Some career options prepare you to become a successful investor if you’re wondering how to get started in real estate. One such option is property management, a highly sought-after rental profession. These highly trained experts often work as an intermediary between property owners and renters, playing a crucial role in landlord-tenant relations. They’re also knowledgeable about reducing vacancies, monitoring repairs, and keeping your property in good condition.
Thus, with all the expertise required to complete this job, it would be wise to consider starting your real estate journey in property management. If you’re curious about what it takes to break into the industry, stick around. This article reveals all you need to know about becoming a property manager.
How to Become a Property Manager
1.Get Relevant Education
Property managers have several tasks requiring relevant education to meet their obligations. In many states, the appropriate body needs you to have a minimum of high school education. You can further your studies by taking on additional coursework to secure a higher-paying job. A bachelor’s degree in estate management, business, or accounting would also be handy. Fields like finance, administration, and other related courses could make starting your career much more accessible.
2.Research State Requirements
Every state has unique requirements for licensing property managers. Thus, you have to research these criteria and fulfill them. These state requirements aim to safeguard the quality of professionals in the field. After all, experienced property managers help rental owners maximize the potential of their investments. Some states might require an exam, while others do not. Either way, you must ensure you satisfy these criteria to earn the correct certificate from the regulatory body in your state.
3.Apply for a Property Management Job
After you’ve met the criteria to become a property manager in your state, you can start applying for a job. With the right skills and certifications, you should be able to find one in no time. If you’re feeling brave, you can even start managing your property. On the other hand, if you want to gain some experience before going it alone, you can follow up on job vacancy ads. An established property management company is an excellent place to get experience and steady pay. However, you could also apply for an assistant property manager position to learn the ropes under close guidance.
4.Stay up to Date on the Latest Practices
Securing a well-paying property management job shouldn’t end your journey. It’s crucial to stay current on the latest practices and continue learning. The real estate market is constantly changing, and to keep up with it, you need to actively read, take new courses, and grow your circle. For example, you could subscribe to resourceful property management blogs or attend real estate seminars. Such practices will allow you to implement the latest innovations in your career, improve efficiency, and keep you relevant in the industry.
What are the Certifications Needed?
1.National Apartment Leasing Professional (NALP)
The NALP is one of the most widely known certifications. As a national requirement for becoming a property manager, it would be impossible to get a job without this essential accreditation. To be awarded this certificate, individuals must gather 6 months of experience as an onsite leasing agent and complete all NALP courses within a year.
2.Certified Apartment Manager (CAM)
Besides the NALP, you can also opt to achieve the CAM. This certificate is highly focused on training onsite managers, especially those that have to stand in for their landlords frequently. In addition, long-distance or multi-unit property owners typically look out for individuals with this accreditation. The requirements for the CAM are to have a minimum of 12 months of experience and complete all their courses totaling 40 hours.
3.Master Property Manager (MPM)
MPM is the highest level of certification a property manager can achieve. It signifies that a person has mastery in property management and can handle anything thrown at them. Thus, it is also one of the most demanding certificates to attain. If you hope to earn an MPM, you need at least five years of consecutive experience in property management or another relevant real estate field. Also, it would be best to have a minimum management unit count of 500 residential units.
We hope you enjoyed this insightful article on how to become a property manager. Building a successful property management career requires many comprehensive skills, which is why it prepares you to manage your rental effectively. Anyone who wants to succeed in the trade must be a master.
Thus, becoming a property manager requires intense education in relevant fields and meeting your state’s requirements. After you’ve completed these steps, you can start applying for property management jobs. First, however, you must remember to keep up with the latest practices in the field. Also, keep your certifications up to date, and secure whichever accreditation relates to your interest and career.