Being a property manager means liaising between property owners and tenants. And it is a tough job. If you want to become one and take on its unique challenges, this article is for you.
Let’s dive right into how you can become one.
Steps to Become a Property Manager
You need to follow some critical steps to become a property manager.
1. Complete the Legal Requirements
Check your province or state’s legal and licensing requirements for property managers. For instance, if you will manage government-subsidized public housing, you will need special certifications.
2. Obtain Specialized Certifications
Obtaining special certifications is wise if you want to show companies and potential clients that you are professional and committed to the job.
Many property managers obtain real estate licenses, like a real estate broker license or a real estate sales person’s license.
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3. Apply for Your First Property Management Job
After getting the proper legal documents and certifications, you need to land your first property management job – it is the start of your career. To do that, you can try the following:
- Spread the word – let your friends and family know that you are looking for a property management job. You never know who among them may need help.
- Build your network – get to know relevant people in your career. A property manager should build a network of professionals like real estate agents and other property managers.
- Search the Internet – go online and search job boards to kickstart your career. Check job listings regularly.
Becoming a property manager also comes with challenges that do not stop after establishing yourself as a professional.
The following factors make it more difficult and challenging to be a property manager.
Organization and Record-Keeping
Property management needs organized and productive property managers. Daily transactions take place and you will handle a massive amount of communication.
You must avoid disorganization and poor record-keeping at all costs. For one, you will be dealing with other people’s money and properties. Also, a simple mistake could afford you a lawsuit, leading to massive losses.
To avoid mistakes, take advantage of automation and delegation. Automate tasks where you can.
If you are running a company, you can use answering services for property management companies.
If you handle a team of other assistants or other managers, use the right communication and collaboration tools.
Property management is a full-time job. Every property is different from another. You will deal with issues involving your tenants and clients. The task list goes on — and each task requires your attention 100%.
What makes tasks more difficult is that you will not have a regular schedule or routine you can use to manage all properties under your care.
Many other property managers thrive in having that kind of flexibility. If you want to be like them, you will have to constantly focus and learn as you become an experienced professional.
Finding Tenants and Clients
As a property manager, you must be ready to deal with having bad tenants or clients, or, sometimes, having no clients at all.
To deal better with bad tenants, understand how your state or provincial real estate laws work. Many states and provinces are property manager-friendly, while others have stricter policies when it comes to eviction.
Apart from dealing with good and bad tenants, you will also need to generate leads or potential clients. You need to attract property owners to use your services, which is a challenging task.
For one, if your lead generation efforts are not properly targeted, you may end up attracting the wrong type of clients.
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Ready to Become a Property Manager?
Being a property manager is not easy. Developing the right skills and being ready to overcome these challenges can make it more enjoyable. Manage your time wisely, spot opportunities, and continue to learn — these things will make property management easier for you.