Property management is a profession that requires attention to detail, strong organizational skills, and the ability to manage people. Like a real estate agent, a property manager often oversees several buildings or properties at once. They need to ensure that all of them are properly maintained by tenants, and that utility bills are paid on time.
However, most property managers are hired by homeowners to manage an investment property they own with their spouse or partner. Common duties for this position include completing rent checks, collecting rent payments in person, and dealing with tenants who violate the terms of their lease agreement. This article will go over some of the essential steps you must take if you want to become a property manager.
Research Your Legal Requirements
Depending on where you live, there may be legal requirements that you must meet in order to become a licensed property manager. In Oregon, for example, anyone with an interest of more than 25% in residential rental property is required to have a real estate license from the Oregon Real Estate Commission (OREA) at all times. The rules are similar in most states. You will also need to decide if you want to manage residential properties for a single-family home or multiple properties. There are pros and cons to both situations, so you will need to do some research about what’s best for your situation before deciding on the direction of your career.
Get the Needed Education
In today’s world, staying up-to-date on the latest real estate legislation and industry changes is vital for property managers. This can be achieved by enrolling in a number of professional real estate education courses. It is important to note that you must do your research when selecting a school or program to ensure it has a strong reputation in the industry.
Most property management programs include a combination of online and in-class instruction, which requires you to dedicate around 20 hours per week to your coursework. Course topics typically cover developing a budget, analyzing a budget statement, calculating taxes, and preparing a financial report. You should also take classes that help you understand how tenants operate in the world of property management.
In addition to your formal education, you should also consider earning a real estate license from the state where you’d like to work. This will require taking a test on Oregon or local laws before being allowed to take control of rental properties in your area.
Obtain Specialized Certificate Training
In addition to earning a degree, you must also obtain specialized certificate training to become a property manager. Many states require this as part of their licensing requirements for anyone who wants to manage rental properties. This kind of license is issued by the state agency that oversees the real estate industry in your area.
Certificate training is the quickest way to become a property manager, requiring just a few days or weeks of instruction that can be completed at home. In addition to teaching you about local laws, this type of coursework will also cover organizational skills and how to follow industry standards for creating your budget. You can search for both state and federal certification requirements by visiting the United States Department of Labor’s Bureau of Labor Statistics website.
Once you have your license, you should also consider getting additional training. Most property management programs include a combination of online and in-class instruction, which requires you to dedicate around 20 hours per week to your coursework. Course topics typically cover developing a budget, analyzing a budget statement, calculating taxes, and preparing a financial report. You should also take classes that help you understand how tenants operate in the world of property management. You should also take classes that help you understand how tenants operate in the world of property management.
Find Your First Property to Manage
As you begin your property management career, it’s important to understand that many states will not allow you to manage properties without first working under a licensed manager. This allows you to gain valuable experience before tackling the responsibility yourself. While this transition period may last anywhere from six months to over a year, it is key to getting started in your new career.
You will also want to make sure you fully understand the local laws regarding property management, as well as those set forth by the Federal Department of Housing and Urban Development (HUD). These laws protect tenants and landlords from discrimination and unfair practices, so it’s important that your new career follows them.
The essential steps to take if you want to become a property manager have been highlighted above. We hope this article has given you some insights into what it takes to be successful in this field.