Real estate is a lucrative business projected to grow even more by 4% by the year 2026. According to the present statistics, the real estate industry is worth about $81billion. It is no wonder that people are going into the sector; But before you plunge into the world of real estate, there are requirements and steps needed to become one, especially if you are thinking of making it your career path. There are several career paths in real estate, apart from being an investor or agent. Some real estate investors don’t live close to their property or don’t like dealing with tenants, so employing a property manager is ideal for their problem. Property management is also a lucrative side of the real estate industry, but they manage strictly rental properties; the buying and selling side of real estate is for the realtors. Who is a property manager? A property manager is an individual or firm that oversees the daily operations of a real estate property. It could be a rental property, commercial real estate property, or industrial property.
While the real estate world requires a number of certificates and licenses, do you have what it takes to become a successful manager? Well, you don’t have to best yourself up; you can become one as long as you are determined. Starting a career in the real estate world requires proper planning on your part, and you might see it’s not as difficult as you think.
What Does Property Management Entail?
We have defined that a property manager is someone who is charged with managing a real estate property in exchange for a fee. The owner might be unavailable or uninterested in managing the property himself. According to research, real estate is such a huge industry that it is expected to grow even more in the foreseeable future. You might be thinking that property managers, also known as real exchange managers, manage properties only. This is not quite true; there is more to property management than just managing a property. They act as the mediators between tenants and property owners. Here are some of the activities carried out by the real estate managers:
- Setting the rental rate and a system for collecting them
- Handling lease renewal and retention of tenants
- Handling eviction processes
- Handling maintenance, repair, and renovation
- Move-in and move out inspection
- Screening new applicants
- Advertising property for rent
- Providing customer service for tenants.
- Tips for making the property stand out
How to Become a Property Manager
If you are seriously considering a career in property management, here is how to become one and start gaining the needed experience needed to succeed in the field.
- Know the Legal Requirement
The process of becoming a property manager is regulated by the state and can vary for each state. The first step is to research the needed requirement needed to become one. For some states, you must be above 18 years, have a high school diploma, or be a U.S citizen. These are some of the requirements, but they vary depending on your area. Some states require you to have a real estate broker license before carrying out your duties as a property manager. It is up to you to find out about the rules and regulations guiding this in your area.
- Get the Required Real Education Requirements
There is no particular educational requirement needed to become a real estate manager, but technically it also depends on your state requirement. In most cases, having a high school diploma is enough to get you started in your career as a property manager. But you can go a step further by getting a Bachelor’s degree in real estate, business administration, accounting, or finance. Any of these qualifications can bag you the job and launch your career in property management. Nowadays, property management companies are beginning to include it in their requirements.
Taking professional courses in real estate development, urban planning, and finance will boost your career in this field. Professional courses are good, especially if the school is no longer an option for you. Another good decision is to apply for on-the-job training to build knowledge and experience in the field.
- Obtain Special Certification
Obtaining a special certification is a crucial step in becoming a real estate manager. In some cases, special certification might be a requirement in some states where license is not required. Some state requires you to pass a certification exam before you can be able to practice. Certification give you the professional knowledge about the job.
There are several professional certifications that can get you started in your journey. Some of them are listed here:
- National Apartment Leasing Professional (NALP) Certification
This certification teaches prospective property managers the skills needed to be efficient and effective in the field. It combines course work with field training to help you acquire the required knowledge
- Certified Apartment Management (CAM) Certification
CAM is another good option for those looking to focus on managing apartment communities. It teaches prospective property managers how to be a good on-site representative and how to interact with residents. You also get course work with on-site training.
- Certified Property Manager (CPM) Certification
This certification distinguishes you from the other competitors and is also helps in starting a property management company.
- Master Property Manager (MPM) Certification
The master property manager is the highest certification you can obtain as a property manager. Obtaining this will make you a notable name in the industry.
Obtaining all this certification will take you a step further in your career as a property developer.
- Find a Property to Manage
After you have obtained all the certification, the next step is to get a property to manage. It is important to have a network of professionals in your contact list or cycle. The internet is an ocean of information: you never know what you may find. You can also set up a website to advertise yourself.
- Practice Makes Perfect
A good property manager does not rest after his/her first clients, you update yourself about the latest news, and best practices.
Skill requires for a successful management practices
- Marketing skill
- Communication skill
- Organisational skill
- Good customer service
- Proactive ability