How to Become a Property Manager: A Beginner’s Guide
By 2020, revenue for property management in the United States will be more than $70 billion a year.
If you’re considering a career change, property management could be an excellent option for you. In this article, you’ll learn everything you need to know about how to become a property manager, and whether this is the career you’ve been looking for. Ready? Let’s get started.
What Do Property Managers Do?
If you’ve ever rented a house or apartment, you may have interacted with a property manager before. These are the people who look after apartments, houses, offices, shopping centers, and other buildings to make sure the property is well-maintained, clean, and everything is working.
Depending on the type of property, managers might:
- Collect association fees and/or rent
- Interview potential tenants and residents
- Organize repairs and manage contractors
- Pay municipal and utility bills
- Create and manage property budgets
- Answer concerns and complaints from current tenants
- Comply with local regulations and laws
Property managers benefit from job security, with employment in the industry projected to grow by 10% through 2024.
The Skills You Need for Property Management
There is no one skill property managers need to master to be effective in their job. Property management touches on so many different areas of property operations, having a diverse set of skills is best. While it requires many different skills, if you have these 3 skills, you have a chance to become a great property manager:
Are you the kind of person who loves writing lists? Property managers are often extremely busy and work with a range of people and contractors. On top of that, they are responsible for a wide range of duties that cover most areas of a property’s operations. Organization skills are key to getting everything done, performing well, and effectively managing your property.
You’ll be working out details with current and potential tenants, finding contractors to service or work on the property, and more. Property managers who can negotiate well have the potential to save money and improve net operating income for a property. As a result, negotiation skills are extremely important for property managers and can help them earn higher bonuses.
Property managers must be great communicators. You’ll be speaking with current and potential tenants, resolving disputes, hiring workers, and answering questions. Additionally, you will be dealing with property owners, contractors, and vendors. Being able to communicate well is a key skill for property managers. In 2018, this means being multi-faceted. Property managers should be adept at communicating face to face, over the phone, on email, and social media.
How to Become a Property Manager
If the above sounds good, you’re probably wondering how you can get your foot in the door. And it’s easier than you might think. While many companies prefer a bachelor’s degree or training in real estate, some only require a high school diploma. Additionally, some companies will offer on the job training.
One good way to get started is by working as an administrative assistant. This will allow the property manager to focus on maintenance, tenant relations etc. You’ll learn the ropes by answering the phone, assisting walk-ins, doing data entry, and communicating with vendors.
If you’re serious about property management as a career, a specialized accreditation will help give you the skills you need to succeed. This includes becoming an ARM (Accredited Residential Manager) or CPM (Certified Property Manager). While you have plenty of opportunities to learn and grow your skills, property management doesn’t require extensive education and experience. This means that the ROI on your money and time is excellent.
As you can see, a career in property management will be stimulating, exciting, and interesting. Whether you’re just getting started with your career or looking for a change of pace, the outlook for property management remains positive. If you’ve always wanted to become a property manager, now’s the time to launch your career in this growing industry.
Now that you have learned how to become a property manager, use these interview prep tips to land your first property management job! Questions about property management or something to say? Get in touch today, and we’ll get back to you ASAP.