The Bureau of Labor Statistics projects a 5% growth rate for property managers between 2022 and 2032) — that’s faster than the average for all occupations! If you’re looking for a stable career in a growing field with the chance to make a real difference, property management may be the perfect fit for you.
But you may be asking: how do I become a property manager in 2024?
Below is a guide on everything you need to know about becoming a property manager.
Who Is a Property Manager?
Most landlords own more than one building. As a result, they need help running their properties. This is why many landlords opt to hire a property manager to supervise the daily operations of their property.
A property manager oversees property functions on behalf of the property owner. When you’re hired as a property manager, you handle most of the hands-on management responsibilities.
Different Types of Property Managers
Want to dive into property management but unsure where to start? Well, we’ve got you covered! Let’s explore the four main types of property managers you can become.
Residential Property Managers
If you love creating comfortable living spaces, residential property management may be your calling. As a residential property manager, you oversee rental properties where tenants live long-term. This role isn’t just about managing apartments-it includes managing:
- Townhouses
- Condominiums
- Vacation rentals
- Single-family homes
- REO properties
- Multi-family homes
- Manufactured homes
Your day-to-day duties include handling maintenance requests for screening potential tenants. The goal is to ensure that your tenants feel right at home.
Commercial Property Managers
Do you thrive in a bustling business environment?
If you do, commercial property management may be your ideal path. You will be in charge of overseeing non-residential properties where business owners set up shop. Some properties you may manage include:
- Office spaces such as doctors’ offices
- Retail properties like restaurants and malls
- Public accommodations such as hotels
As a commercial property manager, you’ll spend a lot of time dealing with long-term tenants. However, you can also interact with renters in co-working spaces where professionals rent work areas by the hour or day.
Industrial Property Managers
Industrial property management involves holding production environments together. If you love seeing everything run like a well-oiled machine, this may be your fit. Managing industrial properties involves maintaining and inspecting facilities.
You may have to manage:
- Warehouses
- Distribution facilities
- Light manufacturing facilities like food packaging
- Heavy manufacturing factories, such as steel mills
You’ll ensure the property complies with building codes and regulations and manage staff. What’s more, you have to coordinate real estate tax reviews and bid for vendor services.
The stakes in industrial management are high. This is because even a small disruption in production can lead to huge financial losses. As a result, you have to master skills in precision and efficiency.
Special-Purpose Property Managers
If you wish to manage unique properties, special-purpose property management may be your niche. These properties are often designed for specific uses and can’t be easily converted for other purposes. Examples include:
- Resorts
- Theaters
- Stadiums
- Places of worship
- Senior care facilities
- Schools and universities
Managing these properties requires a unique skill set. You’ll need expertise in business management and property law, as these properties often have specific needs and regulations.
What Are the Property Manager’s Responsibilities?
Before becoming a property manager, you should have an idea of their responsibilities. Property managers do a lot to ensure properties are well-maintained, tenants are happy, and investments are profitable. Here are the essential property manager responsibilities.
Setting and Collecting Rent
Setting the right rental price can make or break an investment property. As a property manager, you’ll need to leverage your expertise to evaluate property values accurately. To determine a competitive rent price, you have to assess the neighborhood and current market trends.
If you set the rent too high, you risk vacant units. Also, a very low rate can make you lose out on potential income. This is why striking the right balance is key.
While rent collection can be challenging, it requires persistence and tact. Property managers also need to follow up on late payments to address any issues that arise.
Mastering Marketing Rental Property
With tenants often moving in and out, marketing a property is an ongoing task. You’ll need to use a variety of advertising tools to attract new tenants. When advertising, you should understand your target market and choose the ideal marketing channels.
Additionally, you should highlight your property’s best features. A successful property manager knows how to make a property stand out. As a result, they can attract quality tenants.
Preparing Vacant Units
When a tenant moves out, it isn’t the end of your job. As a property manager, you must inspect the unit for damages and ensure necessary repairs. Also, you should maintain cleanliness.
Quick turnarounds are crucial to reduce vacancy periods. When you get the unit ready promptly, you can have it back on the market and rented in no time.
Screening and Selecting Quality Tenants
Finding reliable tenants isn’t easy. Property managers have to conduct thorough screenings. They should check credit histories, employment verifications, references, and criminal records.
Evaluating financial capability will also ensure tenants can meet their rental obligations. A streamlined and professional selection process helps you secure high-quality tenants. This means you don’t have to worry about rent payments and property damage.
Crafting Lease Agreements
A well-drafted lease agreement is the foundation of a good landlord-tenant relationship. As a property manager, you’ll prepare lease agreements that clearly outline conditions, expectations, and payment terms.
A detailed lease protects both landlords and tenants. It also provides a reference point for tenants, helping them follow the rules and guidelines.
Supervising Contractors
From plumbers to electricians, managing contractors who work on the property is part of the job. You’ll coordinate their work and ensure they meet deadlines.
While they conduct their tasks, you need to ensure they stay within budget. Building good relationships with reliable contractors is also important. This allows you to maintain the property and address any issues promptly.
