How To Become A Property Manager In 5 Steps
Although a lot of people want to work in real estate, not everyone wants to be a real estate investor or agent. Fortunately, if you’re one of them, there are other career paths you can take in real estate.
Becoming a property manager is one of them.
This is an excellent choice for those looking to benefit from real estate even if you don’t own one. If you are new to the business and want to pursue a career in property management, this guide is your first step towards that goal.
We’re going to review Real Estate Property Management to decide if it really is the best business model out there.
We’ll talk about whether Property Management is the right online business for you.
At the end, I’ll answer some of the most frequently asked questions regarding Property Management in general.
And most importantly, I’ll show you the exact system I used to build my own internet marketing business to over $40,000 a month in mostly passive income.
Check Out This Simple Way To Run A Digital Real Estate Empire Online
This is so simple, it should be illegal.
Table of Contents
What Does A Property Manager Do?
Property managers are responsible for much more than just management. They perform a variety of tasks and offer a number of services to rental property owners and real estate investors.
Below are the common functions a property manager performs:
- Setting the property’s rental rate and establishing a mechanism for rent collection from tenants
- Marketing and promoting rental properties to get potential clients
- Checking on applications, screening of tenants, and presenting properties to them
- Discussing the contract and the terms of ownership or occupancy
- Maintaining an open communication with residents and owners
- Conducting house visits and quarterly or bi-annual inspections
- Making sure the property is adequately maintained and preserved
- Taking care of some of the costs associated with operating a rental business, such as bills payment
- Resolving tenant complaints/ emergency repairs and maintenance
- Managing contract renewals, rental retention, move-ins/ move-outs, and evictions
- Keeping abreast of the most recent landlord-tenant policies, codes, and legislation for the owner’s protection
- Doing basic accounting functions and helping the owner with property tax filing
- Maintaining property documents, such as income and expenses, signed contracts, grievances, records of maintenance, records of rent collection, and so on.
How Much Does A Property Manager Make?
Base Salary Range Of Property Managers
In 2018, the median annual income for property, real estate, and community association managers was $58,340, according to the US Bureau of Labor Statistics.
What you earn, however, is determined by a variety of factors, such as your educational level, certifications, whether you work full-time or part-time, the type of property you maintain, the number of real estates you manage, and the number of years you’ve worked in the business.
Your location, of course, would have an impact on how much money you earn while managing properties. This is due to the fact that rental rates, property values, and competition vary by locations.
How Much Does A Residential Property Manager Make In The United States?
As of April 27, 2021, the average Residential Property Manager I wage in the United States is at $65,516; however, the range is usually between $58,481 and $73,766.
Note that salaries differ from state to state.
You can certainly make money as a Property Manager, but if you’re gonna put in the amount of grueling work to do this (which, trust me, isn’t easy), you might as well bring in some REAL money while you’re learning the ropes.
The area of Real Estate property management that helped skyrocket my online business to $40,000+ per month is so simple that making money really does become second nature.
How to Become a Property Manager Step by Step
If you can handle all the responsibilities I’ve mentioned above, the next thing to do is to follow these 5 steps to becoming a property manager:
Step 1: Research Your Legal Requirements.
The first step you need to take is to have the list of requirements required by the law in becoming a property manager. This is true for those involved in investment property management in the United States, as the criteria differ from state to state.
Property management companies, for example, are required by most states to have a real estate broker license in order for them to legally operate.
This is because many of the tasks performed by a property manager are very much like those performed by a real estate agent.
Some states, however, such as Montana, Oregon, and South Carolina, only demand a property manager license. Others such as Idaho, Kansas, and Maryland, do not require any.
Step 2: Get The Needed Real Estate Education.
Property managers are not necessarily expected to have a specific educational attainment. Great news is a high school diploma is sufficient for certain employers to recruit you.
That being said, many of today’s property management companies opt to employ college graduates.
As a result, a bachelor’s or master’s degree in real estate, corporate management, public administration, economics, or accounting is going to be more advantageous for you.
This will assist you in gaining the necessary real estate skills such as strategic marketing and management, which will improve your chances to become a property manager.
Step 3: Obtain Specialized Certifications.
This is a critical step in your job search because even if the state you’re in doesn’t require any real estate license, a certification will be required of you. That means you would need to pass their certification exam in order to practice.
Becoming a registered property manager indicates that you have a high degree of expertise and dedication.
You’ll have a solid grasp of the industry’s best practices and an in-depth knowledge compared to an average property manager, offering you an edge and better opportunities as your career progresses.
Potential property managers may obtain a variety of professional certifications. They are:
- National Apartment Leasing Professional (NALP) certification: Teaches new skills to be more effective and proficient in the job
- Certified Apartment Manager (CAM) certification: For on-site managers of apartments
- Certified Property Manager (CPM) certification: Helps you stand out from your competitors and useful for launching your own property management company
- Master Property Manager (MPM) certification: Highest certification for residential property managers, which gives you the opportunity to be recognized as an industry leader and versatile property professional
Step 4: Find Your First Property To Manage.
Once you’ve obtained your certification, the next thing to do is learn how to operate a rental property by landing your first job. It’s not an easy task to find a property owner who needs the services of a property manager.
However, savvy property managers can look for rental properties and choose the right one in a variety of ways. To begin, tell your professional contacts and friends that you are in search of a property management job and a rental property.
If you are new in real estate, having a network of industry experts is paramount.
Your network of industry experts is a potential source to get a job as a residential property manager. So, someone in that network could potentially direct you to one if you have a hard time finding a real estate investor of your own.
For example, investors often collaborate with brokers, real estate agents, developers, and wholesalers. Connect with these people and market yourself. Establish a solid connection with them so that they’ll have you in mind in case they hear of any opportunity.
