5 Steps to Becoming a Property Manager
There’s a lot of money to be made in real estate but there are also more real estate careers to consider than you might think. One of the best options is to become a property manager.
Launching a career in property management can be a great choice if you want to work in real estate. As a property manager, you can expect to make a healthy income while also managing properties in a hands-on way.
If you want to learn how to become a property manager, however, there are a few important steps that you’ll need to follow. In this guide, we’ll tell you what you need to know.
What Is a Career in Property Management?
A property manager is someone who manages properties and oversees all of the ins and outs of their operation.
Typically, a property manager manages rental properties. This may include residential single-family properties, multi-family properties, or commercial properties.
A property manager will manage an investment property in place of the owner who may prefer to stay hands-off and not manage the property on their own. Property managers get paid a fee from the owner for managing the property.
Property managers will typically manage multiple properties and work for various owners.
The median salary of a property manager is around $48,984, although property managers can end up making much more or much less based on many factors. These factors include the company they work for, the number of properties they manage, and more.
How to Launch a Property Manager Career
There are many steps you need to take before becoming a property manager. Here’s what you’ll need to do.
- Understand the Requirements
First of all, you’ll need to research the legal requirements for becoming a property manager in your state and be sure that you know what they are.
The requirements for becoming a property manager legally will vary based on the state that you’re in as well as which types of properties you’ll manage. Some types of properties may require special certifications.
Generally, most states will require you to get a real estate license to manage a property. However, you may not need one if you’ll be working under a supervisor at an entry-level position.
Be sure to check with the National Property Management Association or a local government resource to find out what requirements you’ll need to meet for your new career.
- Get an Education
At a bare minimum, you’ll need to have a high-school diploma or GED to work as a property manager. However, many property management companies will only hire someone with a bachelor’s degree these days. If possible, it’s a good idea to get a bachelor’s degree in real estate, business administration, accounting, or a similar field.
In addition to this, it’s helpful to take other real estate courses as well. Taking online or offline courses in real estate can be very helpful in preparing you for the profession and improving your resume. If it’s necessary to get a real estate license in your state, you may also need to take coursework in order to get it.
Consider the educational requirements that the type of position you want will have. Then, be sure to get the education you need for the job.
- Pass an Exam
To get a real estate license, you’ll probably need to pass the real estate licensing exam for your state. Remember that not every state has the same requirements and some will require a licensing exam while some won’t require a license at all.
There are a lot of specifics and legal details you’ll need to learn when preparing and managing properties for rental, so many states require a license. You may want to click here to learn more about preparing rentals for first-time use.
For the states that require you to take a licensing exam, you’ll need to pass to show that you have complete knowledge of property management and real estate. You may also need to take required classes when getting your license as well.
- Get Real Estate Certifications
While it’s not necessary for all property management positions, it’s a good idea to get certifications as well. This is true whether or not you need to get a license for your state.
A property manager certification will show property management companies that you’re applying to that you have specialized knowledge and are taking the profession seriously.
There are many different certifications that you can get. Some of the ones you may want to consider are the following:
- Certified Property Manager
- Master Property Manager
- Certified Apartment Manager
- National Apartment Leasing Professional
- Certified Manager of Community Associations
- Residential Management Professional
- Apply For Property Management Jobs
After you have met the educational and licensing requirements for becoming a property manager in your state, you can then start applying for property management jobs. All property management jobs are different and will have different requirements, so be sure to look carefully at the job posting to find out what will be required of you.
Be sure to apply for any positions that you are interested in and ensure that your resume is up to snuff and lists all of your qualifications clearly.
Keep in mind that you can apply for a property management position but you can also apply for assistant property manager positions as well. As an assistant property manager, you’ll learn the ins and outs of working in property management at the entry level and may not need a license.
Understanding How to Become a Property Manager in 5 Steps
If you want to learn how to become a property manager, be sure to follow the steps listed above. Find out whether you need a license for your state and meet all of the requirements before applying for positions.
It might take some time to land your first property management job, but the rewards can be well worth it.
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