How to Become a Property Manager
Looking for a career change? You wouldn’t be alone. Throughout the country, moms and dads alike are finding that property management is an ever-appealing field to break into. With the shifting economy and the fluctuating cost of home ownership, more people are choosing to rent than in generations past, making this a lucrative field to break into. In fact, it is estimated that the field will grow by more than 8 percent in the coming decade.
This career field is a favorite among parents because it offers flexibility, but the act of helping others secure their perfect home is also very rewarding. It is a field that is seem as fun, convenient, and empowering.
If you are wondering how-to-become-a-property-manager, you will find helpful information and resources in the sections below.
Check on Your Local Licensing Requirements
There are a number of steps to become a property manager and the first is to make sure that you are following all legal requirements in terms of licensure, insurance, and business registration.
These requirements will vary state to state, so don’t trust any internet search. Instead, take to your local government offices to find out what you need to do. In most states, this will include getting your real estate license. In other states, you might have to take specialized tests or obtain special insurance.
Once you are aware of your local requirements and how-to-become-a-property-manager, you will want to “get on the ball” as soon as possible to ensure that all channels are covered before you begin the process of breaking into the field. As with any field that requires licensure, being caught not adhering to local legal requirements can lead to loss of licensing and disqualification from future licensing eligibility.
Do it right the first time and you can enjoy a long career in property management.
Take a Class in Real Estate
When looking into how to become a Property Manager, you might find that many job listings claim a high school diploma is enough for hiring eligibility. It’s a known fact in the field, though, that the more educated you are about property management, the more successful you will be in securing a job.
Many companies want their managers to have a bachelor’s in business administration, accounting, finance, public administration, or real estate. They might also look more closely at candidates who have had certification training in real estate licensing or property management. Special focus on low income housing or eldery benefits qualifications would also be seen as desirable.
You might be able to find local classes on property management, affordable housing administration, urban planning, or business at your local community college or vocational school. There are also a number of online certification programs you can look into that would help and be beneficial to you in your job search.
Finally, don’t overlook the possibility of on-the-job training. A reception job at a property management firm can get your foot in the door and set toward obtaining your dream job. Working an entry-level position for a year or two as you gain important job skills will not leave you with the debt that college courses might and the on-the-job training will be a valuable asset to you not only in the job search, but throughout your career.
Get All Required Certification
You might find in your research that you live in an area where there are no licensing requirements for property management. Even in this situation, obtaining certifications in areas that are related to the field can help forge your career.
Having certifications in areas like property management, leasing, and brokering tells potential employers that you are committed to the job and have a keen interest and knowledge about the practices associated with the work.
Obtaining these licenses won’t only help you in the job hunt, though. In studying for the licensing exams, you will gain important knowledge and insight from field experts which will help you manage your career throughout the years. This knowledge can give you an edge over other property managers in the area, driving forth your success and earning potential. This will increase your overall enjoyment of your career.
When we are successful in our work, it feels more fun. Having fun at work makes the task feel less like a job and more like a lifestyle that you are happy to be a part of.
Find a Job in Your Field
After obtaining the required (or optional) certifications for the field, it is time to begin the job hunt. There are a number of ways that you can find work in the field that go far beyond a simple visit to your local job service.
– Look for jobs using the network you have built. Let your friends who work in the field, as well as any professional contacts you have made along the way, know that you are ready to begin your career as a property manager. Sometimes, the people you have grown close to will have the opportunity to hire you. Other times, they might know of a job listing that is soon to be available but might not yet be advertised. This can lead to you getting hired quickly and without much competition.
-Mingle with local real estate agents as much as possible. They will likely hear of these job openings before anyone else and they might have insight into real estate buyers who could potentially be in the market for a manager. They might even refer you to a buyer ahead of the buyer even realizing, themselves, that a manager will be needed.
– Of course, Job Listings are going to be your best bet. Look at online job boards, in the newspaper, and don’t forget to visit your local career agencies. These are all great places to find out about available property management opportunities. In most cases, you will also gain insight into what these employers are looking for in their search for you.
However, you find your new job, though, keep in mind that the longer you stay in your position will enhance your resume for future job searches. Don’t take the first property management job that comes along just to get started in the field if you don’t feel like the job is a good fit. Hold out for what you think will be the best option for you.
Stay Updated on Changing Practices
As with any career field, you’ll likely find that the practices associated with property management are ever changing. Leasing trends change, local legal requirements might face overhauls, and more.
Keep a close eye on the trends associated with the field so that you can stay on top of your game as you continue to pull in tenants for your employer. Knowing what renters want and how to market that to them is key, but so is maintaining your certifications and licensing and staying ahead of the curve.
Is a license required to be a property manager?
Thankfully, no. Although some States to require extensive training and a certificate.
How much money does a property manager make?
This depends on the State and the cost of living, but property managers can me upwards of $80,000 if their experience and past performance warrant that amount of money. If you are just starting out, it is more likely a property manager will make about $40,000 per year.
By following these simple steps to become a property manager, you will be set on your way to a career path that is both rewarding and fun. Soon, you will be setting up leases, giving tours of properties, and experiencing the joy of handing over the keys to new renters who are excited to begin a new life in a beautiful home, and their feeling is one you will relate to.
After all, there is no greater reward than working hard toward a goal and finally seeing it come to fruition. I wish you luck in this new undertaking!