The primary role of a property manager is to oversee the tenancy of a rental property. This typically includes advertising the property for rent and selecting a tenant. The tenant selected should be capable of caring for the home and reliably making timely monthly rent payments.
The property manager may also manage the repair and maintenance services that are required on behalf of the homeowner, along with lease renewals, addressing problem tenants, move in and move out inspections, and if necessary, the eviction process. Many property managers also assist with the home sale process as well.
Almost all states require that property managers obtain a license before they begin working within the industry. Certification is not required before becoming a property manager, although it can establish trust with homeowners who are interested in your services.
There are few required qualifications to become a property manager. As long as you are over the age of 21, possess a high school diploma (or equivalent) and are a U.S. citizen or permanent resident, you are eligible to become a property manager. You will also need to pass your state’s real estate licensing exam and all preliminary work that may be required in your state.
Licenses are provided by your state government and are required (see below), but certifications are not required. However, completing certification programs can certainly help you get started as a property manager. The most notable certification programs to consider include:
Certifications can help you establish trust with prospective clients as you begin your property management journey. This is particularly helpful if, as when starting out, you do not have much experience as a property manager.
Once you obtain the proper state licensing and go through any certification programs that you deem useful to your path, you can shift your focus to fine-tuning your skills as a property manager. Property managers typically serve as the liaison between the homeowner that provides the rental home and the tenant who will reside in the home, making it easier for both parties. To be successful in this job, property managers should possess these skills:
Clear communication is of the utmost importance. This not only means the ability to relay information to both parties, but it also means being attentive and responsive. Offering friendly and professional customer service ensures both tenants and homeowners that they can trust you.
In addition, successful property managers understand the importance of organizational skills, specifically as it relates to keeping detailed records of contract information, maintenance files, and more. Lastly, the ability to market both your own property manager business as well as marketing the homes of your clients is crucial to being a successful property manager.
The income that you can expect as a property manager will be determined by many factors. According to Indeed, the average income for a property manager is approximately $57,000, but the range can vary widely.
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