How to Become a Property Manager

The real estate market is a dominant economic force, with residential real estate values expected to reach $106.7 trillion! Rentals are at the forefront of growth in the industry, particularly with the rise of vacation rentals and the increasing profitability of owning residential and commercial real estate as investment properties. Professional property managers, association managers, and vacation rental agencies with a hands-on approach play a key role in safeguarding these assets.

If you’re wondering how to become a property manager and are considering starting an exciting new career, Bryce Ross, national director of property management, RHOME Property Management, and Valkyrie Smith, Realtor®, president and principal broker for long-term, vacation rentals and sales at AA Oceanfront Rentals and Sales, share potential next steps.

What Are the Different Types of Property Management?

Depending on your skill set, preferences, and qualifications, there are many property management avenues to consider. Property managers cover a wide range of expertise and property types, including commercial, industrial, hospitality, association management, and specialty. But the most common is residential property management.

Residential Property Management

Residential rental property refers to any property that’s developed exclusively for housing, or any other rental type where tenants rent the property for the sole purpose of habitation, such as:

·         Single-family homes

·         Duplexes

·         Condos

·         Townhomes

·         Vacation homes and short-term vacation rentals

·         Residential communities

·         Affordable housing

·         Apartment complexes/buildings

·         Mixed-use office/residential

Residential property managers manage a wide range of properties and play a crucial role in assisting homeowners and investors in filling vacancies, setting rental rates, and increasing net profits all to protect their client’s investment. Residential property managers find satisfaction and take pride in providing safe, clean, and well-maintained housing while meeting the owner’s income goals for the property.  

What’s the Difference Between a Property Manager and Community Association Manager?

A property manager and community association manager are not always the same. “Property manager” is a term that’s broadly used for two positions with different responsibilities and reporting structures. A property manager is responsible for overseeing a portfolio of private, individually owned properties or buildings. Managing leasing and rent collection activities, property managers report to a property owner—a landlord—or a company that owns several rental units, like an apartment complex.

In contrast, a community association manager oversees common-area operations and maintenance for a community association, like a resort community or condo community. Reporting to a community’s board of directors, a community manager is responsible for HOA-owned facilities, structures, and areas—not privately owned properties.

Learn More: A Breakdown of the Three Forms of HOA Management

Can a Property Manager Work in a Managed Community?

Yes, property managers and community association managers work together to keep a community functioning at its highest level. Property managers work with property owners, tenants, and board-owned properties to provide and enforce the rules of the community. Because a community association manager may not be in direct contact with rental tenants, a property manager is crucial in maintaining the communication and collaboration between both parties.

Learn More: A Renter’s Guide to HOAs

What Are the Responsibilities of a Property Manager?

Although property managers handle varying types of properties on different scales, many of their management duties are the same. While it changes by state, contract, and property type, some primary responsibilities of a property manager may include:

·         Marketing/advertising

·         Setting rental rates

·         Leasing screening and selecting tenants

·         Rent collection

·         Lease enforcement

·         Evictions

·         Routine maintenance and repairs

·         Sourcing licensed vendors

·         Coordinating utilities

·         Vendor and owner payments

·         Tenant communication

How Do You Become a Property Manager?

To become a property manager, it helps to have a genuine love of people and problem-solving, multi-tasking, and decision-making skills. With a willingness to learn and patience with the process, taking the following steps will help you reach your career goals:

1. Develop and embrace your skills.

The right property management company will train the right person with the right mindset. Effective customer service, communication, and organizational skills are vital when building relationships.

Other skills that can help are decisiveness, leadership, understanding of local laws, strong ethics and sound judgment.

2. Familiarize yourself with your local industry.

The more you understand the nuances of the industry in your area, the more comfortable and confident you’ll be in your career path.

3. Get licensed.

Each state has its own licensing requirements for property managers. However, you’ll most likely need to complete coursework and pass your state’s real estate licensing exam to work in property management. By obtaining a real estate license ahead of an interview, your potential employer knows you’re serious about a career in property management.

Check your state’s specific laws to see if you need a real estate license, property management license, or any other license necessary for property managers.

4. Create a resume.

Creating a detailed resume highlighting your strengths and qualifications is key to getting your foot in the door. Whether you’re just starting in real estate or want to advance to the next step in your career, the quality of your resume plays a crucial role in what opportunities are open to you. Skills like maintenance, hospitality, housekeeping, managing other types of businesses or teams, and handling your own investments properties can all be helpful. 

5. Apply to jobs.

Now that you have a comprehensive resume and the proper licensing, you can apply for property management positions. Take the time to find companies that align with your career goals and complete the necessary steps to apply for those jobs.

What’s the Salary for a Property Manager?

Property manager salaries vary depending on region, manager experience, and portfolio complexity. Glassdoor estimated salary ranges for property managers fall between $47,000 and $76,000, with an average of $60,000 annually. Compensation may include a base salary and opportunity for commissions and incentives.

How to Find a Property Manager for Your Investment Property

With property management jobs on the rise, it’s a good time to consider a career as a property manager. However, check licensing requirements and the recommended steps on how to be a property manager in your state.

If you own a rental property, a licensed property manager can assist with day-to-day operations and help you get the best return on your investment. Check out “How To Find the Best Property Manager for Your Rental” for tips on choosing the right management company or visit www.rhomepm.com for more information.