Real estate management is the collection of process, procedures and systems used in caring for physical assets. It also defines the role of the person or company that manages those assets – the property management profession. You’ll need a mixture of soft and hard abilities to become an effective real estate asset manager, whether you’re an investor or as a community manager, directing the needs of tenants in apartments.

The hard skills a property manager should possess include the ability to stay current with the newest most effective practices in their field. They must be able to handle everything from natural disasters, landlord insurance claims, and plumbing issues, to vacant homes and marketing efforts. They should also be able to assess quickly and accurately the cost of repairs, improvements, or improvements to a rental property to ensure that their budget is in compliance with financial requirements.

A competent property manager will work closely with the owners of the properties within their purview. They will inform them of developments in the market that could impact the value of a property, and suggest ways to make their property more appealing to potential renters or buyers. They also can act as a liaison between lenders and property owners and help them negotiate the terms of the loan and secure financing for the investment.

In order for a property to be a rental that is successful it should be maintained. This includes regular inspections of all aspects of the property to spot any problems that may require repair as well as a system of communicating with tenants regarding maintenance, rent collection, and other issues. It is also essential to have a list of trusted service providers to call on in the event of a problem, and to regularly evaluate prices and services to find the most competitive deals.