Lastly, the internet is another suitable place to find property management companies who are hiring and bring you to your first prospect.
You can also create your own website, promote it on social media, and have prospects contact you! Another way is to find real estate websites that assist with finding residential properties for sale. If you are not in the business of buying, property developers are.
Step 5: Stay Updated On Best Practices.
Successful property managers don’t stop working after landing on their first job. In fact, being one, requires you to wear a lot of hats, which means it would demand doing more than just the usual tasks.
Another responsibility would be to remain updated on property management’s best practices as thi helps you to constantly improve your knowledge and skills.
You also need to be updated on the real estate laws and regulations because these directly affect your client’s investment properties.
Property Manager Skills You Must Have
Entering the property management industry can be difficult for some, but for others, it’s quite the opposite.
Those with the right qualifications would find that working as a property manager is both fun and rewarding.
If you have these six qualities or are eager to learn them, then a career in property management might suit you:
#1 Customer Service
As a property manager, you will deal mainly with these two: the investment property’s owner and the tenants.
This necessitates customer service qualities such as problem solving, attentiveness, patience, and an overall positive attitude.
Providing outstanding customer service would help you retain good tenants and gain new clients.
#2 Communication Skills
Since property managers interact with customers on a daily basis, possessing excellent communication skills is essential for an aspiring property manager.
The words you use and how you communicate can significantly impact your growth in real estate.
While having properties to manage are an integral part of any property manager’s portfolio, retaining a high rental income is what’s going to matter if you are to be successful in the industry.
This is done by recruiting new tenants and retaining existing ones – which is largely dependent on the manner in which you connect and engage with tenants that will close the deal.
Strong Tenant Relations Can Be Successfully Established By Way Of Proper Communication.
#3 Organizational Skills
You can get thousands of phone calls and hundreds of emails every day if you manage rental properties. It is possible that you would need to hold board meetings, perform regular inspections, and present properties to potential clients all on the same day.
If you are not an organized person, you sure won’t be able to do all of these. So , a competent property manager must be highly detail-oriented and extremely organized and efficient.
#4 Marketing Skills
One of the most significant responsibilities of property managers is to market rental properties to find prospective tenants.
Hence, you must have a fundamental knowledge of property marketing methods and techniques. You should, for instance, be able to write an excellent property description that would appeal to a particular category of tenants.
You must also understand how to plan or stage a property for rent before presenting it to potential tenants.
#5 Problem-Solving Skills
A successful property manager is also a brilliant problem-solver. When renters reach out to you with a concern, they would want a quick resolution from you.
Having said that, how you handle such situation will make you stand out as a property manager. You must be be able to make sound decisions and solve difficult problems that your tenants may present to you.
This is most likely the first quality that real estate investors search for in a property manager.
The property management field, like the real estate industry in general, is constantly changing. There are several software applications available today that have various features and resources to make your work so much easier.
To remain competitive, you must use these tools.
This would be particularly crucial when you advance in your career in which you are managing several rental properties, each with multiple tenants, and have to respond to various concerns such as monitoring of vacancies, renovations, and ensuring payment of every tenant is on time.
That’s exactly why effective property management companies depend on automation to remain organized.
How Do I Get Started In Property Management?
- Step 1: Get the list of the legal requirements.
- Step 2: Enroll in real estate courses.
- Step 3: Get specialized certifications.
- Step 4: Find your first job as a property manager.
- Step 5: Keep up to date with best practices.
What Is The Next Step After Property Manager?
Becoming a property management executive is the next phase after the property manager role.
There’s not a lot of these roles but they are crucial. Property Land management executives are completely disconnected from day-to-day property and even portfolio processes.
We’ve looked at several ways on how you can become a property manager, including the required skills to succeed in this field.
If you don’t have these, strive to develop them. All you need is to start now and stay committed until you’ve reached your goals.
What Is Our Top Recommendation For Making Money Online In 2021?
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
Where Property Management falls short is in scalability. Because in order to make a good amount of money as a property manager, you have to control several different properties.
And who has the capital for that right away?
But what if you went local?
With Local Digital Real Estate, you will be getting service requests from multiple sites at every minute of the day from people who are willing to pay a lot of money for what you can provide them.
I was watching a YouTube video once where the host made a comment that it isn’t about making a lot of money from one website… it’s about making a little bit of money from lots of different websites.
So, think of it this way….
What if you could have streams of investment income where you operated 10 rental units that you could charge anywhere from $750-1,000 per month?
That’s $7,500-10,000 per month in passive income – which I would take over a real estate agent salary any day!
What If You Invested Into 100 Rental Units?
But instead of spending $Millions to build houses or apartment complexes… you spend a couple hundred dollars to build websites.
You then get those websites ranked in the search engines for specific home-based services that customers are searching for.
Next, you offer your lead generation system to local business owners who are looking for customers and are willing to pay you for their information.
You’ve just created a Digital Real Estate Investment Empire that is potentially earning you 4-5 figures in PASSIVE INCOME on a monthly basis without spending a single dime on ads.
With conventional digital real estate, you have to compete with thousands, if not millions of others who are selling the SAME product to the SAME customers.
Once the training program is completed you will also have access to a Facebook group much better than a property management group in our opinion. This group is much more active.
Unlike the average real estate agent salary, where you’re profiting maybe $9,000 per property (before expenses), you could be getting 5-10X THAT.
With Local Lead Generation, the competition is virtually nothing and your profit margins are 85-90%… and it’s RESIDUAL!!!
That means you’re making money month after month whether you go into the office or not…
Whether you show a house or not…
Now, I could go on and on, but I’m sure you have tons of questions about how to create Digital Real Estate assets and start building YOUR digital empire!