Real estate is one of the biggest investment markets globally, and many are interested in having a career in this field. While many would like to have careers in this lucrative industry, not everyone wants to be an agent or an investor. If you fall under this category, there are many other categories of careers you can pursue in real estate. One of them is a real estate property manager. This is an excellent opportunity for you to generate revenue from real estate without owning one.
If you are just getting started and interested in becoming a real estate property manager, this guide will be of great help. However, before getting into the details of becoming a real estate property manager, it is vital to know who a property manager is and what they do. This will give you a better insight into what the career involves. As the name suggests, a property manager is a person or company tasked with overseeing the daily operations of a real estate property.
It could be commercial real estate property, income-generating residential property, or industrial property. The property is owned by another person but is unable or unwilling to manage it. For example, a real estate investor might live far away from the property, making it hard for them to manage it. For that reason, they resort to hiring property managers who ensure their real estate investments attain the targeted ROI and revenues. If you think you can handle the responsibilities of a real estate property manager, you should get started on your career right away.
Here are the things you need to do to become a real estate property manager.
1. Research the Legal Requirements
The first thing you need to do before starting a career in real estate is know what is required from you by law. These laws also apply to those interested in property management and other related careers. In the US, the specific requirements vary from one state to another. For instance, most states will require property managers to have a real estate broker license.
This is because most of the duties performed by a real estate property manager are similar to those of a real estate agent. However, in states like South Carolina, Oregon, and Montana, you only need a property manager license to get started. States like Maryland, Kansas, and Idaho don’t have a licensing agreement!
Besides, some laws may or may not apply depending on the type of real estate property you intend to manage. It is up to you to know which laws apply to you and your state. To get a license for property management, some states will need you to meet specific requirements regarding age, experience, real estate education, and some might subject you to an exam.
Therefore, you need to research the laws and regulations you will have to meet before venturing into property management.
2. Get the Necessary Education
The next thing you should do is get the necessary real estate education. Property managers are not required to have a particular educational background or pursue a particular course. In some cases, a high school diploma might be enough to get hired as a real estate property manager.
With that in mind, the number of real estate management companies hiring college graduates is growing rapidly. Therefore, you should work on getting a bachelor’s or master’s degree in business administration, real estate, finance, public administration, or accounting.
This will give you the needed skills like marketing and strategic management that will increase your chances of becoming a good real estate manager. Furthermore, it is vital to have knowledge of the local housing market and the general real estate industry. This explains why some companies seek out candidates with real estate licenses or vocational real estate training.
For that reason, experts recommend that beginners should take courses related to management, real estate development, urban planning, finance, and affordable housing administration. If going back to school is not an option, taking real estate courses is a reliable way of becoming a property manager.
This is ideal because you can take online courses. Alternatively, you can apply to a property management company or real estate brokerage for on-the-job training. You can also apply for an entry-level position and work your way up. This will give you an excellent opportunity to gain experience and build knowledge regarding real estate management.
3. Obtain Specialized Certifications
This is a crucial step in your quest to become a real estate property manager. Even if you are learning to become a property manager in a state where you don’t need a license, you might still have to pass a certification test.
Becoming a certified property manager will show companies and your potential clients that you have what it takes to deliver great results. Certification also shows you have high levels of commitment and professionalism.
When you get certified, you will understand the best experiences in this industry; more so, you will gain knowledge that extends beyond the average property manager. This will give you an edge over others. Similarly, it will open doors to your professional career. There are several professional qualifications you can get as a potential property manager. However, the ones you should focus on getting as you start your career are:
- Certified Apartment Manager (CAM): This certification is targeted at onsite managers, who are often the only property managers that tenants deal with on a regular basis. This certification gives you the knowledge to handle tenants professionally.
- National Apartment Leasing Professional (NALP): This certification teaches new property managers the skills required to become prolific and effective in their roles. You will need this certification in most states.
- Certified Property Manager (CPM): This certification is usually attained to distinguish a person from competitors. With this, you can start your career in why real estate property management company because you have the necessary experience. This certification is s requirement in most states.
4. Get a First Property To Manage
After getting the necessary certification, the next thing you should do is get your first job. At this point, you will have the necessary knowledge and skills to manage a real estate property. Look for a property owner who is in need of a property manager. Note that landing your first job is easier said than done.
Nonetheless, there are several ways you can search for rental properties and get the ideal one. Start by informing your friends and other professional contacts that you are looking for a job in real estate property management. Also, inform them that you are looking for a rental property to get started.
For you to get started in the real estate industry, you must have a network of professionals in the business. These professionals are also an excellent source of information for property managers. Therefore, if you cannot find a real estate investor on your own, a person in your network might lead you to them.
For example, real estate investors often work with real estate brokers, agents, developers, and wholesalers. Get in touch with these professionals, introduce yourself as an experienced property manager, and ask for any recommendations. Given the huge network these professionals have, you are likely to get a job opening.
Interacting with professionals will give them an opportunity to know what you have in mind and what you can deliver. You can also search online to find property management companies looking for real estate property managers.
Spending time scratching through the internet will lead you to several companies looking to hire. For the best results, you can even set up your own website and share your professional information. Alternatively, you can advertise it on social media platforms and have all the possible clients reach out to you!
You can also take advantage of real estate websites that help the general public get rental properties for sale. While you are not looking to buy a real estate property, investors certainly are. Therefore, after successfully working with your first client, consider using real estate websites to find profitable rental properties for your client to buy and for you to manage.
Using such platforms is the easiest way to manage more real estate properties without actively searching for clients. This gives you an edge over the competition.
5. Stay Updated On Best Practices
For you to have and maintain a successful career as a real estate property manager, you need to stay updated on best practices. You just don’t want to learn about becoming a real estate property manager; you need to learn how to become successful in that venture. In fact, most successful property managers don’t rest once they get their first job.
Experienced real estate property managers say this role needs you to wear many hats. This means you will have to do more than just the standard responsibilities discussed earlier. One of the extra things you will have to do to stay on top is staying updated on the best practices for property management.
You can do that for yourself as long as you remain within the legal parameters. This is helpful because it allows you to continually grow your knowledge and skills on real estate trends. As you might know, the real estate market keeps changing.
Staying updated will give you the skills to deal with certain market demographics that might be defining for your career. Furthermore, real estate laws and regulations that affect real estate properties can change at any time. It is vital to stay updated on such changes because they may affect your clients and various investment properties.
It is your responsibility to keep the investors informed at all times. In simple terms, a good real estate property manager should stay up to date with any changes in laws and regulations. This applies to laws in the real estate industry as well as banking and financing.
One of the reliable ways you can stay in the loop is by reading real estate blogs like this one. You will get the latest information about everything impacting the real estate market and whether there are changes to rules and regulations. You will also get tips on how to use technology to grow your property management career and attract new clients.
Real estate management is a lucrative career opportunity that could see you make money without owning a real estate property. As the name suggests, real estate management involves handling all the affairs of a real estate property on behalf of the owner.
As discussed, there are several steps you must take before becoming a real estate property manager. If you are interested in becoming a successful property manager, start implementing these steps right away!