Handling Evictions and Move-Outs
Evictions are never pleasant but sometimes necessary. As a property manager, you have to navigate the legal process to handle tenant evictions smoothly and professionally.
Ensuring that tenant evictions are handled well helps avoid costly lawsuits. In addition, make sure you handle move-outs efficiently. This includes final inspections and security deposit returns, as it allows for a smooth transition for all parties involved.
Handling Tenant Complaints and Issues
Dealing with tenant complaints is inevitable. Whether it’s a maintenance issue or a dispute between tenants, property managers have to address these concerns before they escalate. Ensure you listen and offer solutions.
Maintaining and Repairing the Property
Regular maintenance is vital to keep a property in excellent condition. If you are a property manager, you’ll need to oversee inspections and handle repairs. Ensure that everything is clean and functional.
Keeping the property well-maintained helps attract new tenants. It also helps retain current ones. You’ll coordinate with contractors to ensure the work is done efficiently and at affordable rates.
Following Landlord-Tenant Laws
As a property manager, you must adhere to landlord-tenant laws. These regulations govern the relationship between property owners and tenants. Failing to comply can result in legal issues and potential charges.
Stay informed about these laws and ensure all actions are compliant. It will protect both you and the property owner from legal trouble.
Keeping Accurate Records
Organized record-keeping is important in property management. It can help landlords report figures accurately during tax season.
Property managers have to maintain detailed records of income, lease agreements, and other crucial documents. Keeping everything well-documented ensures you can easily create and retrieve reports when needed.
How Do I Become a Property Manager in 2024?
As one of the real estate careers, becoming a property manager offers exciting opportunities. Here’s a guide to help you navigate your way into this thriving industry.
Obtain Licenses and Certifications
First, start by understanding the essential licenses and certifications you’ll need. Depending on your state, requirements can vary. Most states require you to pass a Real Estate Licensing Examination.
You may also need to complete specific coursework before you can even sit for the exam. Research your state’s specific requirements to ensure you’re on the right track.
While certifications aren’t always mandatory, they can set you apart in a competitive field. Consider pursuing certifications like:
- Certified Apartment Manager (CAM)
- Certified Property Manager (CPM)
- Master Property Manager (MPM)
- National Apartment Leasing Professional (NALP)
- Institute of Real Estate Management (IREM)
- National Association of Residential Property Managers (NARPM)
These certifications usually need you to demonstrate proficiency in various aspects of property management like maintenance program implementation, record-keeping, and more. They offer a structured path to gaining the necessary skills and enhancing your credibility.
Learn About State and Local Laws
Understanding state and local laws is a fundamental aspect of property management. This includes knowledge of eviction laws, landlord-tenant laws, fair housing regulations, and building codes. When you understand these laws, you can prevent legal disputes and ensure smooth operations.
Gain Practical Experience
Coursework provides a solid foundation for your career. However, practical experience is where you’ll truly learn the ropes of property management. Start by looking for internships or entry-level positions with real estate agencies and property management companies.
These roles offer invaluable insights into the daily operations of property management. Look for job openings that align with your interests- whether it’s commercial or residential property management.
As you gain experience, reflect on what areas you excel in and enjoy the most. This will help you specialize and find a niche that keeps you engaged and motivated.
Develop Strong Communication and Interpersonal Skills
Effective communication is a property manager’s superpower. You’ll interact with tenants, property owners, contractors, and other stakeholders daily. This is why it’s important to have strong written and verbal communication skills.
Aside from communication, developing interpersonal skills like empathy and diplomacy is important. It will help you build positive relationships with tenants and colleagues. They foster a collaborative and respectful environment for better property performance.
Stay Up-to-Date With Industry Trends and Regulations
The property management landscape is always evolving. Staying informed about trends and regulations is critical to providing top-notch services.
Attend industry conferences and participate in networking events. You can also take continuing education courses to stay current.
Build a Professional Network
Networking is important if you want to build a successful career in property management. Ensure you connect with other professionals in the industry, such as real estate agents, property owners, and contractors. They can provide you with support, advice, and potential job opportunities.
To expand your network, you can join organizations like IREM, NARPM, or NAA. These organizations offer professional development opportunities. Building a robust professional network can also lead to partnerships that benefit your career.
Leverage Technology
To succeed as a property manager today, you have to optimize technology. Use a property management system (PMS). It will help you efficiently manage properties, tenants, and finances.
A PMS centralizes all property-related data, including tenant information and lease agreements. This streamlined approach eliminates the need for disparate systems. As a result, it can enhance your productivity.
When you leverage the capabilities of a PMS, you can optimize operations. This allows you to improve tenant satisfaction and maximize property performance. Technology will help you make property management more efficient and effective.
Build Your Property Management Business
If you have the necessary licenses and skills, you can start building your property management business. Start by constructing a comprehensive business plan. It should outline your vision, target market, and financial projections.
Become a Qualified Property Manager
Becoming a property manager in 2024 is a rewarding journey. So, if you’ve been asking yourself, “How do I become a property manager?” now is the time to take action.
Ready to pursue a career in property management? Reedy & Company is here to make that dream a reality. With over 40 years of experience, we have the expertise to guide you every step of the way.
Feel free to get in touch with us to learn more.
