What does a Property Manager do?
A property manager will be responsible for a portfolio of AST properties, including but not limited to, organising planned and preventative maintenance, managing complaints, drafting and renewal of tenancies, gas safety certificates, and section serve notices. On average, property managers can expect responsibility for 120-150 properties depending on the extent of their responsibilities. In a few cases, office-based property managers will share the responsibility for a far greater number of properties with another on-site property manager and between them split their duties appropriately.
What qualifications do they require?
An entry-level property management role does not require any specific qualifications however it is common and strongly advised for careered property managers to undertake the ARLA qualification, Association of Residential Lettings Agents, to ensure full compliance and it is also common to attend regular seminars on any changes to legislation.
What is their market value?
Across the London market, an entry-level property manager with zero-6 months experience can expect roughly £20,000 per annum. Following the completion of two years’ experience, traditionally this will have increased to £25-27,000, and if in addition to completing your ARLA course and 3 years+ you can expect an annual income of £30,000. It must be noted that some property managers are given the opportunity to earn commission via the renewal of tenancies, completion of maintenance, etc.. It is also worth mentioning that the size and quality of the property portfolio will directly impact your earning potential.
What are the working hours/shift pattern?
The most common hours we tend to advertise are for Monday-Friday 9-6 pm positions, however often in estate agencies property managers will also be required on 1-2 Saturdays per month in exchange for a half-day in lieu or alternatively, a bonus sum. Depending on your level of responsibility, an experienced and reliable property manager might be asked to look after the emergency telephone and are responsible for handling any out of hours emergencies.
How often do you recruit property managers?
At any given time, the team at GKR London is responsible for 15-25 property management requirements ranging in experience and desired qualifications. We represent boutiques, HNWI’s, corporate brands, and high street agents across the property sector in London and in the surrounding Greater Home Counties. We have also been responsible for the successful relocation of property managers internationally to the UK and vice versa.
What do you think is one of the advantages of being a property manager?
Typically, property managers are expected to work well autonomously, managing work both inside and out of the office. Many managers we speak to enjoy the flexibility of being able to do both desk and fieldwork and would refrain from a 9-6 pm desk-based position. You are also the first point of contact for a very large number of people, i.e. tenants, landlords, contractors, and it is important you are able to work with and handle all types of audiences; in short, it’s a “peoples person” career and not one for the faint-hearted!