Support for property managers
By: J. David Chapman/September 2, 2021
We teach property management at the University of Central Oklahoma. Dr. Randal Ice is currently the go-to guy in our department teaching the nuances of this important work. Many of the stories we tell in this course fall into the category of “you can’t make this up.”
Property managers are hired to handle the operations, maintenance, and administration of property rentals for an owner. Their work, among many other tasks, includes marketing rentals and recruiting tenants, ensuring rental rates are competitive while covering taxes and overhead, collecting rent, and complying with landlord/tenant law. Property managers, depending on location and the type of property managed, average $50,000 plus commission and bonus. The best and hardest-working property managers can make over $100,000 per year.
Property managers specialize in ensuring a rental is being operated according to the guidance given by the owner. The goal could be financial or based on providing attractive living conditions for the tenants, or both. These goals might take the form of mission and vision statements for corporate property owners or verbal guidance from individual owners. Either way, the primary responsibility for the property manager is to achieve the goals of the owner.
The manager makes sure that responsible tenants occupy the property, payments are received on time, budgets are followed, and the rental is maintained properly. In Oklahoma, property managers are fortunate to have help with their mission and careers. Property managers can join BOMA and IREM, take classes at the University of Central Oklahoma, or attend the annual Commercial Real Estate Summit.
Incorporated in 1928, the Oklahoma City Building Owners and Managers Association supports the commercial real estate industry through leadership, education, advocacy, information, and networking. The membership of BOMA in Oklahoma City includes building owners, property managers, developers, government and corporate facility managers as well as the companies that provide related goods and services.
For over 85 years, the Institute of Real Estate Management (IREM) has been certifying property managers and providing avenues for networking, learning, and advocacy for the industry. Individuals may become certified as commercial or residential property managers (CPM, ARM, or ACoM). Companies can gain certification as an Accredited Management Organization (AMO) and properties can become certified by IREM as Certified Sustainable Property.
The role of property manager is more technical, more financial, and more important than ever.
J. David Chapman is an associate professor of finance and real estate at the University of Central Oklahoma (jchapman7@uco.edu).