The term real estate management describes the collective actions, processes, and systems used to maintain physical assets. It also defines the role of the business or individual that manages these assets - the property management profession. You'll need a mixture of soft and hard abilities to be an effective real estate asset manager whether you are working for an investor or as a community manager, overseeing the needs of apartment tenants.

The hard skills a property manager should possess include the ability to stay up to date with the most recent best practices in their business. They should be prepared to deal with everything from natural disasters, landlord insurance claims and plumbing problems to vacant properties and marketing campaigns. They should also be able identify quickly and accurately the costs of repairs, improvements or renovations to rental properties to ensure their budgets are in compliance with financial standards.

A good property manager will work closely with the owners of the properties they manage. They will inform them of the market conditions that could affect the value of a property, and suggest how they might make their property more attractive to potential buyers or renters. They may also serve as an intermediary between property owners and lenders and assist them in negotiating the terms of the loan and secure financing for the investment.

A well-maintained property is the key to a successful rental. This includes regular inspections of all aspects of the property to spot any problems that may require repair and a get more method of communicating with tenants regarding maintenance, rent collection and other things. It's also important to have a list of trusted service providers you can contact when something goes wrong and to regularly examine prices and services in order to discover the most competitive prices.