How to Get into Property Management: 5 Steps to Success
Nowadays, people look for different career opportunities in which they can excel rather than working 9-5. The urge to explore new ways of becoming successful has opened multiple doors for diverse career paths – one of them is being a property manager. The increasing number of people renting out spaces rather than owning their own homes has opened new opportunities for real estate investors and those who want to manage these properties. With the increasing demand for renting over buying, there is no better time to begin your real estate industry career.
Being in the real estate industry is not just limited to working as an agent or an investor. You can get started as a property manager as well. So, if you want to make money without owning, read on to learn 5 steps on how to get a property management job with or without experience. But before you begin, make sure you have the right skill set to succeed. Remember, besides hard work and research, it demands a lot. From its name, it may sound simple to people with little experience, but in reality, it’s quite complicated.
Step 1: Look For the Legal Requirements
Before starting your career as a property manager or dealing in the real estate industry, it is necessary to know all the legal requirements. Knowing all this beforehand will help you avoid legal glitches. Legal requirements vary from state to state. Hence, it is necessary to keep yourself updated about state and county laws from where you are planning to start. For instance, in most states, property management companies only hire brokers who have a license. That is because the duties that property managers perform are similar to those as a real estate agent.
Some states, including Oregon, South Carolina & Montana, require property manager licenses to operate. However, other states like Kansas, Maryland & Idaho do not have any licensing requirements. On top of this, if you want to become a property manager for government-subsidized public housing, it may require you to obtain special certification other than your knowledge about legal requirements.
One thing to remember while working as a property manager is that it is a vast domain consisting of different laws; hence not all the rules are applicable. It depends on the type of real estate manager you desire to be. However, to become a licensed property manager, you must meet certain requirements, including age, qualifications, residency, experience, and may have to appear for an exam.
To get hired as a property manager, you also have to go through the proper hiring process, just like other jobs. Most importantly, you need to have a catchy cover letter with an attractive resume. We recommend checking out professional cover letter builders like this cover letter for a property manager. Here you can easily create a cover letter on the template of your choice.
Step 2: Complete the Necessary Real Estate Qualifications
To be hired as a property manager, it isn’t necessary to have any specific qualifications or education; a high school diploma is enough. However, many companies prefer candidates that have a bachelor’s or master’s degree. The reason for hiring such a candidate is that they can present the company with their education and awareness. So, before applying, make sure you have the relevant knowledge. A good education will help you in gaining the skills required to get the job done successfully.
Besides, knowledge about the local housing market & real estate industry is difficult to gain. Thus, companies look out for candidates with real estate licenses & training. It is recommended that beginners take courses related to real estate management, development, planning, finance, and housing administration. Starting at an entry-level position, then moving up to a managerial role after gaining the relevant experience and knowledge is also an option.
Step 3: Get the Specialized Certifications
This step is vital for you if you are looking for the answer to how to get into property management. Even in the states where licenses are not compulsory, you may be asked to get a certification. As a certified property manager, people trust you, and companies are more likely to hire you immediately without delay.
To make it simple for you, we have listed some of the most common and widely accepted certifications.
1. NALP Certification (National Apartment Leasing Professional): this certification ensures that you have enough skills to get the job done.
2. CAM Certification (Certified Apartment Manager): Getting into the property management business with this certification indicates that you are an onsite manager who typically deals with people looking for apartments daily.
3. CPM Certification (Certified Property Manager): If you want to get an edge over competitors, you must complete CPM certification. It helps differentiate you from your competitor. Not only this, if you are planning to start your own property management company, it will assist you in every possible manner.
4. MPM Certification (Master Property Manager): If you want to be known as a leader in the industry, this certification is for you. It is the highest distinction a property manager can attain.
For each certification, you must complete specific requirements and a series of tests. In the meantime, you can learn how to get a job in property management to add value to your resume.
Step 4: Get a Property Management Job
The next step after getting the necessary certifications & qualifications is to get a property management job. Find property owners who are looking for a professional property manager. To do this, you’ll have to actively search. Monitoring job boards and other online resources will help, but don’t underestimate networking. Let your friends and professional contacts know you are looking for property management opportunities and insert yourself into the real estate schene by getting to know real estate agents and brokers in the area. In this manner, you can learn more about your profession and get tips on both owners and buyers/renters.
Most importantly, if you want to work as a successful property manager, build a strong relationship with property managers and introduce yourself as a property manager. Professionals in the market are a good source to help you find real estate investors as they work with brokers and agents. Not only this, you can ask your colleagues for practical tips and tricks to grow as a property manager. If you find it challenging to work independently, you can look for companies with vacant positions for property managers.
Step 5: Keep Yourself Updated With New Trends
You not only have to know how to get into property management but also need to learn how to perform successfully as a property manager. To be successful, you need to keep yourself up-to-date with all the industry trends and latest hacks. Updated knowledge is what will help you stay competitive in the market. The ultimate goal of a property manager is to take advantage of new opportunities to stay ahead of the competition.
As discussed earlier, property management jobs require a lot of hard work in addition to fulfilling daily responsibilities. You have to stay well informed about the best practices of the industry. Your knowledge of the latest trends, combined with your skills, will open multiple doors of success for you.