such as fire equipment and lift maintenance, as well as overall general administration. This can be a lot to juggle, hence the importance of implementing effective management procedures and record-keeping.
What does property management consist of?
A property has a lot of moving parts in terms of its actual operation, such as maintenance, various expenses, leases, and tenant-related matters. Every property or building is like a business in many ways. Just like a business there will be clients who will be the tenants or landlord, revenue, which is the rental, expenses such as maintenance and rates and taxes, tax obligations, insurance, budgets, and suppliers such as a cleaning company or garden maintenance company. Furthermore, just like some companies can own and operate various separate businesses, a landlord or property fund can own and manage various separate properties.
Why start a career as a property manager?
Being a property manager can be extremely rewarding, from ensuring cleaning and maintenance is carried out effectively, helping train staff to be friendly and helpful, to ensuring the latest technology has its hand to enhance the functionality of the building. A property manager has a massive influence on the success of any building. Whether it is a large shopping mall or a block of student flats, the diversity of property types and dynamics of the industry as a whole, mean no two buildings, or days are ever the same in the life of a property manager.