A property manager is a professional that acts as a third party between a landlord and their tenant. Their main functions include filling vacancies, tenant screening, rent collection, attending to complaints, and supervising other administrative tasks. While the duties highlighted above are not exhaustive, property managers are an integral part of the rental industry.
If you're considering pursuing this specific real estate career path, read until the end of this article to find out what it is, what to expect, and what it takes to be a property manager.
How to Become a Property Manager
If you're ready to take on the responsibility of being a property manager, then here's how you do it:Get the appropriate qualification
Most clients prefer to hire people with a minimum of a Bachelor's degree, particularly in courses related to accounting and management, business, or real estate-related studies. While this isn't a mandatory requirement, it helps.
Also, remember that some states require that you take an exam to get a license to practice. So it would help if you found out what the legal requirements concerning property management are in your jurisdiction and adhere to them. Moreso, there are certification courses you can take to learn more about this career path and attain recognition as a qualified professional in the field.Brush up on the required skills
There are a lot of skills you need to be a successful property manager. While most licensing exams and certification courses will test you on these, you can still go the extra mile to set yourself apart from the pack.
Get familiar with both local and national laws about landlord-tenant agreements. As the middleman, your job entails looking out for both parties, so work on your communication and organization skills. Do your research as well, and take advantage of technological advancements that can help you perform better.Find a property to manage
Finding clients can be demanding as a newbie, but there are other ways to gain experience. It would help if you endeavored to join property managers' or other real estate professionals' associations. These are good places to network, where you can meet colleagues and mentors who can guide you. Also, rather than going solo, you could apply to be a property manager's assistant and learn the ropes or work for a property management company. You also have the option of purchasing and managing a rental property yourself; that way, you earn extra income.
Perks of being a property managerStable source of income
If you're considering shifting careers, finance likely is one of your motivating factors. In that respect, often property managers are well compensated for their efforts. It's hard to give an absolute number because it can vary like any other profession. But the average property management salary, according to salary.com, falls between $88,506 and $117,297 as of August 2021. Of course, this figure is subject to factors like years of experience, location, and property type.Improve your real estate skills
One of the core benefits of hiring a property manager is that they take away most of the burden of managing real estate. To do that effectively, they have to be at the top of their game when dealing with properties and tenants. The top performers in this field combine several skills such as customer support, accounting, marketing, and more. They also have a keen eye for spotting great investment opportunities, which you could add to your portfolio if you're interested in owning property.High potential for growth
Real estate is an ever-expanding industry, and so are the job opportunities that come with it. As the demand for properties increases, so does the need for people who can manage and maintain said properties. Moreso, landowners are becoming more aware that they don't have to take on the responsibility alone. So the combination of more rental properties and more landlords hiring property managers means there's a lot of room for newbies to gain experience and grow.
While there are great perks to being a property manager, it isn't all rosy. Before heading into the field, there are a few drawbacks to consider, like:
Initially, you might find it hard to break into the marketplace as a professional. Finding new clients is hard enough, but finding ones that trust you with little or no experience is tougher.Managing properties requires a lot of attention. Tenant complaints, routine inspections, application screening, and several other tasks come with the job. These will mostly take up a good chunk of your week.
In this article, we looked at how to become a property manager, the perks and drawbacks that come with it. A great way to start your career with some experience is to work for a property management company. With enough patience and dedication to learn, you could build a successful career for yourself.