What is Real Estate Property Management?
Property management is like being the owner of a small business, involving daily operations at the individual property level and includes marketing and promotion, tenant screening and selection, collecting rent, coordination of maintenance and repair functions, optimizing building efficiency and acting as liaison between owners, investors, vendors, the local community and tenants, all with a focus on both customer service and the bottom line. Property Management involves a thorough understanding of assets in a real estate portfolio, and the responsibility to lease and manage the assets to maximize returns and insure the real estate’s long-term value. There are many types of real estate that require Property Management expertise for day-to-day operations.
- Multifamily Real Estate
Multifamily real estate is a residential building or group of buildings which houses multiple persons or families in separate units.
- Mixed-Use Real Estate
Mixed-use real estate is a development with one or more buildings combining office, retail, dining, entertainment and housing within walking distance of each other, eliminating dependence on cars for residents.
- Office Real Estate
The office real estate sector has a wide variety of tenants and building types. In the central business district of major metropolitan areas, office buildings are leased to high quality, often national and international businesses.
- Retail Real Estate
Retail real estate can be a small, single tenant building, or a shopping mall. Property managers must have strong skills in leasing, financial analysis, and advisory services. Tenants range from grocery stores and home improvement centers, to small electronics stores and dry cleaners.
- Leisure and Entertainment Real Estate
Leisure and entertainment real estate is a very niche segment with owners and operators specializing in properties such as golf courses, amusement parks, sports complexes or resorts, often with a hotel component that is either managed by the owner or a third party property manager.
- Senior Housing and Communities
Senior Housing is a complex industry where property types are distinguished by the level of resident services provided. Senior housing is comprised of Independent Living, Congregate Care, Assisted Living Facilities, as well as Nursing and Memory Care facilities.
Property Investing and Related Fields
Property managers are frequently involved in more than managing operations for a building. There are a variety of concentrations in related real estate fields.
- Real Estate Brokerage, Sales and Leasing
- Real estate agents and brokers facilitate the sale or leasing of real estate.
- Real Estate Development
Real Estate Development is a dynamic business, requiring the knowledge and ability to execute nearly all of the development process. The role of the real estate developer is to envision the entire development from start to finish, and execute the processes to get the project built – site selection, market analysis, finance, construction, leasing, and sales.
- Entrepreneurial/Small Business Real Estate Investor
Entrepreneurs with access to capital pursue ownership, transformation and/or operation of their own real estate properties, both individually and with partners. Numerous opportunities are available for a profitable career owning property for the long term. Alternately, some investors choose to flip properties, buying affordable properties to remodel and resell at a profit. A career in real estate can help you significantly improve your wealth by buying and owning real estate.
- Corporate Real Estate
Corporate Real estate is a profession focused on the operation of buildings that support the business that owns them. This career represents a company’s interests in real estate matters, ranging from strategy, acquisitions, leasing, subleasing, property management, tax issues, and disposition.
- Real Estate Asset and Portfolio Managers
Asset and Portfolio managers are responsible for maximizing the performance and value of a company’s portfolio of real estate assets.
Read more about these careers at UW-Stout’s Real Estate Property Management page.