A regional property manager is responsible for managing several income-producing properties on behalf of the property owner. In larger companies, property managers manage a region of the owner's properties. For example, some property managers may manage all properties owned by the property investor within a county. The size and tasks required of these professionals is directly related to the needs of the owner or investor.
Property management services are designed around the owner's particular needs. Most property managers are responsible for the financial and business strategies relating to the investor company or property owner. They may oversee a wide range of properties, including homes, apartments, stores, offices, and industrial properties. Tasks often include asset management, human resource management, marketing, and overall maintenance of the facility.
Residential property management companies focus on homes, apartments, and mobile parks. Tasks here include locating tenants, showing properties, handling contracts, and managing tenant needs. They are directly responsible for ensuring the best, most profitable tenants are using the facilities. They also need to manage the termination of leases and eviction legal matters.
Commercial property management focuses on establishments for businesses, such as storefronts, offices, and industrial facilities. This professional maintains most of the same tasks as a residential manager, but also focuses on the economics of the business. For example, he or she helps ensure that a businesses will be profitable in the area. Understanding the value of any business is critical to a property manager's success.
A regional property manager may also help the investor to locate properties that could be a good investment for the owner. This may mean monitoring real estate on the market, working with real estate agents, handling bids, and even handling the legal aspects of the transaction. He or she helps the property owner to know the financial stability of the property at any time. His or her job is to ensure each property maintains the highest profit threshold for the owner.
A regional property manager may work for a single property owner or a large real estate investment company. He or she may work in a management position, with individual property managers for each facility being under him or her. He or she reports to top management in the investment company or directly to the property owner.
A property manager needs to use extensive experience and good judgment to accomplish the goals of the investor. He or she may have a degree in business management. Some are licensed real estate agents. A regional property manager needs experience in maintaining real estate. Also important is his or her ability to be flexible, creative, and financially savvy.