Are you considering a career change? Are you wondering about what life is like for an apartment property manager?
A career in property management offers the opportunity for lots of growth and competitive benefits. Starting down the road can seem intimidating at first, but it may not be as difficult as you think.
Here’s what you need to know about breaking into apartment property management.
1. How Do You Become an Apartment Property Manager?
If you want to manage properties, it helps to have a bachelor’s degree in a related field. These include real estate, accounting, or business management. It’s possible to get hired without one, but many of today’s companies will be looking for a degree.
The specific requirements for becoming a property manager will vary by state. It will also depend upon the types of properties you wish to manage.
For example, in the state of New York, you must be at least twenty years old and complete a 75-hour real estate salesperson qualifying course. You must also pass a qualifying exam.
In addition, you’ll need to pass a forty-five-hour real estate broker course in order to become a property manager. You’ll also need to have at least one year of experience as a licensed real estate salesperson. If not, two years of experience in general real estate can also qualify you.
While more specific certifications may not be necessary in order to obtain a property management position, it can say something important to potential employers and clients about your dedication and professionalism. You may want to get certified as a Certified Management Professional (RPM) or a Certified Apartment Manager (CAM.)
2. How Do You Get Your First Property Manager Position?
You’ll want to hustle when you’re looking for your first job as an apartment property manager. Regularly check job boards and sign yourself up for social media networking sites where you can find out about available positions.
You’ll want to let any professional contacts know that you’re looking for a property manager position. This includes any real estate agents and any other pros in the field you communicate with online. Let them know what you’re qualifications are and how confident you are that you can do a good job.
It’s also important to stay updated on the latest practices in your industry by following manager blogs online. These are also great places to learn about potential employment opportunities.
3. What Skills Do You Need?
Besides the right education and certifications, property managers also need certain “soft” skills that will make them successful.
Important skills include attention to detail and good communication. You’ll want to respond to all emails and phone calls as quickly as possible.
A good property manager will also have the sales skills to continue to market a property. The right kind of professional will be positive, patient, and good at fielding any problems that could come their way.
4. What Will Your Responsibilities Be Like?
A property manager will wear many hats from day to day, so you’ll want to be certain you’re ready to handle all of your potential duties.
Property managers in apartment buildings are responsible for advertising and filling vacancies. They’ll also need to negotiate leases and enforce them when necessary.
A property manager will need to determine a fair rent rate. This requires taking a look at the overhead involved in running a building. You’ll also need to look into depreciation, taxes, and profits.
A property manager will need to show units and collect security deposits. They’re also responsible for fielding tenant complaints and enforcing the rules.
You’ll need to make purchases that will benefit your property. For example, check out these electronic lockers. Remember that there will always be ways for you to improve and develop the building.
A good property manager will regularly inspect a property and see that needed repairs are attended to right away. They will plan renovations. A property manager is also responsible for contracting with landscaping and snow removal companies to make sure that the property is clean and safe.
Property managers will need to have excellent bookkeeping skills, as well as the patience and honesty to deal with tenants. They’ll also need to have knowledge of local laws and regulations.
Property managers will be able to identify needed repairs and maintenance based upon their education and experience. They’ll also need to have the people skills to find quality tenants to live and stay on the property.
5. What Are the Benefits of Property Management?
A career in property management means that you’ll have a nice income and solid benefits. You’ll also be eligible for tax deductions, especially if you’re spending money in order to make repairs.
Many property managers enjoy the flexibility of their new career. They’ll be in a position to make important decisions about costs, terms, and contracts.
Property managers are in high demand, and you’ll have your fair share of opportunities if you’re good at what you do. This is because the job requires such a unique blend of skill sets.
Property management opens the door to career growth in real estate. It’s also a great way to meet new people, as you’ll be regularly communicating with folks from all walks of life. If you’re a friendly person, property management could be a networking-friendly career for you.
A career as an apartment property manager is about so much more than spreadsheets and ads. It’s a step up in the real estate industry that will allow you to bring many different skills together. And it could be the key to a fulfilling future.
Don’t stop getting smart about your future now. For more great advice on exciting careers, read our blog today.