Name of Team Member:
Vice President Property Management
Direct Reports are:
Software Permissions (Roles):
Base pay: $35,000 - $55,000per year salary
Bonus: Based on profitability of department
Income goal: $50,000 - $85,000
Ratio GPR vs Actual
Manage portfolio to property budgets
Attainment of financial objectives per budgets
95% collected by end of month
Monitor & manage service issues
No over budget or overdue issues
Manage & monitor turnover projects
< 10 units in Turnover status
Learning best practices for the industry
CE credits, attendance at IREM and Apartment Association meetings, events.
Regular meetings with investors
5 or more per month. Logged meetings ANALYSIS: Management
Meeting format: Use Traction Level 10 PM team meeting format
Monitor building performance
Financial reports, Scorecard
Work order Billing Review
All billing kept up to date, 0 SI’s in queue by day’s end.
Rent roll growth 10% per year
Regular property visits/updates
Inspection module filtered list by inspector
5 per week, documented with rmInspection reports
Overdue deposit refunds
How role is monitored:
How does this role interact with Rent Manager to complete the tasks they are charged with:
Service Issue module
Out of Scope
Time off market
On budget (OoS)
Ensure proper assignment of properties are associated with your portfolio
How is this role measured:
How this role manages direct reports
Assistant Property Managers (aPM’s) will manage the same activities the PM is responsible for. When something requires the attention of the PM it will be designated as such. PM will have tasks and measurables for each assistant.
Turnover staff will take direction from the PM via issue and inspection assignments.
Set scope <5
Process SI billings in review <0
Process Tenant Charge SI’s
Process security deposits
Enforces lease policies
Manage portfolio cash flow
Bill pay - pay bills (Thursday)
Verify cost allocations
Market rent review
Action plan for > 21 day list
Budget Time (strategic thinking, implementation and follow up on at least 1 property). Reports sent to owner.
Owner batch reports
On budget : Budget vs Actual report
Monthly performance review w/ President (from huddle and budget).
Property Manager retreat and action plan development/management
Manage and Develop processes and procedures
Market Rent analysis (H/N category = ANALYSIS: Leasing)
Filter: Based on lease expiration
Doubles as the Lease Renewal decision
Regular meetings with investors
CE coursework completed (some every year)
Send 1099-MISC to owners (first week of February)
Skills and Qualifications
Motivation for Sales, Meeting Sales Goals, Negotiation, Selling to Customer Needs, Territory Management, Closing Skills, Prospecting Skills, Professionalism, Internal Communications, Listening, Communication Processes, Customer service
A high school diploma is enough to get your foot in the door at some places, but a bachelor's degree or vocational real estate training is preferred. Degrees in business administration, finance, real estate or similar are very helpful.
It is also very useful to have experience in real estate sales, as you might need to work with potential renters or buyers. If you sell property, you will need a real estate license.