Residential Property Manager Job Description and Salary

Position Overview:

A Residential Property Manager is responsible for the strategic oversight and daily operations of residential properties, serving as a bridge between property owners and tenants.

This role requires a comprehensive understanding of property management principles, tenant relations, and regulatory compliance to ensure that properties are maintained, profitable, and compliant with all laws.

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Key Responsibilities:

• Tenant Management:
  • Conduct tenant screenings, including background checks and reference verification to select suitable candidates.
  • Advertise available units through multiple channels, including online platforms and social media.
  • Prepare and execute lease agreements, ensuring all terms comply with local regulations.
  • Manage lease renewals and terminations, addressing tenant disputes or lease violations effectively.
  • Maintain open communication with tenants to address inquiries, concerns, and requests for repairs.
• Property Maintenance:
  • Perform regular inspections of the property to assess conditions and identify maintenance needs.
  • Coordinate and supervise maintenance and repair activities, ensuring quality and timely completion.
  • Manage relationships with contractors and service providers, ensuring compliance with service agreements.
  • Keep detailed records of maintenance requests and activities, conducting follow-ups to ensure resolutions.
• Financial Management:
  • Develop and manage the property budget, ensuring financial controls are in place to track income and expenses.
  • Set competitive rental rates based on market research and property valuations.
  • Collect rent payments and enforce payment policies, implementing follow-up procedures for late payments.
  • Prepare monthly financial reports for property owners, highlighting performance metrics and areas for improvement.
  • Track and manage operating expenses and reserve funds for unexpected repairs or upgrades.
• Regulatory Compliance:
  • Ensure all properties comply with local, state, and federal housing laws and regulations.
  • Stay updated on relevant legislation and compliance requirements affecting property management.
  • Maintain accurate records of tenant agreements, maintenance, and financial transactions for audit purposes.
  • Educate tenants regarding their rights and responsibilities under housing laws and property rules.
• Marketing and Resident Retention:
  • Develop and implement marketing strategies to attract new tenants, including online advertising and community outreach.
  • Organize resident engagement activities and community events to enhance tenant satisfaction and retention.
  • Implement retention programs, such as offering lease incentives and conducting tenant satisfaction surveys.
  • Address tenant feedback and concerns to create a positive living environment and decrease vacancy rates.
• Emergency and Conflict Management:
  • Respond promptly to emergencies, coordinating necessary repairs and communicating with affected tenants.
  • Mediate tenant disputes and resolve conflicts effectively, employing strong problem-solving skills.
  • Develop and implement emergency procedures to ensure tenant safety and property security.
• Communication and Reporting:
  • Serve as the primary point of contact for property owners, providing regular updates on property operations.
  • Prepare detailed reports on occupancy rates, financial performance, and maintenance activities for property owners.
  • Foster strong relationships with tenants and property owners through effective communication and transparency.

Skills and Qualifications:

• Education:
  • Bachelor’s degree in business administration, real estate, property management, or a related field preferred.
• Experience:
  • Prior experience in property management or a related field is highly desirable.
  • Proficiency in property management software and financial reporting tools.
• Technical Skills:
  • Proficient in Microsoft Office Suite, including Excel for budgeting and financial analysis.
• Soft Skills:
  • Strong communication and interpersonal skills to interact effectively with diverse stakeholders.
  • Excellent organizational skills and the ability to manage multiple priorities simultaneously.
  • Strong problem-solving abilities, particularly in high-pressure situations.

Salary Information:

The salary for a Residential Property Manager varies widely based on geographical location, property size, and experience level. Typically structured as follows:

• Entry-Level Positions:
  • Range from $40,000 – $55,000 per year for those starting out in the field or with minimal experience.
• Mid-Level Positions:
  • Salaries typically range from $55,000 – $75,000 per year for professionals with several years of experience managing properties and proven success.
• Senior-Level Positions:
  • Experienced managers overseeing larger properties or multiple sites can earn $75,000 – $100,000 or more annually, with potential for additional bonuses based on performance.

In addition to base salary, many Property Managers receive benefits such as health insurance, retirement plans, and performance bonuses, which can significantly enhance overall compensation.

Conclusion

Overall, the Residential Property Manager position is pivotal in ensuring that residential properties operate efficiently and effectively. By combining strong tenant relations, financial acumen, and a thorough understanding of property maintenance and compliance, a skilled Residential Property Manager can enhance the living experience for tenants while maximizing the investment value for property owners. This role not only requires technical knowledge but also a commitment to service excellence and community building.