While many people are interested in becoming an investor or an agent, plenty of other real estate careers are available to them. One of these is becoming a property manager. This is a great way to make money from real estate without actually owning it.
This guide will teach you everything you need to know about becoming a property manager, including what it involves and how it works.
A property manager is a person or company that handles the daily operations of a particular real estate property. This could be a residential property, an industrial property, or a commercial property. For some real estate investors, hiring a property manager is the best way to ensure that their investments meet their expectations.
The demand for property managers is expected to grow significantly over the next few years. According to the Bureau of Labor Statistics, the employment of property managers and other real estate professionals is expected to increase by 10% from 2016 to 2026. The demand for property managers is influenced by the increasing number of people who want to live in apartments. Many owners also realize the importance of good property management.
Read on for the steps to follow to become a property manager.
Learn the Laws
Before you can start working in the real estate industry, you need to know what your area requires to become a licensed property manager. For instance, most states require a real estate broker license for property management companies since a property manager has various duties similar to those of an agent. However, only a property manager license is required in some states, such as South Carolina, Montana, and Oregon.
Some different regulations and laws apply to different types of real estate properties. It’s up to you to determine which ones will work for you and which ones won’t. In most states, property managers must meet various requirements, such as having at least a high school diploma and having at least three years of real estate experience.
Invest in Education
Although a high school diploma is usually enough to get you hired as a property manager, you should also consider getting a bachelor’s degree in various fields such as finance, business, or real estate. This will allow you to gain the necessary skills to become a successful property manager. For instance, you can improve your marketing and strategic management skills.
Aside from having a degree, it’s also vital that you have the necessary knowledge about the local housing market and the real estate industry. This is why many companies require candidates with a real estate license or vocational training. If you don’t want to go back to school, taking online courses is also a great option. You can also work toward becoming a property manager by joining a real estate company or a real estate brokerage.
Check back for part 2 for more tips on how to get started in property management!