A company that manages the properties it owns. The owner may be syndicator, developer or investor.
A professional property management company that contracts for the management of one or more properties from an owner. This work is performed on a fee basis (the fee us usually a "contracted" amount or percentage of the project's revenue per month). Fee management companies are often hired by owners or financial institutions to do acquisitions on presently owned properties or on properties they are considering purchasing. In-depth research is required on financial as well as the physical condition of a property when selling or buying is considered.
An Owner/Management Company Who's Who
Could be a one-person owner for a small community or numerous owners for larger communities. In the case of the individual owners, they usually have final authority for expenditures. Regarding the multi-owner concept, the authority for purchases is usually passed onto the managing agent, whether a vice president of the owner's company or a fee manager/agent.
These are the people who are liaisons between owners and property supervisors. They oversee multiple locations in their region, approve final budgets for their properties and are authorized to make major capital purchases such as new roofs, exterior painting, etc. Vice presidents routinely report to the owners.
Property Supervisors/Regional Managers
These employees usually have responsibility for five to eight properties and report to the vice president of their region. Their job is to oversee and direct the managers on each particular property, set the budgets and ascertain that the managers stay within these budgeted guidelines. At times, property supervisors negotiate with certain vendors to sell their services to all their communities thereby reducing the costs to each property.
The manager is responsible for all matters occurring on their property. The manager is responsible for all personnel, make-readies of units and purchases (staying within budgeted guidelines). It is the manager who orders the supplies from vendors, accepts these supplies and makes sure vendors are performing adequately on their properties. The manager approves all bills for payment. Managers report to property supervisors.
Job duties may vary due to the size of the property, but usually this position is the one who assists the manager in assigned areas. This position is usually one of a bookkeeper, collecting rents and seeing that the invoices are paid/processed on a timely basis. Assistant managers report to the manger.
This position is more sales than clerical. Leasing agents greet the prospective residents, show apartments and prepare the lease agreements. This position could also entail the credit and reference checking of the prospective residents. Leasing agents report to the manager.
This position is somewhat the same as property supervisors, but responsibility is focused on the upkeep and maintenance of the properties in a region. Maintenance supervisors report to the vice president and/or property supervisors and assist in locating the best and least expensive services and supplies, as well as training and supervising the maintenance personnel.
Lead Maintenance Technician (or Senior Maintenance Technician)
This position entails the knowledge of carpentry, electrical, appliance and plumbing repairs, plus HVAC or A/C knowledge. This position supervises maintenance men and porters and reports to the property supervisor and manager. Managers rely on head maintenance technicians regarding information on quality and price as well as service.
The person holding this position goes into the residents apartments on an as needed basis, repairing all minor malfunctions of equipment, buildings and grounds. This position is also responsible for make-readies. Maintenance technicians report to the manager of one particular property.