How To Become a Property Manager

1. Complete coursework in real estate or business.
2. Follow state requirements to become a property manager.
3. Pass the real estate licensing exam, if required in your state.
4. Complete the certification process for specialties.
5. Get your first property management job.

Starting your property management career will require some preparation and tenacity on your part if you are interested in real estate and have the motivation to do so. It may not be as difficult as you think to get started in real estate and property management, despite the fact that there are a lot of requirements.

Once you make the choice to pursue a career as a property manager, you’ll discover it to be an engaging, demanding, and rewarding experience. The $81 billion real estate management market is predicted to grow by 4%, so if you believe you have what it takes, the steps listed below can help you get started on the road to a rewarding career as a property manager.

How to Become a Property Manager

Average salary for a property manager

Property managers are typically compensated on an annual basis, but they may also receive hourly payments as needed, as is typically the case for seasonal hires. Some property managers are also qualified for bonuses and additional compensation based on leasing properties, such as leasing agents for apartments.

What does a property manager do?

An investment in real estate, such as a rental home or business, is managed by a property manager. Although some property managers own the property, the majority work for either a company or themselves. Property managers usually manage multiple properties at once. Some responsibilities of this job may include:

Although they can work in residential, commercial, or retail settings, property managers frequently choose one to specialize in. Although a real estate license is not always required, they typically have real estate experience.

How to become a property manager

An organized property manager assists the real estate owner in maintaining and profiting from their real estate investment. You must have excellent organizational, management, and communication skills to be successful in this position. To become a property manager, follow these steps:

1. Complete coursework in real estate or business

High school diploma is the minimum requirement for employment in property management. However, more advanced training or a bachelor’s degree will be needed for higher-paying positions. You can stand out from the crowd by enrolling in additional real estate and business classes. Some states also require coursework in property management.

A bachelor’s degree in a field like business administration or finance is frequently advantageous Some universities offer majors in property or real estate management. These programs offer the most definite path to a job in property management.

Some states demand that property managers get their real estate licenses as well. This designation requires specific coursework and licensing by your state.

2. Follow state requirements to become a property manager

Although each state has its own requirements, the majority of them call for either a real estate license or a license for property management. The National Property Management Association can inform you of your state’s property management licensing requirements.

Despite the possibility of licensing requirements, many entry-level property managers work under a supervisor and do not need a license. This frequently occurs in positions like apartment property management or positions in self-storage property management.

Some individuals pursue Institute of Real Estate Management certification. This process calls for passing several exams, completing ten courses successfully, and providing documentation of relevant work experience. The completion of specific educational or professional credentials, as determined by an IREM review process, may result in the waiver of up to seven of the course requirements. Additionally, the program requires associations to pay IREM dues and letters of recommendation regarding candidates.

3. Pass the real estate licensing exam, if required in your state

Some states demand real estate licensing exams for property managers. This is due to the fact that you will be handling numerous tasks involving real estate law as a property manager, such as selecting tenants and creating leases.

Real estate licensing qualifications vary by state. However, if your state stipulates that passing a real estate licensing exam is a prerequisite for becoming a property manager, you will likely be required to complete both the state exam and a classroom learning component of the licensing process.

4. Complete the certification process for specialties

Obtaining certification in additional fields that relate to property management is one way to differentiate yourself from the competition. The type of property management you are interested in should determine which certification you pursue. These include:

5. Get your first property management job

It’s a good idea to customize your resume to the job posting because the experience and skills that are preferred for property management jobs vary. Examine the duties and skills necessary for the position, and be clear about how your experience matches what the hiring manager is seeking. Draw attention to your knowledge and skills and any relevant degrees, certificates, or coursework.

Apply for the job, and if you don’t hear anything after a few days, follow up. In this follow-up, you have the perfect opportunity to show the hiring manager your enthusiasm for the job and emphasize your excellent organizational abilities, which are crucial for property managers.

You could also apply for a job as an assistant property manager, which would give you the opportunity to work in a property management entry-level position while learning the fundamentals of the field.

It is also possible to gain knowledge of and experience in property management before undergoing necessary tests or submitting an application for the certifications because these entry-level positions also infrequently call for the certifications to work in the field.

6. Stay updated on best practices in property management

If you obtained your certification as a requirement for working as a property manager, you might need to enroll in some continuing education classes to keep it current. Maintaining up to date with best practices in property management is always a sound investment in your career, even if certification or formal training are not required.

The Property Management Association is a good resource for staying up to date with evolving standards and national best practices in property management. Blogs about property management are a great way to learn more about the subject. Real estate careers are expanding, but staying current with industry trends and innovations can help you stay competitive in the job market.

FAQs about becoming a property manager

Common questions about property management careers include:

Can you work as a property manager without a license?

Check with the state you work in first because they are the ones who have set this requirement. However, you might not need a license if you are not engaging in real estate transactions, such as sales. If your state informs you that you do, you must determine the type of license you will require. For instance, you might require a license for real estate brokerage or property management.

Do I need a license to start a property management company?

This also depends on your state requirements. While some states permit you to manage a small number of properties without a license, they might have restrictions on how many you can do so. For instance, managing more than 10 properties in Florida necessitates obtaining a license. It’s crucial to be aware of the regulations because they might differ between a sole property manager and a property management firm.

What are the costs of becoming a certified property manager?

Certified property managers must apply for certification. The Institute of Real Estate Management charges a $210 application fee to become a CPM. You must also be a paid-up member in good standing of the Institute in order to be considered. There might be a chapter dues payment that you must make as well.

FAQ

Where do property managers get paid the most?

The duties of a property manager include setting and collecting rent, responding to maintenance requests, filling vacant units, and possibly creating the property’s budget. Real estate investors frequently hire property managers to look after properties they cannot or do not want to manage themselves.

What does a property manager actually do?

For a Certificate IV in Real Estate Practice, you should finish it if you want to learn the fundamentals of property management. You must complete a Licensing Program, a Certificate of Registration (for all Australian states), or a Certificate IV (for Queensland and New South Wales) to become licensed in order to legally work as a property manager.

How do you become a property manager in Australia?

No license is required for managing personally owned properties. There is not a “Property Manager” license or certificate. Also, certain rental properties need a license through the Div. of Hotels and Restaurants.

Do you need a real estate license to be a property manager in Florida?

No license is required for managing personally owned properties. There is not a “Property Manager” license or certificate. Also, certain rental properties need a license through the Div. of Hotels and Restaurants.