Although most people may not think of it as such, in reality property management is a very specialized field that involves a broad of array of skills. While the old stereotype of the semi-literate landlord struggling to maintain the property may apply in some instances, most modern property managers are consummate professionals with years of experience and usually people with a higher (post-graduate) education.

The American property management industry largely developed in the 1930s, after many banks and other property owning entities foreclosed on large numbers of properties and realized that managing them required a degree of specialized knowledge. Since then the trend has continued unabated into the modern period, especially in today’s complex real estate market that involves large amounts of real estate controlled by entities (corporations, investment firms, real estate investment trusts [REITs] and so on). Buying a property as an investment takes it own specialized knowledge, but administrating the property once it is purchased is an entirely different matter.

Though the precise duties of a property manger depend on the position held, the type of company they work for, and the requirements of the property owners, in general it is safe to break a property manager’s basic duties down into five distinct areas:

(1) Managing the physical property. This responsibility usually means maintaining the property properly, making necessary repairs, and arranging for the maintenance needs of any tenants if applicable. It may also doing periodic inspections of the property – including individual living units – in order to guarantee that everything is in proper repair and is as it should be.

(2) Human resource management. This basically means overseeing all of the various employees and contractors that are used to maintain the property. For example, many properties either employ their own people or contract with services to provide basic property maintenance, routine cleaning chores, and most also have to deal with more specialized service providers periodically.

(3) Managing the property finances. Generally speaking, the property owners have their own requirements in respect to the financial position of the property itself, what the rate of rents and other monthly payments should be and so on. However, the property manager – as the owner’s onsite representative – has to ensure that these financial goals are met and maintained.

(4) Marketing and leasing the property. This is not always part of a property manger’s responsibility as sometimes the owners will hire independent marketing experts to handle this. Nevertheless, the property manager is almost always responsible for showing potential residents the property, explaining the terms and conditions, and negotiating leases.

(5) Legal compliance and risk management. Almost all real estate has to meet certain government standards and conditions (especially residential properties) and most also face potential risks (fire, storms, et cetera). The property manager is usually in charge of developing strategies to deal with these issues and ensuring that the property meets regulatory standards.

As is readily apparent, being a successful and effective property manager entails a lot more than simply answering the phone and dealing with tenant complaints. Further, as the property management industry is regulated (all fifty states require property management firms to be licensed) it has become an extremely professional industry easily on par with many other white collar industries in the country.