What does a Multi-Family Property Manager do?

A Multi-Family Property Manager oversees the day-to-day operations of a real estate property on behalf of the owner. They ensure the property is in good condition, collect rent, handle tenant disputes, and maintain relationships with tenants, vendors, contractors, etc.

As a Multi-Family Property Manager, they also market the property, screens potential tenants, and ensure legal compliance. They also set rental prices and other finance-related items since they are familiar with the local rental market. Besides dealing with financial matters, they also manage administrative tasks such as enforcing rules and policies, crafting reports, managing leasing and administrative staff, and drafting related documents.

Multi-Family Property Manager Responsibilities

  • Manage property for individual investors; enforce lease requirements/community policies.
  • Update resident and unit information utilizing property management software.
  • Maintain OSHA files, employee files, payroll files and staff PTO accruals.
  • Record journal entries for accruals.
  • Process applications and coordinate lease signing with new residents.
  • Assist in financial processes: daily invoice billing, recordkeeping, collection matters, and monitoring maintenance accounts.
  • Accept rents and deposits from clients and prospective clients, post money in the system, and ensure daily deposits.
  • Process evictions conduct quarterly inspections and coordinate repairs as necessary.
  • Process accounts receivable and resolve collection issues, initiate evictions if warranted.
  • Prepare the annual operating and capital budgets, annual operating expense reconciliations and monthly reports.

Multi-Family Property Manager Qualifications

  • Degree in real estate, property management, business administration or a related field preferred.
  • Experience as a property manager or in a similar role.
  • Working knowledge of property regulations.
  • Proficiency in Microsoft Office and property management software.
  • Understanding of marketing and basic accounting principles.
  • Strong organizational and time management skills.
  • Excellent communication and negotiation skills.
  • Good customer service skills.

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