What It Takes To Become a Property Manager
- January 10, 2023
- Category: Property Management
Are you looking to become a property manager and pursue a career in real estate but not sure where to start? Consider becoming a property manager! As a property manager, you will be overseeing the day-to-day operations of a rental property or property, which can range from single-family homes to large apartment buildings.
Not only is it a financially rewarding career, but it also offers the opportunity to positively impact people’s lives by ensuring that their living spaces are well-maintained and comfortable.
So, how to become a property manager? This blog post will review the responsibilities of a property manager, education and training requirements, necessary skills and qualities, and career outlook to help you decide if this is the right career path for you.
Responsibilities of a property manager
What does a property manager do? Following are some of the primary responsibilities of a property manager:
Rent collection and tenant relations.
Rent collection and tenant relations are essential responsibilities of a property manager. They oversee collecting rent from tenants, ensuring timely payment, and maintaining good relationships with tenants.
Property managers remain up-to-date on rental laws to ensure compliance with relevant regulations and handle any conflicts or disputes between landlord and tenant.
Maintenance and repairs
Property managers are responsible for ensuring the maintenance and upkeep of rental units. This includes scheduling necessary repairs and overseeing any contractors who might be needed to complete the job, as well as responding quickly to tenant requests in a timely manner.
Additionally, they maintain records of all repairs or improvements made to the property to ensure that it is up-to-date and in good condition.
Budgeting and financial reporting
Property managers are responsible for managing rental property budgets. This includes ensuring that income from rent collection is enough to cover expenses related to maintenance and repairs, as well as setting aside funds for future improvements or investment opportunities.
In addition, they must create accurate financial reports that detail how the rental property’s budget is being managed. It includes recording how much income is generated, how much money is currently in the property’s bank account, and how expenses are being allocated.
Marketing and filling vacancies
Property managers are also responsible for marketing the available vacancies in a property. This includes creating and posting ads on websites, newspapers, and other sources to reach potential tenants.
Also, they may need to organize open house events to show potential tenants how to rent the space.
Furthermore, they will handle all inquiries from potential tenants and answer any questions they might have.
Education and training requirements
To become a property manager, you typically need at least a high-school diploma or equivalent. While some property management companies may require higher education or college coursework in real estate, business, or related fields, many positions do not.
Bachelor’s degree in real estate or related field (optional)
A Bachelor’s degree in real estate or a related field is not required to become a property manager. However, it can be very beneficial in this role. A real estate or business degree gives students an understanding of how the market works, how property values are determined, and how to manage rental properties successfully.
Additionally, it will provide students with the necessary skills to market and fill rental unit vacancies effectively.
Professional certification is a crucial step when becoming a property manager. The Institute of Real Estate Management (IREM) offers the Certified Property Manager (CPM) designation, a widely-recognized credential demonstrating competency and expertise in the field.
To receive the CPM, applicants must complete a rigorous training program with courses in accounting, legal issues, and property management.
Pre-employment training is an excellent way for new property managers to gain experience in the field. Though having prior experience or working knowledge is helpful, it’s only sometimes required. Property management companies may offer on-the-job training programs to those interested in becoming property managers.
These programs can include practical skills such as how to correctly fill out tenant applications and handle tenant inquiries and manage repair requests and collect rent.
Skills and qualities necessary for success.
Being a successful property manager requires a combination of technical skills, knowledge, and personal attributes. Some key skills and qualities essential for success in this field include
- Strong communication and interpersonal skills: Property managers often interact with a variety of people, including tenants, landlords, contractors, and real estate professionals, so excellent communication and interpersonal skills are essential.
- Attention to detail and organization: Property managers need to be organized and detail-oriented to keep track of multiple properties and handle various tasks, such as rent collection, maintenance, and financial reporting.
- Ability to multitask and handle multiple properties: Property managers often have to juggle multiple responsibilities and tasks, so the ability to multitask and manage a large workload is crucial.
- Familiarity with local landlord-tenant laws and regulations: Property managers need to know the laws and regulations governing their area’s rental industry to ensure compliance and avoid legal issues.
- Customer service skills: Property managers should be able to provide exceptional customer service to tenants and landlords to build and maintain positive relationships.
Steps to become a property manager
In order to become a successful property manager, certain steps must be taken, including obtaining education and training as well as developing essential skills necessary for success. If you have all the required qualifications and are ready to become a property manager, here’s how to get started:
Step 1: Consider earning a bachelor’s degree in real estate or a related field.
Step 2: Gain relevant experience in property management or a related field.
Step 3: Obtain professional certification, if desired.
Step 4: Build a network of industry contacts.
Step 5: Continuously develop your skills and knowledge to stay competitive.
Career outlook and potential for advancement
Job growth in the field of property management
Job growth in this field is expected to increase significantly over the next decade. According to the Bureau of Labor Statistics, the demand for property, real estate, and community association managers is expected to rise. 10% from 2019-2029— much faster than all other occupations.
Opportunities for advancement to higher-level management positions
For those interested in advancing their career, there are many opportunities to do so within the property management field. Property managers can advance to the regional manager position, oversee multiple properties within a region or become chief operations officer who oversees all aspects of a company’s operations.
Additionally, those interested in managing their property management firm can pursue the steps necessary to obtain a real estate license.
No matter what path you choose, staying updated with industry trends and best practices is vital to remain competitive.
Now that you have a clear picture of how to become a property manager and all the necessary information you need to start your career. You must obtain education and training, develop specific skills, build a network of industry contacts, and continuously stay up-to-date with best practices to succeed. With job growth expected to increase significantly over the next decade, now is the perfect time to become a property manager.
If you are considering a career in property management, now is the perfect time to start. The job outlook for property managers is on the rise, and numerous career advancement opportunities exist. Property managers have a great deal of responsibility over how properties and tenants are managed and how expenses are handled. This profession offers an array of rewards and benefits that make it an excellent choice for those who want to build their own business or advance in the field.
We hope this blog post has provided you with helpful advice and guidance on how to become a property manager. Ready to start your career in property management? Contact us now for more information on how we can help you get started!
We look forward to hearing from you.
1. How much do property managers typically earn?
The salary for property managers can vary based on factors such as the size and location of the property, the manager’s level of experience and education, and the complexity of the job. According to the U.S. Bureau of Labor Statistics, the median annual wage for property, real estate, and community association managers was $64,230 as of May 2020.
2. How much experience do I need to become a property manager?
While specific experience requirements may vary depending on the employer, it is generally helpful to have some relevant experience in property management or a related field before pursuing a career as a property manager. This can include internships, part-time or entry-level positions, or on-the-job training.
3. Can I become a property manager without a professional certification?
While professional certification is not always required to become a property manager, it can provide additional credibility and demonstrate a commitment to the field. The Certified Property Manager (CPM) designation, offered through the Institute of Real Estate Management, is a widely recognized certification for property managers.
4. Is property management a good career choice?
Property management can be a rewarding career choice for individuals who enjoy working with people, have strong organizational and communication skills, and have an interest in the real estate industry. The job outlook for property managers is positive, with the potential for growth in the field.