Becoming a property manager can be a wise career choice for many people. In fact, getting into property management can only be seen as a smart decision given the current market trends. An increasing number of real estate investors are choosing to delegate property management tasks to professionals. Consequently, a property management business can grow fairly quickly as long as it is set up the right way. But how to become a property manager? What education do you need to be a property manager? And what are some of the best practices for growing your business? This blog will delve into these questions and show you how to get into property management.
What You Need to Know About Property Management
Before getting into how to become a property manager, we must first go over what being a property manager entails. A property management career is a full-time commitment that comes with several tasks and responsibilities. Here is a brief overview of what a property manager does.
- Deal with potential renters on behalf of the rental property owner
- Collect rental income
- Conduct regular inspection of the property
- Handle the paying of bills and expenses
- Investigate and resolve disputes and complaints
- Ensure compliance with local laws
In simple terms, a property manager handles the day to day operations of the rental property. This is not limited to residential property management. In fact, most owners of commercial and industrial properties tend to hire pro managers as well.
Related: 10 Common Property Manager Responsibilities
Tips on How to Get into Property Management
Starting a property management company is not something you should do hastily. You should only start the process after gaining a solid grasp of all the variables at play. To help you, here are a few expert tips on how to start a property management company.
1- Check the local laws in your state
The first step of becoming a property manager is getting familiar with local rules. The legal framework of the industry varies from one to state to the other. Needless to say, you need to have a good understanding of the legal requirements in your area before you can start thinking about professional property management as a full-time career. Keep in mind that despite these differences, almost all states require you to obtain a real estate license.
2- Expand your knowledge base on real estate management
While it is possible to get into property management with no experience, this is not the right approach. Management involves several moving parts and requires a fair deal of know-how and problem-solving. Moreover, these qualities can only be gained through years of experience or education. This is why it is essential that you take some courses pertaining to various aspects of the property management industry. This includes everything from learning the basics of property inspection to going over some essential aspects of accounting and finance.
3- Become a certified property manager
Once you feel that you have fully grasped the ins and outs of property management, the next logical step is to get the necessary certifications. Like we mentioned above, the rules for becoming a certified property manager vary across states. Furthermore, you can also obtain several extra certifications that allow you to offer services beyond just property management.
4- Pick a property management niche
Your business will differ greatly depending on the type of investment property that you are managing. For example, becoming an Airbnb property manager would require more hands-on work due to the high tenant turnover of short-term rentals. On the other hand, long-term rentals require a lot of involvement in the beginning and substantially less during the tenant’s stay. Furthermore, commercial and residential properties are regulated by different rules. Juggling these differences can be quite difficult. This is why it’s important that you specialize in one particular facet of the business early on. Make sure to obtain specialized certifications such as Residential Management Professional (RMP) or Certified Apartment Manager (CAM).
5- Start looking for property management leads
Finding clients is a critical step for your property management business. It is essential that you get it right, and the only way to do so is by sticking to tried and proven strategies. One such approach is to talk to real estate agents. Real estate agents often serve as the connective tissue between various actors in the housing market. Their large client base coupled with their deep connections in the market gives them unique access to information that could be of great value to you. Get to know some agents and inquire about potential property management leads in your area. Other effective strategies include checking online real estate boards and cold calling.
6- Use property management tools to grow your business
Staying competitive in this market is not just a matter of skill and work ethic. You also need to use property management tools that are designed to help you grow your business. A good example of this is Mashboard. This amazing tool will enable you to expand the scope of your services by giving you access to a wide range of functions. For example, Mashboard comes in really handy when it comes to finding investment properties for your property management clients.
Related: 6 Best Rental Property Management Apps for 2020
7- Keep an ear to the ground
The real estate world is always changing. Between the introduction of new rules and the continuous emergence of new best practices, property managers have a lot to deal with. Consequently, you need to keep up with the latest trends in the industry if you want to stay relevant. In fact, staying updated is the only way to ensure a thriving career.
Related: 6 Property Management Industry Trends for 2020
The Bottom Line
Figuring out how to get into property management might seem like a tough task. But the reality is that the process can be very simple if you take the time to learn all the basic requisites. Moreover, applying the best practices outlined in this article should be enough to help you build a solid business.
Curious about what Mashboard can do to boost your business? Schedule a demo.