Real estate is by far one of the most effective ways to increase your net worth. With many people turning to real estate investing, you may be wondering if there’s an opportunity to get involved in such a lucrative venture. You could buy a home yourself, make some upgrades, and flip the home.
Or, you can simply rent it out to tenants. You shouldn’t overlook becoming involved in property management, though.
Let’s take a look at what you need to know about getting a job in property management.
Understand Your Local Legal Requirements
You should understand your local laws before you even consider becoming involved in this field. Property management is quite different from state to state.
For example, some states allow you to manage multiple properties without having any special certifications or licenses. These are known as non-owner-occupied residential rentals.
Other states might require owner-occupied housing permits for landlords who have more than one property. Be sure to take a look at the laws of your particular state before you pursue this career path.
In some states though, it only required that a business have an active broker in charge overseeing aspects of the company. It’s entirely possible to manage a portfolio of homes without having a real estate license so long as you are employed by a reputable company with all of the correct licensing.
If you’re new to real estate, you may need some experience before you can even start applying for a property management job. Even basic customer service experience is highly sought after.
It’s in your best interest to have the skill set that can benefit your employer, including a background in accounting and financial services, however, these are not usually required. You may also impress potential employers by having excellent customer service skills too.
Learn About Different Property Management Tools
Many property management companies use specialized tools. Its not expected that anyone new in the industry will have had experience with any of these tools however, a competent understanding of basic software and general computer skills is a must.
For example, a CRM software solution helps you manage your properties and tenants. You can also take advantage of tools that allow you to list or advertise your homes online. Each property management company will have several different tools they utilize. Don’t feel the pressure of knowing everything. You’ll learn as you go!
Take the Required Real Estate Courses
Some states require property managers to take specific courses. This can be done at a vocational school, community college, or even online. You’ll often have to take courses in things like real estate law and real estate finance, as well.
As mentioned before though, for those states that don’t require individual licensing for account managers under the umbrella of a licensed property management company, no formal education is required. However, anyone that is interested in joining the world of property management must know and comply with all fair housing laws.
Check Out the Requirements For Licensing or Certification in Your State
A lot of states require property managers to be licensed or certified- with either your real estate broker-in-charge license or a property management certification. If there are certain prerequisites that must be met before you can apply for this license, you should understand them ahead of time. For example, you might need to take an exam that covers property management laws or know how to fill out official documents related to this field.
You may also be required to submit certain documents and pass a background check before you can become licensed.
Pursue Certification in Your Industry
Although it’s not always required, many companies will look more favorably on applicants who have relevant certification or experience. For example, getting your residential property manager (RPM) certification will make you much more competitive when looking for a job.
So, it’s highly recommended that you pursue relevant certifications that you are able to obtain. As you begin working in the field, you should continue to acquire additional certifications.
For more local-based property management jobs, it’s always nice to hear from applicants that are knowledgeable about the local market. Just reading local news can give you a lot of insight and will surely impress any employer.
Pursue Your First Property Management Job
For those who have never worked in this field before, you will need to work your way up from the bottom. Property management can be very complicated with several moving parts happening at one time.
Start with leasing agent positions. Many, if not all account managers or property managers started there. This will give you plenty of on-the-job training while you learn about the industry from experienced professionals. Remember, property management is not cut and dry. Many of the skills you’ll acquire are customer service-based, maintenance-related, timeliness, and how to handle very situational instances.
If you already have work experience in real estate, though, think about applying for a management position at a larger company.
Constantly Improve Your Skillset
Although you might be able to get your first job in property management with little or no experience, it’s important that you constantly improve your skillset over time. Look for classes online or at the local community college that will help you gain additional knowledge and skills. Stay up to date with current market trends and changes in fair housing rules.
You can also attend seminars hosted by reputable agencies in the field. In the meantime, you should also try to shadow another manager at your company for a day to get a better idea of what your job will be like. Remember that it’s important to stay active in your industry if you want to advance into a higher position or make more money.
You can do this by joining real estate associations and attending conferences every year. This will give you the chance to connect with other managers from your state, as well as learn about new trends in property management.
How Else Can I Get Involved in Property Management?
Interestingly, many people are unaware of real estate crowdfunding. This process allows you to combine your money with the finances of others in order to purchase a property.
How much you contribute will influence the size of your return. Anyone can participate in crowdfunding. However, it’s worth working with a professional to ensure that you avoid common obstacles.
For example, there are some companies that are predatory and intend to scam unwary investors.
Getting a Job in Property Management Is Easier Than You Think
It takes time and effort to get a job in property management. But, if you’re passionate about real estate, it will be worth it.
Being a property manager can offer you plenty of job stability and flexibility in your schedule. With the right training and credentials, you could have an excellent career ahead of you!
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