Does a stable career, job security, decent remuneration, and a desire to help people top your list when it comes to your ideal career? If so, then property management is your best bet! Most people are increasingly opting to rent houses rather than purchase property, which is fueling the demand for property managers.
Yes, property management is very involved and requires hard work, but, many property managers find the big and consistent paychecks associated with the job better than an agent’s inconsistent commission. If you think you have what it takes, follow these steps to become a good property manager.
The legal requirements
The legal requirements for becoming property managers vary from state to state. Similarly, various regulations apply depending on what you manage. For instance, for you to manage government-subsidized properties, you must have certain qualifications. Take some time to research the laws and rules that apply to you.
Get to know all the recommended classes you will need at your online real estate school in Utah. Almost all property management jobs are real estate tasks, meaning a strong background in real estate is vital for your success. To get a license, you must enroll in online real estate classes or in-person license schools for classes that prepare you for the exam. The course usually covers topics like fundamentals of real estate, contract clauses, and real estate laws.
Real estate courses
Though a high school diploma is enough for someone to work as a property manager, more and more property owners want their managers to have a degree in real estate, finance, public administration, or accounting. Others seek people with real estate licenses or vocational real estate training.
Courses in real estate management, real estate finance, urban planning, estate development, property management, housing for the elderly, or affordable housing administration are in high demand.
That said, if going to school in person is not an option, online real estate school in Utah can help increase your knowledge and skills. Also, on the job training is very important as you can begin at an entry-level position and then easily move up the ranks as you learn the business.
While you may not need a license to do business in your state, taking real estate classes is a good idea as it shows potential clients that you are not only a professional but also committed to the job. Go for something like a real estate salesperson’s license or a real estate broker’s license; it will open up opportunities for you.
Other specialized certifications include; Certified Property Manager, Residential Management Professional, and Certified Apartment Manager. Though it takes time and hard work to get such certifications, they will make you stand out from the crowd.
Finding the First Property to Manage
Start by telling your professional contacts and friends that you are looking for a property management job. For you to succeed in this field, you must have a network of professionals. That way, if you cannot find a property management job yourself, one of them may lead you to one.
Get in touch with real estate agents, wholesalers, developers, and brokers and ask for advice. They will know you and most likely have you in mind when they come across any jobs. You can search online for property management firms looking for people to hire and get in touch. You could also set up your website and market it on various social media platforms.
After working with the first few clients, use sites such as Mashvisor to find viable properties for your clients and for you to run. This way, you will get more rental properties in your portfolio without unnecessarily searching for clients directly.
Keep up with the trends and best practices.
Don’t just become a property manager; be a resourceful and reliable property manager. Engage with other property managers regularly in your area and keep up with best practices. Similarly, reading property blogs is a great way to stay updated on industry trends.
Though getting into the property management field can be challenging for some people, it can be interesting for others. If you have the right skills, you will find the career fulfilling and enjoyable. If you have these skills or are willing to learn them, becoming a rental manager will be a breeze.
- Customer service
- Communication Skills
- Organizational Skills
- Marketing Skills
- Problem-Solving Skills
There you have it! How to become a property manager and the skills required to be successful. So, if you don’t have these skills or certifications, don’t give up on your dream to become a property manager, but start by taking online real estate classes from the Institute of Real Estate Education in Utah and developing the five skills mentioned above. With patience and some hard work, it is only a matter of when and not if, you start smiling to the bank.