Did you know that property management is 18th among the 20 happiest jobs in the U.S?
Beyond job satisfaction, property management is also a growing field with significant earning potential. Considering those facts, pursuing a career in property management is a great decision.
As the overseer of real estate big and small, property managers wear a lot of hats, which means their skill set is long and varied. But more than those soft skills, there are also training and educational requirements for property management.
If you’re ready for a career change, property management is a growing field with an excellent salary. We’ll tell you more about what it is and how to get involved in this guide to starting a career in property management.
What Is Property Management?
Property managers are overseers of real estate entities and all the responsibilities that go along with them. Real estate entities can include residential buildings, commercial buildings, or even building projects.
On the day to day, a property manager may be responsible for a number of operational, administrative, and maintenance-related tasks. These include:
- Showing, inspecting, and evicting tenants from residential properties
- Collecting rent
- Filing taxes
- Maintaining listings
- Asset management
Property managers may also be involved in marketing and communications, depending on the company for which they work.
How to Pursue a Career in Property Management
Property managers make an average salary of nearly $60,000 per year. Property management has also been voted among the jobs with the highest job satisfaction in the country. With stats like that, it’s no wonder that more and more people are looking to pursue a career in property management.
But how exactly do you go about that? We’ll explain the education, training, and skills you need to succeed in this field.
There is no particular education required to be a property manager. Each company will have its own requirements, according to what they do and where they’re located.
While it’s technically true that you can be hired with only high school education, most property management companies hire people with at least an undergraduate degree. Preferably, that degree should be in real estate or a related field such as business or finance.
Certification and Licensing
Some states require property managers to have a real estate license. Other states don’t require a real estate license but you’ll be required to pass a certification test.
Some certifications you might consider are the Accredited Residential Manager (ARM) or Certified Property Manager (CPM) certifications. You may also pursue certification through the Institute of Real Estate Management (IREM).
Considering the diversity of tasks and responsibilities in property management, you’ll require a number of wide-ranging skills.
In terms of accounting skills, you’ll need to have a good handle on tax law. You’ll also need to know how to create and balance a budget and how to prove returns on investments.
Property management also has a lot of administration skills involved. That means you need to be organized and efficient, staying on top of paperwork and bills. Of course, the property will also need to be maintained, staffed, and insured, which is usually the responsibility of the property manager.
Personal skills are important in property management because you’re hiring and firing employees and building teams. You’ll also have to deal with tenants and often act as the liaison between owners and residents.
Hire a Property Manager
Pursuing a career in property management isn’t something one does as a hobby. This intensive career requires training and skills that are demanding. It takes real commitment to become a property manager – and to be a good one at that.
If you require a professional property manager, let us help you. Contact us to find out more about the property management services we provide.