How to become a successful property manager, the perfect career for someone who wants to work hard and not worry about anything else! The job of property managers is very lucrative because they are responsible for managing residential and commercial properties. Property managers take care of everything from leasing, maintenance, to any tenant complaints.
If you’re interested in becoming a property manager then keep reading! This article will give you all the information you need on what it takes to become one.
What is a Property Manager and what do they do
A property manager is someone who is responsible for the overall management of a residential or commercial property. They handle everything from leasing and maintenance to any tenant complaints. Property managers are essential in ensuring that a property is running smoothly and efficiently.
Qualifications for becoming a Property Manager
The qualifications for becoming a property manager vary depending on the company or organization you are looking to work for. However, most property managers have some form of education in real estate, business administration, or property management. They also usually have several years of experience in the industry. It is important to have a good understanding of the business side of things if you want to become a property manager.
In addition to education and experience, many companies look for candidates who have strong communication and interpersonal skills. Property managers need to be able to effectively communicate with tenants, landlords, and other professionals in the industry. They also need to be able to work well under pressure and handle difficult situations.
If you have the qualifications and skills that companies are looking for it is really easy to become a property manager. You can find many great opportunities on websites like CareerBuilder, Monster, or Craigslist. Just create an eye-catching resume/CV and send it out to the companies you are interested in working for.
7 Steps to becoming a Property Manager
Becoming a property manager is not as difficult as one might think. In fact, there are many step by step online courses and even certifications that can be obtained in order to help you become successful in this field. The most important thing is to have a passion for real estate and managing properties.
1. Become familiar with the real estate market.
The first & important step is to become familiar with the real estate market. This includes learning about the different types of properties, their values, and the neighborhoods they are located in.
2. Get experience in property management.
The next step to becoming a successful property manager is by simply gaining experience. You can read all of the books in the world, but they will not prepare you for what tomorrow holds. The only way to get real-life experience is by doing it yourself. This can be done by working for a company that specializes in property management, or by managing your own properties.
3. Develop strong business and management skills.
Property management is a business, so you need to be able to manage your finances and tenants effectively.
4. Network with other professionals in the real estate industry.
Meeting people who work in real estate can help you learn more about the industry and find potential clients and employers.
5. Improve your communication skills.
Improve your communication skills so you are able to effectively communicate with tenants, homeowners, buyers, and sellers. This will help you during client interviews, home inspections, tenant meetings/lease signings, etc.
6. Comply with any state licensing requirements.
Most states require property managers to have a real estate license in order to legally manage properties within that state. You can contact your state’s government website or licensing board for more information on this topic.
7. Become Certified.
The best way to become a successful property manager is by obtaining a certification. There are many certifications that property managers can obtain, but by far the most popular of them all is the Certified Property Manager Certification. This certification will help you gain a competitive edge in today’s property management industry. There are also some state certifications that you can obtain from the states where you will be managing properties.
The benefits of being a Property Manager
There are many benefits to becoming a property manager. The most obvious benefit is that you will have a secure and lucrative career. Property managers are in high demand and the job outlook is excellent. In fact, the Bureau of Labor Statistics predicts that the job growth for property managers will be 21 percent from 2016-2026, which is much faster than the average job growth rate.
Another benefit of being a property manager is that you will have flexibility in your work schedule. Property managers often work their own hours and can choose to work part-time or full-time. This is a great career for people who want to have control over their own schedule.
Property managers also enjoy good job security. As long as you have the proper certification and experience, you will always be able to find work when there is a need for property managers.
10 Job responsibilities of a Property Manager
A property manager has many responsibilities they are responsible for, some of which include:
1. Leasing the property
Property managers are responsible for finding potential tenants by advertising their properties on various websites. They are also responsible for completing showing tours, helping tenants sign leases upon move in, and ensuring the property is up to code before moving in.
