Real estate management is the collective action, processes and systems that are employed in the care of physical assets. The term also refers to the job of the company or individual who manages these assets, the property management profession. If you’re a real estate asset manager working for an investor or a community manager overseeing the needs of apartment tenants this job requires a blend of hard and soft skills.

The hard skills property managers must possess include an ability to home keep up-to-date with the latest best practices in their field. They must be prepared to handle everything from natural disasters to landlord insurance claims and plumbing problems to vacant spaces and marketing campaigns. They must also be able quickly and accurately determine the cost of repairs, upgrades, or renovations to a rental property to ensure their budget meets financial compliance.

A professional property manager should work closely with the owners of the properties under their purview. They will provide information on market trends that could affect the value of a property and suggest ways to make it more appealing to potential buyers or renters. They also can act as an intermediary between property owners and lenders and assist them in negotiating conditions and secure financing for the investment.

For a property to be a successful rental, it must be well-maintained. This means regular inspections of the property to determine any issues that might need repair and a system for communicating with tenants about maintenance, rent collection, and other things. It’s important to have a trusted network of service providers that you can contact in the case of an emergency. You should also compare prices and services frequently to find the most affordable prices.