How to Start a Career in Property Management
Finding a career in property management can be both lucrative and rewarding. However, before exploring this career path, it’s important to know what it entails. Today, we’re reviewing what property managers do, how to get started with your career, and tips for beginners. So, if you’re considering a career in property management, this article is for you.
Contents of This Article:
- What Is Property Management?
- What Does a Property Manager Do?
- Requirements and Skills to Be a Property Manager
- How to Start a Career in Property Management
- Looking for a Professional Property Manager?
What is Property Management?
Property management is the day-to-day oversight of real estate properties, including residential, commercial, and industrial properties. When rental property owners don’t have the time or desire to tend to their rental business, they hire a property manager or management company to step in.
Most property management companies handle tasks such as tenant management, maintenance, financial management, marketing, and more. The main goal of Boston property management is to maintain and increase rental property values while ensuring satisfaction for both tenants and owners.
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Property Manager vs. Landlord
You may hear the words “property manager” and “landlord” used interchangeably. However, they are two different roles. While landlords may do some of the same things as property managers, they also own the properties. So, they’re the ones buying properties, making major property decisions, and directly benefiting from rental income and property appreciation. On the other hand, property managers are hired to manage the property on behalf of the landlord.
What Does a Property Manager Do?
Property managers oversee and conduct several tasks related to maintaining and renting out a property. They work with property owners and tenants to market properties, find qualified tenants, collect payments, and more. Most property management duties and responsibilities include the following.
- Marketing and advertising rental properties
- Conducting tours and showings for potential renters
- Screening potential rental applicants
- Drafting, reviewing, and signing lease agreements with tenants
- Processing lease renewals
- Coordinating the turnover process
- Setting or suggesting rental rates
- Collecting rent payments, security deposits, and fees
- Following up on late rent payments
- Accounting duties and reporting
- Scheduling or performing maintenance tasks
- Ensuring compliance with local building codes and rental regulations
- Performing property inspections
- Maintaining communication between owners and tenants
- Coordinating with contractors
Requirements and Skills to Be a Property Manager
If you’re looking to start a career in property management, you’ll need to have a few qualifications and skills. For starters, you’ll want to find out if your state has licensing requirements to become a property manager–most likely, they will. That said, aside from having a real estate license, there are other skills you must have to succeed in a property management career.
Minimum Property Management Qualifications
Most states have licensing requirements to become a property manager. There are also a few other minimum qualifications that all property managers need, including the following.
- Minimum age of 18 or 21, depending on state requirements
- High school diploma or GED
- Legal US citizen or permanent resident
- Real Estate License Coursework and passing score on Real Estate Licensing Exam
Skills You Need as a Property Manager
- Communication- Property managers must have strong written and verbal communication. After all, you’re always in contact with someone, whether it’s an owner, tenant, contractor, or applicant.
- Attention to Detail- Managing rental properties means handling sensitive information and legal documents. Attention to detail is a crucial skill for maintaining lease agreements, notices, and legal compliance.
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Organization- Property managers are in charge of several tasks, so organization is key. You’ll be handling lease documents, accounting tasks, maintenance requests, and more, which require time management and multi-tasking skills.
- Basic Accounting- Tracking rent payments, late fees, and expense reports requires basic accounting skills. While many property management software programs help with these tasks, some knowledge of best practices is necessary.
- Patience- Property managers may encounter angry tenants or owners. Handling disputes or negative experiences professionally and calmly is crucial to de-escalating these situations.
How to Start a Career in Property Management
Starting a career in property management is an excellent choice for those who want a rewarding position and the ability to handle a heavy workload. However, before deciding whether or not to make this career move, it’s important to know how to get started. Here are some of the steps you’ll need to take.
- Research Local Requirements
- Obtain the Right Certifications
- Network and Build a Client Base
Research Local Requirements
Property management guidelines vary by state, so you’ll need to look up the requirements in your area. For instance, you’ll likely need to meet education, experience, and exam requirements. Additionally, most states require property managers to have a real estate broker’s license to handle legal matters like rent, lease agreements, and compliance. However, it’s up to you to know what skills and requirements you need, so it’s important to do your research.
Obtain the Right Certifications
Depending on local legal requirements, property managers may need certain certifications that focus on learning the ins and outs of the industry. Obtaining these certifications is a great way to build knowledge and boost your credibility in the industry. For instance, depending on where you want to take your career, you may consider some of the following certifications.
- Certified Property Manager (CPM)
- Accredited Residential Manager (ARM)
- Certified Apartment Manager (CAM)
- Residential Management Professional (RMP)
- Master Property Manager (MPM)
Network and Build a Client Base
Starting a new career in property management involves putting yourself out there and building a client base. Now, if you’re starting out alone, this can be easier said than done. So, you can start with friends, family, or acquaintances who may benefit from professional property management. From there, branch out and network with other local business professionals to find more opportunities. Another great way to get started is by looking for property management jobs with existing companies to help build experience and contacts within the industry.
Looking for a Professional Property Manager?
Building a career in property management can be extremely rewarding for those willing to put the time and effort into the job. However, it’s important to know what you’re getting into–it’s not always easy. Additionally, having the right requirements and qualifications can help you find a job quickly and set you apart from the competition.
If you’re a rental owner looking for professional property management, contact Bay Property Management Group. Our team of qualified property managers can help with any aspect of your rental business, whether it be marketing, tenant screening, maintenance, inspections, and more. Contact BMG today to learn more about our Boston property management services.
