The present-day job market is maybe more unstable than it ever was. Because of this, many people who are fortunate enough to own property have turned to rent as a secure source of income.
Fortunately for you, where there is property, there is the need for property management. While there are many well-established property management companies such as SCK Property management already out there, you might have what it takes to get started in a property management position yourself and build a career out of it.
What is a property manager?
A property (or real estate) manager is an individual or a company in charge of taking care of some sort of real estate. In return, they receive a percentage of the rent or a fixed sum of money weekly or monthly.
There is more to this job than just collecting the rent and ensuring that the property is not just standing empty. Being a property manager comes with many responsibilities.
These include advertising the property for rent and showing it to potential residents. Also, it involves screening all the possible tenets or residents and doing a throughout background and credit check on them.
Next, a property manager has to take care of lease renewals and provide tenant retention. TO achieve this, a manager has to tend to the tenants’ needs and help them with urgent repairs and general upkeep and maintenance of the property.
In some cases, the manager can even act as a salesperson. While this is not the norm, expect to deal with a lot of paperwork as a property manager. In addition, you will be the one to handle contracts and evictions and coordinate maintenance and repairs with different contractors such as plumbers or electricians.
What are the skills a property manager should have?
As a potential property manager, you should be able to multitask. After all, your future job will involve dealing with both people and rental spaces.
Therefore a good property manager should have strong communicational skills. You should be able to organize yourself and others as well.
Besides that, a property manager should have at least basic knowledge of marketing. At this position, you will be expected to provide excellent customer support 24/7, so any previous experience in this field of work will be a valuable bonus.
What are the requirements for becoming a property manager?
The minimal requirements for entering the world of property management are not that scary. All you need is a high school degree. On top of that, depending on where you live, you will need to pass a test of some kind. Some places demand that you just complete the required Real Estate Pre-Licencing coursework in the US, while other sites ask you to take and pass a test once the course is done. Legal requirements vary from place to place.
While you are not legally obliged to be certified as a property manager every bit of education counts and improves your odds of making it in this competitive world. You could go for as many certificates and complete as many training programs as you can.
Do you need a license to work?
In the world of property management, legal requirements are different from one place to another. In addition, the demands are not consistent throughout the USA - some states demand that you have a license to practice property management while others do not.
However, when you are just entering the lucrative and exciting world of property management, the odds are that you will start your career as an assistant. In practice, this means that you will be working under the supervision of someone who has a real estate broker’s license or a property manager’s license.
Working as an assistant can be very beneficial for you. First, you won’t need a license, and at the same time, you will be able to learn all the finer details and tips and tricks of this craft under supervision.
How do I start?
To begin your career as a property manager, you will most likely need to apply for an entry-level position with a real estate broker or an existing property managing company.
While high school education is enough to get you started, almost any type of degree will give you a competitive advantage - a business degree or accounting or finance diplomas are nice to have.
Once you finish your apprenticeship, you will have to keep improving your skills and continue learning, but it will all be worth it. And of course, this is when you will have to have licenses and certificates of your own.
If you are willing to learn and build your career over time, this job has the potential to provide you with a genuinely satisfying and lucrative career that meets all of your professional and personal goals.