It’s Awesome to be a Property Manager
Real estate investments offer a tremendous opportunity for profit, but only for those with the time and financial resources required to get involved. Since most investors have the money, but few have the time to manage a property, a hired property manager can be a simple way to invest and ensure the property provides good ROI. Although working as a property manager is not ideal for everyone, there are many people who make an excellent and enjoyable living doing so. Anyone who is exceptionally handy, good with people, and not afraid of non-traditional aspects of a career is able to enjoy the following perks.
As a property manager, your job may not adhere to standard work hours. Property managers are essentially always “on-call.” Hours can fluctuate, ranging from an incredibly busy 11-hour day to had to hustle around 9:00 AM, but then drank wine all day. This non-traditional schedule is the biggest perk (and drawback) of the job. You might even find it an option to work from home since in many cases you live on-site. You could also receive compensation for overtime hours worked. While property managers are slaves to the unexpected, they also reap the rewards of time off when things run smoothly. For those looking for steady work that allows them the freedom to participate in Wednesday afternoon dodge ball league, property management is the perfect profession.
Perhaps the biggest perk of working as a property manager is that the pay is relative to the workload - meaning the more active the manager, the more money they make. Property managers often charge percentages of the monthly rent (somewhere between 6-10%) as their fee for building upkeep, tenant management, and vacancy avoidance. Because of this, the more buildings a property manager manages, the more money they stand to make. Property managers are therefore extremely motivated to get work done quickly and efficiently. Though this job would be less than ideal for those who aren’t self-motivated, it is perfect for those who like to get paid more when they work more.
Another perk of being a property manager is the unstructured nature of the job. While a majority of people have to deal with supervisors, property managers most often deal with tenants, which makes for a less repetitive work environment. With tasks and problems that change daily, as well as surroundings that could vary from hour-to-hour, property managers are forced to be an independent breed. Working as a property manager provides unparalleled freedom and independence.
Sense of Community
Sense of community and the feeling of accomplishment in aiding people and their families are the most rewarding factors of this job. The work that you do affects people’s livelihoods. If you do your job well, you can have very high job satisfaction for providing an excellent living environment for your residents.
Learning Investing Without the Risks
Real estate investing can be risky and confusing. Much of real estate success is dependent upon knowledge and experience. Working as a property manager is a great way to be immersed and involved in the real estate scene, without having to worry about losing your shirt. People who are interested in learning about real estate, with the intention of one-day investing, will receive no better training than by working as a property manager. This experience will educate them on what makes a good property investment and what actions need to be taken to ensure the property maintains ROI.
All in all, a property manager is responsible for a broad spectrum of duties including coordinating with vendors, dealing with tenants, implementing marketing & advertising strategies, learning about real estate investing - there isn’t much monotony in this job. Property management offers stability in an otherwise potentially unstable industry.