Whether you want to start a hotel business, build an event center, manage a senior living residence, or run a country club, there are important steps to becoming a successful property manager. A property’s value can significantly change depending on the person running it; if you are considering buying property and entering into the business market with it, then there are a few things you should be prepared for. We’ll cover the basics of property management in this article and provide you with a few tips to help you get started in this line of business.
What does a property manager do?
Generally speaking, a property manager maintains their real estate and takes care of the business details that come with it. For example, if a property manager is in charge of an apartment complex, they are tasked with making sure that the property is running smoothly, residents’ requests and concerns are taken care of, amenities and services are operating well, and rent is collected. Property managers can delegate specific tasks to other employees, but ultimately, they are the head of the entire operation.
A property manager can also be the owner of a property, but sometimes they are different people. An owner of a hotel may hire someone to oversee the day-to-day maintenance of the hotel (or many hotels) so that they can focus on other things. It is also normal for the landlord to be the property manager themselves; it really depends on the size of the property as well as what the landlord or owner has time for, considering the nature and scope of property management.
What does it take to become a property manager?
You will most likely need some licenses and certifications in order to start; however, it does depend on your state as to what exactly is required. You may have to complete some coursework before your exam, but in order to be a property manager, you will have to complete your state’s Real Estate Licensing Examination.
As far as certifications, it won’t be necessarily required in order to become a property manager, but it would be wise to consider. You can pursue a couple of options here, such as the National Apartment Leasing Professional (NALP), the Certified Apartment Manager (CAM), the Certified Property Manager (CPM), or even the Master Property Manager (MPM). Each certification has its own requirements in order to complete it, and they usually consist of functions that include consistent monitoring of employees, implementation of maintenance programs, property inspections, designing a record keeping system, and many others within a certain time frame.
Official markers aside, there are some personal skills that are required for this type of job. In order to be a successful property manager, you must have strong communication and relationships with your customers as well as employees, an exceptional understanding of marketing and organizing, and quick response times. Property management is more than working with rooms and numbers, you must be able to quickly and efficiently work with guests to meet their needs while maintaining a healthy work environment for your employees.
How do I start?
Whether you're interested in managing residential or commercial properties, becoming a property manager can be a rewarding career choice. In this comprehensive guide, we'll explore the steps you need to take to become a successful property manager in 2024.
Gain Practical Experience
In addition to formal education, gaining practical experience is crucial for aspiring property managers. Consider seeking internships or entry-level positions with property management companies, real estate agencies, or landlords. This hands-on experience will provide valuable insights into the day-to-day operations of property management and help you develop essential skills such as communication, problem-solving, and customer service.
You may need to seek out entry-level positions at real estate agencies or residential properties; depending on what particularly you’d like to do, you need to look for job openings that cover the duties or functions that you want. Working with real estate agencies will get you some experience in specific areas of real estate and having a network of agents can help you land some jobs as well. However, if you lean more towards residential property management, then try to get some experience in housing administration, retirement facilities, or government-subsidized public housing to get yourself at the top of someone’s hire list.
After you land your first property management job, see what works best for you. Is there a particular area in property management that you thrive in? Do you understand the inner workings of a specialized property grouping more than others? Find what complements your skills and presents your challenges to keep you engaged.
Further tips:
- Stay up to date on current trends and practices in your area of property management
- Always look for courses and certifications to help you freshen up your skills
- Check with your property management company to see if there are any ways to further your knowledge and expertise through workshops and seminars
- Don’t be afraid to branch out to other types of property management; you may find your niche
Obtain Required Licenses and Certifications
Depending on your location, you may need to obtain specific licenses or certifications to work as a property manager. Research the requirements in your area and ensure that you meet all necessary qualifications.
For example, many states require property managers to hold a real estate broker's license or a property management license.
Additionally, earning certifications from professional organizations such as the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM) can enhance your credentials and demonstrate your expertise in the field.
Develop Strong Communication and Interpersonal Skills
Effective communication is essential for success in property management. As a property manager, you'll interact with tenants, property owners, contractors, and other stakeholders on a regular basis.
Strong communication skills, both written and verbal, are necessary for resolving conflicts, negotiating leases, and providing exceptional customer service.
Additionally, developing interpersonal skills such as empathy, patience, and diplomacy will help you build positive relationships with tenants and colleagues.
Stay Up-to-Date with Industry Trends and Regulations
The field of property management is constantly evolving, with new trends, technologies, and regulations emerging regularly.
Stay informed about industry developments by attending conferences, networking events, and continuing education courses.
Additionally, familiarize yourself with local, state, and federal regulations governing property management, including fair housing laws, landlord-tenant laws, and building codes.
Staying up-to-date with industry trends and regulations will help you provide the highest level of service to your clients while minimizing legal risks.
Build a Professional Network
Networking is an essential aspect of building a successful career in property management.
Connect with other professionals in the industry, including real estate agents, property owners, contractors, and fellow property managers.
Joining professional organizations such as IREM, NARPM, or the National Apartment Association (NAA) can provide valuable networking opportunities, as well as access to resources and professional development opportunities.
Consider Specializing or Advancing Your Career
As you gain experience in the field of property management, consider specializing in a particular area or pursuing advanced opportunities for career growth.
Specializing in niche markets such as luxury properties, affordable housing, or commercial real estate can help you stand out in the industry and attract high-value clients.
Additionally, you may choose to pursue advanced certifications or further education to enhance your skills and qualifications.
Utilize a Property Management System (PMS)
Utilizing a property management system (PMS) is essential for efficiently overseeing properties, tenants, and finances.
A PMS centralizes all property-related data, including tenant information, lease agreements, maintenance records, and financial transactions, streamlining operations and eliminating the need for disparate systems.
With a PMS, you can easily communicate with tenants, automate rent collection, manage maintenance requests, and generate financial reports, saving time and enhancing productivity.
Furthermore, a PMS simplifies lease management by enabling electronic creation, storage, and tracking of lease agreements.
You can effortlessly monitor lease expirations, renewals, and rent increases, ensuring compliance with lease terms and conditions.
Additionally, automation features in PMS platforms streamline repetitive tasks such as rent reminders and lease renewals, freeing up time for strategic decision-making and enhancing overall efficiency.
By leveraging the capabilities of a property management system, property managers can optimize operations, improve tenant satisfaction, and maximize property performance.
Booking Ninjas can help
Booking Ninjas not only offers a PMS but many other property management products in order to present managers of all types of properties best conduct their functions and responsibilities. Check out our tour page which lists all of the different features that you can add-on to our PMS, including our Room Rate Controller, Einstein Analytics, Advanced Payment Features, and Access Control. We aim to make property management easier for you!
To learn more about how we can help, schedule a call with us right now!