Introduction

A property manager is one of the most sought real estate professionals. Their job is to ensure that the property you own or rent is taken care of. They do this by providing that the maintenance workers are doing their jobs, dealing with tenant issues, monitoring the expiration dates of leases, and maintenance requests, collecting rent and deposits from tenants, and keeping track of all the rules and regulations in the area. 

4 Steps to be a Property Manager 

If you’re interested in pursuing a career as a property manager in the real estate industry, here’s what you should know:

1. Decide what kind of property management experience you want. 

Do you want to work for a large property management firm, or do you want to manage your properties? If so, what kind of real estate are they, commercial or residential? Would you like to work in shopping centers, office buildings, or multifamily homes?

You need to find the exact property where you want to render your service. Real estate property management is a challenging but rewarding career because you are paid generously, and at the same time, you help improve people’s quality of life. In May 2021, the U.S. Bureau of Labor Statistics reported that property and real estate managers earned an average of $59,230 annually.

2. Get education, training, and certification. 

To manage other people’s properties, you must learn how to do it properly. This will help ensure that all your tenants are satisfied with their living situation and stay around for as long as possible.

Most property management jobs require a high school diploma, but one is more likely to get hired with a bachelor’s degree in business administration, public administration, or another relevant field.

One must have a license to practice real estate management in a particular state. In addition to a real estate license, property and community association managers must be certified in a few states. Managers of public housing subsidized by the federal government must also hold certifications.

Several organizations offer accreditations and certifications for managers of community associations. These organizations include BOMI International, the Community Associations Institute, the Institute of Real Estate Management, the National Association of Residential Property Managers, and the Community Association Managers International Certification Board. Recertification is required in most states every two years.

3. Start managing someone else’s properties as an assistant manager for a property management company. 

Make the most of your time there by learning everything you can about the business; you’ll have invaluable experience when you’re ready to take on responsibility for your portfolio of assets.

4. Start building your clientele by leaving a positive impression on those you’ve helped.

Word-of-mouth referrals from previous clients who have been satisfied with their living situation under your watchful eye increase your occupancy rates and the number of potential clients.

 What Makes a Good Property Manager?

 The qualities that make a good property manager are:

1. Approachable

As a property manager, you are responsible for ensuring your tenants are happy, safe, and comfortable, that the property is well maintained, and that all bills are paid on time. It can be challenging to keep track of everything.

But being approachable is as essential as handling all these tasks. Your tenants need to be able to talk with you if there is a problem, and if they don’t feel like they can speak to you, then there’s no way for things to get better.

To be approachable, you must have an open-door policy and be available in person or by phone so tenants can ask questions or voice concerns. You should ask the tenant what happened and how they feel about it. This allows you to understand what went wrong, which can help prevent similar incidents from happening again. If you know how to put yourself in the shoes of the tenants, they’re you are a good fit for the position.

2. Articulate

As a property manager, having communication skills is the key. You are often the first point of contact between tenants and the company, so you must be able to communicate effectively with a wide range of people, including tenants, landlords, and other property owners. You must also communicate effectively with adults, children, seniors, and tenants who speak English as a second language or immigrants in the United States with limited English proficiency.

In addition to face-to-face meetings, you should communicate effectively through email and text to discuss problems, maintenance issues, and repairs with contractors and contractors’ staff.

Property managers should be articulate and ensure that the choice of words is not offensive or inappropriate as interpreted by others.

3. Team-player

In the world of property management, teamwork is vital. There’s no way you could take care of all your client’s needs on your own, and that’s why you need to be able to work with others. It’s just part of the job.

But working in a team isn’t just about bouncing ideas off each other and helping out when someone else is having trouble with something. It’s also about having excellent interpersonal skills to collaborate with the team effectively and managing your workload and responsibilities. You can contribute when needed and take a step back when it makes sense. 

Being a great team player means being flexible enough to handle whatever comes up in any given situation, whether in an emergency or a hectic day at work.

4. Stress-resistant

As a property manager, you will be expected to handle various situations. You’ll need to have the vital emotional intelligence to understand how to deal with any given situation and also be able to remain calm and collected under pressure, such as addressing the tenant’s essential needs in a timely manner or maintaining the rental properties in good condition.

It’s no secret that being a property manager is a stressful job. Whether you’re managing hundreds of units across several states or just one property, you’re in charge of making sure that your residents are living in safe and secure homes. You’re also responsible for keeping on top of repairs and maintenance, dealing with tenant issues, collecting rent payments and rental deposits, and enforcing lease agreements.

5. Knowledgeable

Property management is constantly changing and evolving, so you must stay up-to-date on the latest trends and technologies.

If you’re just beginning your career as a property manager, you must understand the basics of the job. You must know all of your job’s legal and financial aspects and understand how to manage a business, deal with tenants and vendors, and keep a building running smoothly. It is excellent if you have a college degree or master’s degree in a related field. Your expertise can significantly benefit the development of real estate properties.

6. Good at managing budget

Budgeting is an integral part of being a property manager. You are responsible for financial reporting and ensuring they are in good shape. Also, your budget should be aligned with your goals and does not increase the risk of losing the property you are managing. 

It keeps your business going and determines your business model’s success or failure.

7. Has excellent problem-solving skills

You should have excellent problem-solving skills because it’s a big part of your job. A property manager always does hard work every single day. You help landlords and tenants resolve issues, which means you must identify problems and develop solutions. If you’re not good at this, it will cause significant issues.

Why Should Real Estate Investors Hire Property Managers?

As a real estate investor, time and cash flow are the primary concerns. If you plan to invest in rental property, you may benefit from hiring a property manager to help you with your business’s daily operations and development process. Property management can be expensive, but it allows you to focus on your core competencies.

Conclusion 

Undoubtedly, being a property manager is demanding, but it is also one of the most rewarding real estate careers. You get to help people who need your expertise and make a difference in their lives.

Suppose you have been considering becoming a property manager. In that case, ensuring that you have the right skills, experience, education, and passion for growing in the real estate business is crucial.

If you’re looking for a way to improve your financial wellbeing, follow the podcast “The Path to Wellth” by Hannes Hennche on Apple, Stitcher, and Spotify. It’s a great way to learn from the success stories of successful investors.

Wellthy Capital is here to help get you started if you wish to know about real estate private investment opportunities. It’s easy to connect with us!