Apartment property management is a profession designated to financially maintain and develop an apartment building or complex as an investment for the owner. Aside from the daily tasks of keeping the property maintained and running, the apartment property manager's main concern is to ensure the income-producing property is performing at its optimum level and achieving or exceeding its expected revenue for the owner. Indeed, as part of a general occupation (property, real estate and community association managers) expected to grow 15% by 2016,1 apartment property management is a thriving career with a need for more managers every day.
The primary responsibilities of an apartment property manager are varied and diverse. Responsible for handling all of the financial operations, managers deal with tasks like collecting rent, paying the mortgage, paying taxes, maintaining insurance premiums and making sure all maintenance is paid for on behalf of the owner. Managers also enforce all terms of the lease agreements like parking, pet or smoking restrictions, rent collection, and procedures for termination of the lease. These management professionals also engage contracts for all janitorial, security, grounds keeping, trash and recycling removal services and make sure that all are available and running smoothly for the building; most managers also purchase necessary office and maintenance supplies. Moreover, the manager is also in charge of advertising and showing vacant units or hiring a leasing agent to oversee such tasks. Many apartment managers live onsite so they are available to respond to any emergencies and concerns of the residents and coordinate necessary repairs.
Aside from taking care of the day to day duties of making an apartment building operate smoothly, apartment property managers also prepare and submit periodic reports on the financial status, occupancy rates, leasing status and other relevant topics to the owner or senior offsite property manager. Not only that, these professionals must also always be aware of all local, state and federal regulations and building codes, up to date on relevant legislation, and conscious that none of their rental or advertising practices are discriminatory in any way.
The median salary for property, real estate and community association managers in 2006 was $43,070, with the middle 50% earning anywhere from $28,700 to $64,200.2 Expected to have a "faster than average growth" by 20163, the industry for apartment property managers continues to expand rapidly to keep up with development and demand across the nation.