Property management is among the successful ventures in the business market due to the high rise of real estate. Property management is a business that does not discriminate age and neither gender if you are above 18 years old. Anyone is fit to do take up the industry.
The standard fee of managing a property is between 4 and 10 percent depending on the number of residential properties and the agreement with the property owner.
The job entails sourcing for renters, keeping records of payments and lease information, taking charge of properties’ repairs and any legal proceedings.
If this is what you want, follow these 3 steps to become a successful residential property manager.
Higher education in property management is vital to equip yourself with the right knowledge.
If you are at an age that rules out attending college or have other reasons for not joining college, you can enroll yourself in online courses.
The necessary qualifications of becoming a residential property manager vary with different states. But the standard requirements are:
- High school education level
- Real estate college degree and business management
- Other certificates such as public administration are optional
While continuing with the course, whether in college or online, you might need to find a place where you can acquire practical experience. Some people would opt to volunteer their services to find a place to gain more knowledge.
- Certification and Licensing
Whether you choose to get employed in residential property management to gain experience or you want to make it your career, you will need to obtain a certificate for your resume.
If you would like to venture in residential property management as a business, then you should know how to become a certified property manager. One of the requirements is obtaining a license to do so.
While a few states such as Idaho and Massachusetts are not strict in license requirement, most states require specific certification to practice rental real estate business.
Quite some states would require a real estate broker’s license for anyone wishing to practice residential property management. Others would need property management license instead of a broker’s license.
Be keen to check out what are property management requirements by state for you to become a residential property manager.
- Professional Associations
For you to grow as a residential property manager in either a business or a career, consider joining property managers’ and realtors’ associations.
An association such as NARPM (The National Association of Residential Property Managers) is an essential one to join if it is in your area of operation. They support one another by providing resources to help their members learn, build relationships, and also to grow.
Remember, you are a starter, and you need a lot of support from the veterans in property management. Join the experts to learn from them so that you may expand your business or your career.
Do not shy away from workshops and seminars that such associations organize from time to time. Such lessons will help you to keep abreast in the current happenings in your new venture.
Observe property management ethics if you want to succeed in your career or business.
Be warned that there is one who regulates property management companies. Any malpractice or unethical practices directed to property investors will be dealt with by The Federal Property Management Regulations body.