Property management is the perfect career for people who love houses but aren’t looking to sell them.
It is a lot of hard work, with every day being unpredictable, but it is a job that can be very fulfilling.
If you’re looking to become a property manager, then you should look into all the specific requirements for your state. Otherwise, we will walk you through the basics of how to become a property manager so you can get started right away.
Keep reading for our guide on everything that you need to know so you can become a property manager.
Figure Out the Legal Requirements
Before diving right into learning how to get into property management, you should first figure out all the legal requirements. Each state is going to have different requirements before you can start managing properties.
For some states, you might need a real estate broker license, while others will require a property manager’s license. There are a few states that don’t need any license at all.
Be sure that you research the property manager laws in your state before jumping into property management.
Getting Your License and Taking Classes
If you need to get your real estate license, then chances are you’re going to want to sign up for some classes. This will help to teach you all about real estate and get you prepared to pass your upcoming exam to get your license.
You don’t need anything more than a high school diploma to become a property manager. However, many companies will look for someone with a bachelor’s in business administration, accounting, finance, or anything else that is related.
Going back to school might not be an option for you, but there are plenty of online courses that can help give you an edge over your competition. You might need to start from the bottom by learning skills and work your way up.
Get Your Property Manager Job
You might be asking how long does it take to be a property manager? Well, it first depends on how long it takes you to complete your real estate courses and obtain your proper licenses. For some people, completing these courses could take anywhere from a few weeks to a few months.
Once you’re finally ready to get your first property manager job, there are a few things that you can do to help the process. Networking with other people in property management companies is a great way to get started. Talking with other property managers can help you to get in at their company.
You can also talk with friends and family about your new passion. You never know who might know someone else that works at a property management company and is looking for a new property manager.
Real estate agents are another great resource to get to know. Some of them tend to work closely with property management companies and they could lead you in the right direction to get hired.
Online Job Boards
You should also be keeping a close eye on online job boards as this will be your number one source for landing an open position if not through networking. Do your best to personalize your cover letter and make sure that you stand out from the other property managers who are also applying for the same position.
What Do Property Managers Do?
Before you decide to become a property manager, you might be interested in learning what your life will be like as a property manager. This job is much more than managing the property from your office.
Property Manager Responsibilities
You will be assisting the owner in setting a rate to rent out their property. This will involve doing research on the area and seeing what the home should be rented out for. You’re also going to be marketing and advertising the property to get new renters to move in.
Property managers screen potential tenants and even schedule showings so that the property can be viewed. You’ll help to prepare the lease and make sure that the paperwork is in order. As well as deal with the move in and move out process when the time comes.
Once new tenants have moved in, you should also schedule house visits to assure everything is in order. If any maintenance issues arise, then it is your responsibility to take care of them on behalf of the owner. You also will collect rent each month.
You will be in charge of paying any bills or expenses for the owner. The job responsibilities for a property manager change every single day and can even vary depending on the property or owner.
Check out the benefits of property management for owners of rental properties.
Always Stay up to Date
When you become a property manager you will realize that your job is more than what we’ve listed above. You’ll be performing several different roles each day to get your job done.
Successful property managers don’t rest until they’ve completed their job.
Keep up With Laws and Regulations
Laws and regulations can change at any time which can affect the owner of the home. When they sign up with property management, they’re entrusting you to make sure that they follow all the rules correctly. It is your responsibility to be on top of any changes that have to do with your rental properties as the property manager.
Follow the Property Management Trends
You’ll also find that property management is always changing and evolving to get better. Whether it is a new system, better trends, different laws, or something else, you need to make sure that you always stay up to date.
A good way to keep yourself informed is to keep up with real estate blogs or podcasts.
Learning How to Become a Property Manager
If you’re interested in learning how to become a property manager, then be sure to use our guide to gain the right skills and credentials. Don’t wait on getting started!
Becoming a property manager is a busy and unpredictable job, but that’s what makes it so much fun.
If you’re looking for more advice, then be sure to bookmark our page so you can keep coming back for helpful tips and tricks.