As the title suggests, property managers manage property on behalf of owners. They can manage commercial, industrial or residential property. Areas of management include securing and vetting tenants, managing finances, maintaining property and managing the sale of property. Specialist property management degrees are available from universities in Brisbane and tend to include a variety of related courses, such as project management, real estate management and sometimes even construction management courses. The latter is important if property managers are brought into projects that are still in development, such as malls, shopping centres or apartment blocks.
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Property managers and assistant property managers
Fully qualified and experienced property managers very seldom manage only one property or project, unless it’s a very big project. Assistant property managers usually manage the more mundane tasks, such as rent collection and maintenance while they learn the more intricate arts of risk assessment, beautification, marketing and reporting. Assistant property managers may also still be accruing various management courses so they can work their way up the property management ladder in Brisbane.
Property management relationships
Property managers work closely with real estate managers and property lawyers to provide a completely holistic service. If property managers have property lawyers on board then they don’t necessarily have to specialise in all the red tape that governs letting, buying, selling and maintaining property. They will, however, still need working knowledge of property law and the legal responsibilities of property owners and tenants in Brisbane, as is provided by property management courses.
Property managers in Australia must be licensed with the appropriate licensing body. Licensing requirements differ from state to state, so managers in Brisbane will have to jump through different hoops to those in Canberra.
Rather than work for large property management firms, many qualified managers opt to start their own companies. In this case, additional courses in small business management, business administration, accounting and marketing are strongly recommended.
Courses in finance also come in handy because yet another aspect of property management is the ability to determine competitive rental rates for various suburbs in Brisbane. Managers also have to screen applicants according to their credit history, rental history and ability to pay rent over the long term. This is particularly important in commercial property management when managers will have to decide whether to take a chance on brand new independent business tenants or to go with tried and trusted retail or restaurant franchises. Furthermore, property managers have to manage the accounts and finances of all properties that they manage and provide clients with comprehensive financial reports (although large companies will have an accounts department to manage this).
Many areas of management (property, event, construction, small business, front line and project management) have several overlapping qualities that are covered in most management courses in Brisbane. But they also require unique personality traits if aspiring managers want to succeed, such as flexibility, creativity, strong communication and organisational skills and an ability to work under pressure.
Many of these skills can’t be taught, but everything else can be gained from practical training and online and classroom-based learning from the top management courses in Brisbane.