Are you looking to pursue a career in property management?
According to the Bureau of Labor Statistics, there will be about 30,000 new positions (3 percent job growth) for property managers every year through 2030. Although this means there will be limited employment opportunities, you shouldn’t be discouraged. As long as you’re properly trained, you can find employment.
This brings us to the question: what does it take to become a property manager in 2022? What professional training and occupational skills do you need to get hired?
Continue reading to learn more about becoming a property manager.
What Does a Property Manager Do?
The first step to becoming a property manager is to have a clear understanding of what the job entails. Property managers are responsible for overseeing the operations of an income-generating commercial or residential property. This involves a wide range of takes, such as screening tenants, collecting tenant payments, overseeing maintenance and repairs, and preparing financial reports.
Property managers typically have a regular 9 to 5 job, but it’s possible to work outside of this schedule when needed. When a property manager isn’t in an office environment compiling reports, you’ll find them on-site, showing vacant units to prospective tenants, supervising repairs, or generally inspecting the property.
Get Professional Training
You can get into property management with a high school diploma and some relevant experience. However, as the field becomes more competitive, employers are looking for people with relevant professional training.
As such, it’s advisable to go to college and pursue at least an associate’s degree in real estate, business management, finance, or a closely related field. There are also professional certifications you can pursue, especially if you want to manage public housing.
Depending on your state, you might be required to obtain a license or professional certification before you can get employed. And if you want to be a property manager who also sells real estate properties, you must obtain a real estate agent’s license in your state.
There are skills you need to become a competent or well-rounded property manager.
For instance, you need strong communication skills. This is a people-facing job, so you must be able to listen and share information clearly.
Problem-solving skills are a must-have. You’ll be handling disputes between tenants or residents, so you need to be able to find effective resolutions quickly.
Other important skills to have include customer service, organization, and attention to detail.
Getting Into the Job Market
Once you’re ready for employment, there are two paths you can take. The first and most common one is to find employment in established property management companies. Such companies offer single family home property management services. But they can also manage condos and other types of properties.
The other path is to set up your own property management company and start looking for clients. This calls for startup capital and good business management skills.
Becoming a Property Manager Is Easy
Becoming a property manager in 2022 is a smart move. As the real estate market boom continues, more people are going to invest in rental income properties. Use this guide to break into the profession.
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