Are you considering a property management career? Property management offers a wide range of possibilities once you establish yourself. Here is a brief synopsis of what is involved in this growing field.
You can choose to focus your efforts on smaller properties, including apartments and townhomes, or pursue larger projects such as shopping malls. Depending on the state you live in and your particular goals, you may need to obtain a real estate license as an agent or Broker.
To simplify, there are typically three categories of property managers:
-Individual Building Manager - Employed directly by the owner to
manage a single property.
-Individual Property Manager - Handles multiple properties for
several owners. They have their own firm, or work as part of a
property management company or real estate organization.
-Resident Manager - Manages an apartment building and usually
resides on the premises. He/she is employed by either a real estate
Broker or the owner.
Some of the duties involved in managing properties are record-keeping, rent collection, showing the property to perspective tenants, running credit and background checks, preparing leases and rental agreements, advertising vacancies, and hiring and training building personnel.
An important skill all property managers should master is marketing – because vacant buildings mean loss in profits. Property managers need to be aware of popular trends and desirable features that attract clients. For example, energy efficient properties are in high demand. Savvy property managers who pursue green training or renewable energy education will be better equipped to fill the demands of today's green-conscious consumer.
Unlike many career choices, being a property manager doesn't require lots of formalized education. However, a Bachelor's Degree is helpful in getting your foot in the door as an assistant property manager, regional manager, or a leasing consultant for a large community. All in all, the key to moving up and increasing your success is with actual experience in the field.
Finally, property managers who belong to respectable member organizations receive extra credibility as well as support. One such group is the International Real Estate Institute (IREI). Employers frequently look to these groups for prospective personnel since all members must agree to uphold and follow a certain code of ethics.
Are you ready to begin a property management career? Choose an online property management course, differentiate yourself by grasping green building principles and begin the rewarding career you deserve. Click here to learn Green Property Management Course.
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