2. Handling repairs
Property managers are often times the first person a tenant will contact when something goes wrong with the property, meaning they are often tasked with finding contractors to fix any issue that arises. They are responsible for arranging the contracting process, ensuring that all work is up to code and completed in a timely manner.
3. Marketing
Property managers are expected to market their properties in an effort to find tenants and keep occupancy levels high.
4. Screening applicants
Before signing someone in as a tenant, property managers will usually verify their applications and ask for references before completing the application process. They are responsible for running credit and background checks as well as verifying employment information on applications so they can determine whether or not an applicant is an ideal fit to be a tenant.
5. Dealing with any tenant complaints
Property managers will often times field phone calls and emails from tenants about various issues they are having in the building. This may include anything from noise complaints to requesting repairs or any other type of complaint. Property managers are responsible for responding to tenant concerns by trying to help fix the problem they are facing.
6. Taking care of rent payments
Property managers will often times be tasked with taking and depositing rent payments on a regular basis.
7. Handling eviction processes
In order to evict a tenant, property managers have to provide an eviction notice and have the tenant evicted by proper authorities.
8. Filing paperwork
Property managers fill out all kinds of legal documents including leases, change of tenancy forms, rental applications, receipts, leases, etc. They may also be responsible for filling out other paperwork as needed.
9. Keeping track of expenses
Property managers are responsible for keeping track of all of their expenses so they can ensure there is enough money in the budget to cover costs.
10. Managing finances
Property managers will often times be tasked with keeping track of all financial reports, including rent reports, utility bills, income statements, etc. They may also be charged with budgeting and creating monthly budgets for properties they manage.
Property Manager Salary, How much do Property Managers make?
A property manager’s salary can vary depending on a number of factors, including experience, employer, and location. In general, however, a property manager can expect to make between $30,000 and $56,000 per year. The average salary for a property manager in the United States is $53,000 per year.
According to PayScale, an entry-level Property Manager with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $41,622 based on 212 salaries. An early career Property Manager with 1-4 years of experience earns an average total compensation of $46,744 based on 2,995 salaries. A mid-career Property Manager with 5-9 years of experience earns an average total compensation of $51,624 based on 2,447 salaries. An experienced Property Manager with 10-19 years of experience earns an average total compensation of $56,024 based on 2,456 salaries. In their late career (20 years and higher), employees earn an average total compensation of $59,535.
So if you’re looking to become a property manager, know that you can expect to make a good living doing so!
How much do Property Managers Charge
Property managers can charge a variety of rates, depending on the size and scope of the property they are managing. Generally, they will charge anywhere from 3-10% of the rent as their management fee. So, for a property that charges $1,000/month in rent, the property manager would charge between $30-$100/month. There may be additional costs charged for services like evictions or lease renewals, so it’s important to read the contract carefully and ask questions if you don’t understand something.
How to start a Property Management Company
Starting a property management company is not as difficult as it may seem. In fact, it can be a very profitable business venture if done correctly. Here are the steps you need to take to get your company up and running:
- Choose a business name and register it with the state.
- Get liability insurance.
- Create a business plan.
- Find office space and equipment.
- Hire employees.
- Market your business.
Once you have taken these steps, you can officially start operation. Be sure to follow all local and state regulations while operating the business. This is so important because it will protect both yourself and your employees in case anything should happen.
The Future for Property Managers
The future for property managers is looking bright! As the population continues to grow, the demand for property managers will too. This is a great career for those who want to be their own boss and have the ability to make their own hours.
Here’s a video from Samantha, a property manager on the Hibiscus coast Auckland on “A Typical Day in the Life of a Property Manager”
Conclusion
A property manager is someone who oversees the management of residential and commercial properties. They are responsible for tasks such as leasing, maintenance and addressing tenant complaints. To become a property manager, you will need to have excellent organizational skills, be able to handle difficult situations and be able to meet deadlines. The benefits of being a property manager include having job security, making your own hours and earning a good income.