Achieving financial and professional success by working in the property management industry is possible and almost anyone can do it. But if you are new to the space, this guide will show you how to become a property manager.
Pursuing a career in the real estate industry is super dynamic, especially for driven people who enjoy public dealings. Having a strategy to begin your real estate career is imperative. When someone invests in property, they usually want to earn the most income possible. This is will be part of your duties.
Although there are several requirements to become a successful property manager, it is not as hard as you would imagine.
If you think you can fit the bill, follow the steps below to begin an exciting career as a property manager.
Who are property managers?
Property managers are real estate professionals who look after rental properties on behalf of property owners. The investors employ property managers for commercial property management.
This includes advertising, collecting rent, going over tenants, setting rental agreements, and arranging repairs and maintenance.
Property managers look after residential, industrial, and commercial properties. Moreover, they sometimes have to attend to more than one property. Thus, they need to be better organised, have excellent communication and problem-solving skills.
How does a property manager work?
Property managers have a lot of duties regarding property management. These include the following:
1. Manage tenants
The property manager’s job is to collect rent, manage lease renewals, and communicate daily with the tenants.
2. Lease a property
Property managers cover all aspects of leasing a property. That includes ads, showing the property to prospective tenants, and managing rental agreements. Plus, property managers act as a link between tenant and owner.
Moreover, they can also work as sales reps to ensure tenancy and property financing.
3. Maintenance and repair
Besides leasing, property managers will also carry out routine maintenance of a rental property. Resultantly, the tenant calls the property manager to deal with any issues in the property, who then coordinates with the concerned specialists.
In addition to maintenance, a property manager is also in charge of carrying out rental property examinations for occupancy and vacancy. Moreover, they are responsible for informing the owners about the property’s condition.
Also, property management has a duty of handling problematic tenants. Furthermore, they are responsible for expelling tenants if they fail to pay rent.
What are the qualifications and skills required to become a property manager?
To become a property manager, one must have a versatile skill set. Besides being a people person, you need the following skills to be a successful property manager.
- Good computer literacy
- Alongside interpersonal skills, strong verbal and written communication
- Some marketing expertise
- Negotiation and customer service skills
Besides having a valid licence from your state to work legally as a property manager, you also need to fulfil other requirements. Moreover, there are some basic educational standards that every property manager needs to achieve.
- Ten years of education (secondary school)
- Bachelor’s degree in “property and real estate” or another related field
- Or complete any accredited property management courses like Certificate IV in real estate practice
Become a licensed and qualified property manager in Australia
1. Become Qualified
If you want to be one of the successful property managers, start learning about real estate laws and requirements for property managers in your state. Generally, Australian states demand that property managers undergo a licensing program. Moreover, you need to earn a registration, or property manager certificate from a tertiary institute. Ideally, getting a certificate IV in property services will help you better understand the property segment in your state.
2. Complete a bachelor’s degree
A university degree will go a long way in helping you extend your knowledge and advance in real estate. If you’re starting out, this is the right way forward.
3. Obtain a licence
Property managers holding a licence will be the only ones allowed to work in Australia. Generally, there are three licences i.e., real estate agent, stock and station agent, and strata. Moreover, you’ll have to finish the registration certificate and need class 2 agent work experience.
4. Start applying for a job
You can begin applying for jobs after completing your certificates. Furthermore, any real estate agency will help you out if they’re hiring.
Conclusion: how to become a property manager
Property management is a vital part of the real estate industry.
By starting to work as a property manager, you can increase your knowledge of this industry and maybe even aspire to becoming an investor yourself. However, you’ll have to ensure that you have the required qualifications and skills before setting foot in the property management sector.