Choosing the career path of property management might be a great decision if you are willing to put in the work. This profession has expanded greatly over the past few years and is not slowing down. This industry has provided plenty of opportunities for personal and financial growth, as well as long-term career paths for many. To be a property manager, you should be eager to work with people and dedicated enough to go above and beyond for your property owners, tenants, applicants, and other team members.
Here we will discuss what a property manager does, what it takes to become a property manager, the average salary of a property manager, and how to be successful in this field of work. If this interests you, then just keep reading!
What Does a Property Manager Do?
A property manager holds a lot of responsibility and is expected to complete a plethora of tasks. When property owners don't have the time or availability to tend to rental property matters, a property manager is hired to step in and work their magic. Overall, property managers are responsible for overseeing the day-to-day tasks and operations of a rental property. Whether it's a residential property, commercial building, or multifamily property, a property manager or management team can handle the daily tasks.
If you've never heard the term "property manager", that's probably because there are many different names for someone who works with rental properties. Other names for property managers include:
- Landlord
- Real estate manager
- Property administrator
- Asset manager
- Investment manager
If you've heard any of these terms, most likely their job is the same or similar to a property manager. Although the tasks may not always be the same, the general concept is universal across these positions.
So, what does a property manager do? The role of a property manager is essential for a smoothly running rental property or commercial building. These professionals are responsible for marketing vacant rental units, screening potential tenant applications, conducting tours and showings for potential tenants, as well as preparing and signing rental agreements with tenants. Along with that, they are also expected to communicate with vendors and other professionals to facilitate cleaning and regular maintenance of properties to make sure that all buildings are compliant with local and state building codes, laws, and regulations.
Some of the other essential tasks handled by property managers include:
- Setting rental rates and collecting monthly rent payments
- Processing lease renewals and reviewing agreements
- Following up with late rental payments
- Inspecing each rental property or building
- Handling most or all of the accounting matters
- Communicating between tenants and property owners
- Attending court-ordered evictions and proceedings
- Providing top-notch customer service to tenants, vendors, owners, and other professionals.
Now that you know most of the daily tasks that a property manager will handle, you may be wondering-- What does it take to become a property manager? So, let's go over the property manager qualifications next.
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Qualifications to Become a Property Manager
While most states do not require licensing to become a property manager, there are a few critical qualifications that managers should have. Like any profession, there are standards, fundamental skills, and expectations for those who are looking to manage properties and buildings. First, like most jobs, you'll have to be a legal US citizen or legal resident with a high school diploma or equivalent GED. Along with that, you should be above the age of 18 or 21, depending on where you are managing. Some states will also require courses and passing scores for licensing exams.
While most states don't require higher education for property managing, a few agencies may require some undergraduate studies. Some of these studies may include property management, real estate, finance, business administration, and risk management. These courses and degrees are highly relevant to the field and may help with property management.
Although licensing is not always required, there are a few certifications that you should consider if you are thinking about going into the property management field. Most of the time, property managers start out as leasing agents until they gain the experience that it takes to manage properties successfully. One of the certifications that helps leasing agents become property managers is from the National Apartment Leasing Professional (NALP).
To obtain this certification, individuals must complete a few requirements, including:
- Minimum of six months on-site property management experience
- Receive a provisional certificate until the condition of six months is met
- Complete the necessary NALP courses
- Complete all the requirements within one year of enrollment
There is also higher-level training and certifications such as Certified Apartment Manager (CAM) training, Certified Property Manager (CPM) training, and Master Property Manager (MPM) training. As you move higher up in training and experience, you must complete higher requirements and prove success in the field. This is how you can work your way up in a property management company.
Just Starting Out?
If you are just getting started in real estate and are looking to work your way up to a property manager, you'll want to get advice from well-established property managers or management teams. These experienced industry leaders can lead you along the way and help you gain meaningful experience. Keep in touch with real estate managers and other industry professionals to gain knowledge and insight from their experiences. Remember that property managers are responsible for a lot of things such as collecting rental payments, screening potential tenants, keeping up with maintenance and inspections, handling accounting matters, and keeping a positive attitude while working with vendors, tenants, and property owners.
The property management industry is extremely rewarding, and can be a great opportunity for financial growth. Now that you know what a property manager is, what they do, and some of the requirements it takes to be one, perhaps you find this career path enticing. Reach out to your local management teams and ask them about their experience to get more insight about what it's like to manage properties for a living.
