How to Become A Property Manager (Explained in Detail)
If you are someone who is interested in real estate and has the motivation to become a property manager, then beginning a career in property management will involve some planning on your part in addition to the persistence to see it through. It is possible that beginning a career in real estate and property management is not as challenging as you may believe it to be, despite the fact that there are a variety of prerequisites to meet.
After making the decision to become a property manager full-time, you will quickly realise that this is a choice that will provide you with experiences that are intriguing, difficult, and gratifying. If you believe you have what it takes to succeed in the competitive real estate management sector, which is currently worth 81 billion dollars, then the steps that are outlined below can assist you in getting started on the path that will lead to a fulfilling career as a property manager.
What exactly is the role of a property manager?
A property manager is a person or firm that is tasked with the day-to-day management of a real estate property in exchange for a fee when the owner of the real estate property is unable to personally attend to such details or is not interested in doing so. Property managers are also sometimes referred to as real estate managers.
As of the year 2018, it was projected that there were more than 270,000 property management companies operating in the United States. These companies employed a total of more than 815,000 property managers and other workers affiliated with real estate or property management. Property managers are only concerned with rental properties; they do not buy or sell real estate. That is the responsibility of real estate agents and Realtors, who are licenced professionals.
What Duties Does a Property Manager Have to Fulfill?
People who collect rent on behalf of landlords or check to see if their apartments are being rented on a consistent basis are not the only responsibilities of property managers. They wear many hats and take care of everything related to the property for the owners, including the following tasks and responsibilities:
- Advertising the property for rent
- Showing the property to prospective residents
- Maintaining consistent and current communications with owners and residents via portals or email
- Screening new applicants
- Providing ongoing tenant customer service
- Collecting rent and setting rental rates
- Lease renewals and tenant retention
- KPI and property status reporting
- Is able to carry out fundamental accounting responsibilities
- In some circumstances, may even serve as a salesperson
As a consequence of this, a manager is able to manage a variety of properties on behalf of their clients, given that property management may be segmented into three primary property types:
- Retail and Flexible Spaces
- Commercial and Industrial Uses
What are the most fundamental requirements to take up a position as a property manager?
There are a few prerequisites that need to be satisfied before one can call themselves a professional property manager. These requirements may be broken down into several categories. The criteria are not overly complicated, in contrast to those of many other professions.
- You have to be at least 18 years old to participate (some states require applicants to be at least 21 years old)
- Either a High School Diploma or a General Equivalency Diploma (GED).
- Have permanent residency in the United States or be a legal citizen of the United States;
- Have successfully completed any real estate pre-licensing coursework required by your state;
- Have successfully passed your state’s real estate licencing examination (most states require this)
What kinds of skills are necessary for successful property management?
Successful property managers are adaptable and good managers of their time and the people they work with. They rely on their innate ability to communicate effectively and accomplish goals in an environment that is constantly changing. If you want to be successful, these are some abilities you should work on developing:
- Capability in strong communication;
- Adaptability in providing service to clients;
- Prowess in organisational and marketing fundamentals;
Should Property Managers Obtain A License To Practice?
The majority of state governments do indeed demand licenced status for property managers. In point of fact, there are just six states in the United States that do not mandate the possession of a licence for property management services.
However, because you will be working at an entry-level position, it is probable that you will be working under the direction of an individual who possesses either a real estate broker’s licence or a property manager’s licence. Entry-level operations that are carried out under the direction of a leasing agent are often exempt from the requirement for a licence in the majority of states.
How much do people who manage properties get paid?
According to salary.com, a person who has completed their high school education and is completely new to the fields of real estate and property management can anticipate earning close to $30,000 per year.
According to payscale.com, the starting salary for a certified property manager with a bachelor’s degree who is entering the field at the entry level is roughly $41,000 per year.
According to Compensation.com, the annual national average salary for a Certified Property Manager is approximately $57,092; this figure applies to managers who have greater experience and qualifications. Your income will be determined by a number of different elements;
- The region of the United States in which you are searching, including information on property valuations, rental values, types of rental properties, and sizes of rental properties.
- The degree of rivalry that exists in the local rental market where you are now situated.
- Your level of education; A person with a high school diploma will most likely have to begin their career in an entry-level position, but a person with a college degree in business would have greater bargaining power when discussing their compensation during salary negotiations.
- The certificates in Property Management that you have earned.
- The amount of time you’ve spent working in this sector as a whole.
- Additional talents that you have picked up, such as using software pertinent to the industry, such as Propertyware or Realpage
- If your remuneration package consists of bonuses, profit sharing, and/or commissions in some capacity.