The property industry has improved vastly over the past few years. A lot of people have decided to invest in a property due to the great opportunity there is to earn extra income. It’s a flourishing industry with statistics saying 2021 was a record-breaking year when it came to real estate on a global scale.
Since 2017, the industry has expanded with people buying at least one second property which they then rent out to earn profit. Whether in a busy city or at a popular tourist destination, there are plenty of opportunities for great property at a reasonable rate. It can be a highly rewarding yet challenging experience. After all, with an additional property that people rent out, there are a lot of things to take care of.
From advertising the property to communicating with those staying in the property, it can be a lot of extra work on top of their current job. Therefore, a lot of people with these properties are looking for property managers to take on this role for them. It’s a rewarding and interesting career option which ensures properties are rented out effectively. And as long as you plan and communicate effectively, it can be a highly successful career option. Here is everything you need to know about how to become a property manager for the first time.
What is property management?
When discussing becoming a property manager for the first time, we need to first explain exactly what it is. A property manager takes on the role of managing the property when the owner of a property has other commitments. They likely want to rent out the property but are unable to take on this role in their life. Therefore, they work with a property management company who then takes on this role for them and provides all the essential tools necessary to make a successful real estate business from the property or multiple properties. They charge a fee for doing this to the owner of the property.
Often referred to as a real estate manager, they are there to deal with everyday business that needs conducting on the real estate property. One point that is often confused about a property manager is that they don’t sell or buy properties themselves. They take on the role of a manager of properties that already have a current owner.
Some of the day-to-day activities of a property manager include advertising the property, whether that is online or via social media to gain potential tenants for the property. They also will show people around the property and deal with all communication necessary with current residents or short-term tenants. They conduct all the necessary customer service, ensuring inquiries are dealt with efficiently. Their role also involves dealing with the handling of money and any contracts that need completing. They can also conduct any inspections during their tenancy or after their stay at a short-term rental. They also liaise with any maintenance and cleaning services and arrange any repairs as necessary.
While you don’t need formal qualifications, the minimum that is required to become a property manager is a high school diploma. But some property managers have undertaken some undergraduate courses such as property management, real estate or even risk management. This gives them additional skills to make a success of running a property management business. You need to be at least 18 to be a property manager and also have permanent residency in the US. In some states, they also require coursework to be conducted in real estate before you can get started.
Have relevant experience
The more experience you have in property management, the higher rates you can charge when starting your own business. Therefore, when you want to become a property manager for the first time, it’s a good idea to work with a real estate company in an entry-level role so that you gain the right skillset for the job. You should conduct this type of experience for at least 6 months if you hope to have a successful career in the real estate industry. This type of experience can also help if you go on to want to get additional accreditation such as from the NALP which enables property managers to have additional skills and certification. The higher certification you can gain, the more clients you will take on and the higher rate you can charge.
Exhibit the required skills
When you want to become a property manager, there are some skills which will ensure you are the best person for the job. Here are the required skills which are essential for you to have to be a property manager.
Communication is key as a property manager. From communicating with potential new tenants to answering queries from current tenants, there is conversation taking place throughout this position. You will have to talk about the property positively to try and get that booked tenant or holidaymaker in for their stay. You will have to deal with people who may be upset about issues that need resolving quickly. Daily, you will have to respond to emails, speak on the phone and even write notices to tenants. You will also have to keep the owner up to date with everything that is occurring. Therefore, communication, both verbal and written, is a must if you want to go into this career.
Good time management
You will also need to have good time management as a property manager. Queries will need to be responded to quickly as you could lose a potential new tenant if you don’t get back to them as soon as possible. Additionally, any problems that occur could soon escalate if not resolved quickly. Therefore, you need to ensure you are prompt and time conscious with your delivery. Also, with so many necessary tasks, you need to manage time properly. You don’t want to forget any part of the management which could affect your place as a property manager. You need to do all this while staying organized.
Customer service skills
You will also need good customer service skills as there is selling involved as well as problem solving during the job. You will deal with a whole range of customers and have to use the right skills to ensure you deal with their query effectively. You are the first point of call if there are any issues and need to handle it sensitively. You need to have patience as you might have challenging situations and will need to try to keep things calm.
With many details to organize from payments to tenancy agreements, you need to have great attention to detail. You might have multiple properties to handle so need to be clear and handle it effectively. Attention to detail is key due to the confidential documents you will be handling on a day to day basis. These types of documents and information about your tenants are sensitive. Also, when dealing with money and contracts, you need to keep on top of this so that the right transactions occur. You will also need to follow the current laws of the state.
Have a license
To become a property manager, it’s likely you will have to get a license. Most of the states require this for you to start in this role. There are only six around the country which allow you to conduct business without it. If you are working underneath someone who is licensing property manager, you do not require one. To get a license, you will have to conduct coursework before attempting a real estate license examination where you have to reach a score which is passable.
Make sure you stand out
The competition is fierce to become the best property manager. With so many successful companies around, it can be hard to get the client instead of your competitors. Therefore, to become a successful property manager, you need to ensure you stand out. You should be:
You want the owner of the property to trust and respect you. If you have a good reputation, they will want to work with you.
You need to ensure they know that you will communicate effectively with their tenants and have the right skillset behind you.
This is so important to win over that potential client. They will want to know you will treat their tenants fairly and kindly while in the property manager role.
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