Location, location, location!
If your career isn’t where you want it to be and you’re interested in getting into real estate, it might just be time to look into how to become a property manager.
While it’s definitely tough work, the profession can also be very rewarding. For those with an interest in entrepreneurship and the real estate market, a career in property management can potentially be very fulfilling, especially when you factor in the fast growth the industry expects to see by 2028 – but just how exactly do you become a property manager?
Here’s a brief look at how to become a property manager and if franchising may be an option worth exploring!
How to Become a Property Manager
Okay, so just how do you become a property manager? Great question!
Becoming a property manager is a multistep process that requires a lot of time and effort, but the careers can potentially be very rewarding. Here’s how to do it!
1. Research Any Legal Requirements
The first step is to research any legal requirements you need to become a property manager.
Specific requirements vary by state, though most require obtaining a real estate license before you can become a property manager.
2. Take and Pass Any Relevant Real Estate Courses
Next, you’ll need to take and pass any required relevant courses.
A high school diploma may suffice, but more and more real estate positions generally require a college degree these days.
Often, real estate courses can be found online and offer a great way to brush up on the basics of the industry and obtain the basic credentials.
3. Obtain the Special Certifications
Special certifications are a fact of life for those in the real estate industry.
4. Land a Professional Property Manager Job
Now comes the biggest step – landing your first job!
Search on online job boards and network with industry professionals as a way to break into the industry and get your first job.
5. Stay Updated on the Real Estate Industry
So, you’ve got your job as a property manager. Congrats! But remember – don’t rest on your laurels.
Always stay updated on industry best practices, follow trends in the real estate sector and stay in touch with other real estate professionals to make sure you’re at the top of your game!
But, What Do You Do as a Property Manager?
A property manager handles all the details of real estate oversight, control and management. From rent collection to marketing properties, they must know the real estate they manage inside and out, whether it’s residential, commercial or industrial!
Specifically, the responsibilities of a property manager include:
Rent management is a key responsibility of any property manager. It’s up to them to set, adjust and collect any rent on the real estate they oversee.
No one wants to live or work in an unsafe property! Maintenance issues also fall under a property manager, as they must take responsibility for the regular maintenance of the real estate they control as well as oversee that repairs are done correctly, timely and affordably.
Whether they’re involved in residential, commercial or industrial real estate, tenant management is something every property manager must deal with! They must do everything from find and screen tenants to handle complaints, move-outs and evictions.
Bet you didn’t know that property managers sometimes have to double as part-time lawyers! It’s true – they need to clearly understand landlord-tenant and real estate laws at the local, state and national level. This knowledge is crucial when they must deal with issues like security deposits and evictions.
Property and Employee Supervision
A good property manager should also be a good people manager, as they have to supervise other employees as well as keep an eye on vacant properties to ensure they don’t fall victim to vandalism or decay.
Budget and Record Management
Budget and record management is also critical as a property manager. They must set budgets for building maintenance and supervision as well as maintain all records related to lease signings, repair requests, complains, maintenance costs and the like.
Property managers may have to file taxes for properties they oversee and often must help property owners understand how to file taxes on their investment properties.
Finally, a property manager also has to be an ad-man! They’re often responsible for advertising and marketing a property to potential tenants using various strategies, such as digital marketing.
Franchising vs. Independent Property Management
When getting into the real estate industry to become a property manager, you’ll be faced with the choice of whether to franchise or to go into independent property management.
Rather than stake out on their own, many real estate entrepreneurs decide to enter franchising. In a franchise system, a franchisee buys a license to do business under an established brand’s name. Franchisees can then gain valuable guidance and advice to utilize in the real estate industry.
What are Some Property Management Franchises?
So, just what are some real estate franchises and property management franchises in the industry? Here’s some of our picks!
Real Property Management
Initial Franchise Fee: $45,000
Startup Costs: $86,795 – $117,795
Founded in 2004, Real Property Management offers full property management services, such as tenant screening, inspections, rent collection and the like.
All County Property Management
Initial Franchise Fee: $39,500
Startup Costs: $66,950- $98,900
Established back in 2008, All County Property Management specializes in residential property management and real estate sales. Additional services offered by the company include property maintenance, listing services and more.
So That’s How You Break into Real Estate and Property Management!
Becoming a property manager requires a lot of hard work and dedication, but the rewards can potentially be immense. So, make an offer on a new career path so you can have a shot at closing on a better future for yourself financially and professionally!
By Steve Longo and Jim Notaris