Becoming a property manager can be a rewarding career that offers many different opportunities. You can manage real estate, help tenants and property owners, and ensure communities run smoothly.

It’s a solid career with high demand and a low barrier to entry. But the easier way to enter the market is to have the right background and research.

With the right approach, you can find more positions and be hired.

If you’re considering this role, here’s a guide to help you understand the essential skills, responsibilities, and steps to become a property manager.

What is Property Management

Property Management covers a wide range of activities within a space, from tenant management, where you need to screen and select tenants, to maintenance and financial aspects of the community and communication with residents.

Basically, property management is the handling of the daily operations of a property.

It’s the process of overseeing and managing real estate properties on behalf of the owner, ensuring that they are well-maintained, profitable, and compliant with relevant laws and regulations.

The range of responsibilities changes from contract to contract. So, the landlord usually defines what he needs and what the property manager will do.

Property management can serve different types of properties, such as:

• • Residential Properties: Apartments, single-family homes, condominiums

• • Commercial Properties: Office buildings, retail spaces, industrial properties

• • Homeowners Associations (HOAs): Managing common areas, enforcing community rules, and collecting HOA fees

Key Responsibilities in Property Management:

As it changes depending on the contract and expectations of landlords or owners, property management can contemplate without being limited by roles like:

• • Tenant Management.

• • Maintenance and Repairs.

• • Financial Management.

• • Legal and Regulatory Compliance.

• • Marketing and Leasing.

• • Property Inspection and Risk Management.

Importance of Property Management:

Having proper property management services is essential for owners and residents.

As a manager, you can take care of the routine stuff, which saves time and money for owners while ensuring the efficiency and profitability of the community.

This can be helpful, especially for owners with multiple properties.

As for residents, it’s important because it keeps everything in order and functioning. So, people don’t need to worry about repairs or other difficulties in the community.

Understand What a Property Manager Does

Now that you know all the necessities of property management, you need to know the day-to-day operations of a manager. See exactly what a property manager role entails in terms of routine.

Collecting Rent

Collecting rent and dues from residents is a familiar role for property managers. As a manager, you need to ensure rent is paid on time and track the financial records.

Not only that, but you should also send reminders and follow up on overdue rents. You can use software or online systems for that.

Handling Maintenance Requests

Whenever something is broken or malfunctioning, the property manager fixes it. The manager is the link for tenants who have structural problems such as HVAC or electrical.

The manager should also coordinate repairs and maintenance, keeping track of everything done.

Marketing Vacant Units

You, as the manager, should market any vacant unit. For this, it’s important to take photos, write up listings, promote the property on proper sites and conduct tours for candidates.

Screening and Managing Tenants

As a continuation of marketing vacant units, property managers review applications and perform background and credit checks. After approval, they meet with prospective tenants to assess their suitability.

Once tenants are in place, the manager handles any concerns, renewals, or issues during their lease.

Managing Budgets and Expenses

The property manager also keeps the property’s profit. They collect the rent, budget, pay bills, track expenses and ensure vacancies are filled. They may also prepare monthly or quarterly financial reports for the property owners.

Ensuring Compliance with Local Laws

Finally, the property manager must stay up to date with landlord-tenant law and housing regulations, maintain compliant building codes, and address any legal issues that arise, like resolving disputes or managing evictions.

Basic requirements to be a property manager

To become a property manager usually you need some effort in terms of qualifications, education and professional experience. But there are also basic requirements prior to that.

For instance, you must be at least 18 or 21 years old, depending on your state. Although a college degree isn’t required, you must possess a high school diploma or a GED.

It’s necessary to be a U.S. citizen or for immigrants to have a permanent residency legally recognized.

And finally, complete all the necessary real-estate pre-licensing and pass your examination. But we’ll discuss that further.

The proper education to become a property manager

If you want to stand out in property management, earning certifications in specialized areas can enhance your expertise and open up new opportunities.

The certification you choose should align with the type of property management you’re interested in, such as:

• • National Apartment Leasing Professional (NALP)

• • Certified Apartment Manager (CAM)

• • Certified Manager of Community Associations (CMCA)

• • Certified Property Manager (CPM)

• • Residential Management Professional (RMP)

• • Master Property Manager (MPM)

Qualifications and Licensing Requirements:

Most states require property managers to be licensed through a property management license or a real estate broker’s license.

Requirements vary by state; some states mandate additional certifications for managing real estate or community associations.

• • Real estate license

• • Real estate broker’s license

• • Community Association Manager (CAM) license

• • Common interest community manager license

In some states, like Idaho, Kansas, and Vermont, individuals can manage properties without needing a real estate license.

Therefore, it’s crucial to check your state’s specific licensing and education requirements before pursuing a property management career.

Certifications:

Certifications are a great way to build credibility, whether or not they are required in your state. Common certifications include:

• • Certified Property Manager (CPM)

• • Master Property Manager (MPM)

• • Property Manager in Charge

These certifications often involve completing specialized coursework and passing an exam.

Some states require certification instead of a real estate license; in others, having both can give you a competitive advantage.

Develop Key Skills

But certifications only aren’t enough for a good professional, right?

Let’s talk about the essential skills for a property manager and what you should learn, develop and train to be a great professional.

Since property management involves a lot of different aspects, it also requires a mix of practical, interpersonal, and organizational skills. Here are some of the most essential skills to focus on:

First, you must develop your communication skills.

It is vital to be clear and respectful with tenants, contractors, and property owners, especially because property managers often serve as the main point of contact for all stakeholders.

Another important soft skill is time management.

Managing multiple properties, handling maintenance issues, and keeping up with leases require excellent organizational skills.

One key point is problem-solving capacity. This is a definitive must for resolving tenant complaints and fixing unexpected problems and repairs.

A property manager must be quick to solve problems and do so effectively.

But being good at problem-solving is not enough. Negotiation is another aspect of the job because you’ll often be dealing with different opinions.

Good negotiation skills will help you get the best solutions and results for your residents.