How to become A Property Manager

From the moment humans realised the value of a secure shelter, Property Managers have used a judicious mix of land, labour, physical capital and entrepreneurial wit to ensure the smooth and lucrative operation of income properties under their charge.

• Professional Property Manager 
• Estate Manager 
• Residential Property Manager 
• Commercial Property Manager 
• Industrial Property Manager 
• Property Management Specialist

What do Property Managers do?

A Property Manager would typically need to:

• Manage an estate as in a farm, rural land, commercial or residential buildings, care or hospital facilities
• Establish fair rates of rent after a thorough study of local rates and accounting for overhead costs, depreciation, taxes and profit objectives
• Advertise vacancies to solicit tenants; obtain referrals from current tenants to underline the property’s attractive location and services
• Meet with current or prospective renters to show them the property; discuss the lease and explain the terms of occupancy or ownership, if the property is for sale
• Collect monthly rent or fees from tenants or individual owners
• Inspect all building facilities, including the grounds and equipment; inspect vacant units and complete repairs; plan renovations and supervise repairs
• Arrange and monitor contracts for trash removal, maintenance, landscaping, security patrol and snow removal as well, if required
• Investigate and resolve tenant complaints regarding disturbances or violations; ensure adherence to rules of occupancy
• Install and maintain security devices, establish and enforce precautionary policies and procedures and respond to emergencies to secure the property
• Maintain records of rental activity and owner requests; pay bills; delegate payment of taxes, insurance, payroll and maintenance
• Schedule expenses, analyse differences and take appropriate action
• Collect, interpret and summarise valid financial data and trends to prepare reports and budgets
• Initiate and maintain a healthy team spirit and work ethic among the staff members and volunteers, if any
• Monitor the development of the estate to ensure compliance with the proposed objectives; redevelop a site in preparation for a different purpose
• Initiate and implement community engagement activities to foster a harmonious and money-generating environment
• Collaborate with the landowners or senior leadership of the business; keep them posted on new developments or potential issues
• Comply with relevant legislation in the real estate and investment fields; adhere to fair housing laws to avoid discrimination while renting or advertising
• Undertake promotional campaigns, especially on social media, to build a positive image, improve public perception and foster community engagement of the property they manage

Most Property Managers work out of an office while also spending massive amounts of time on site, visiting the engineers, showing properties to buyers and dealing with existing owners and board members. You may also travel every once in a while to visit/search for properties on behalf of your company. 

Property Managers typically work from 9-5, Monday to Friday. Work could extend the 40-hour schedule to cover weekends or to meet deadlines. Part-time work and short-term contracts are also viable options.

Finding a new job might seem challenging. Property Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs and inquiring at staffing agencies. Self-employment is a likely probability.

Property Managers are generally employed by:

• Real Estate Firms
• Civic Bodies

Professional associations and organisations, such as the Institute of Real Estate Management, are crucial for Property Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Spending a great deal of effort on one project only to see that the client has changed their mind
• Managing property or community associations while selling or leasing real estate
• Balancing various commitments such as enhancing the profitability of a piece of property while optimising expenses
• Remain on one’s feet for long periods
• Susceptibility to Carpal Tunnel Syndrome, increased body weight and eye diseases due to long hours spent sitting on a chair reading or preparing financial reports
• Working long and unsociable hours, without proper meal breaks
• Lack of work-life balance affecting one’s mental health and family relations

Previous work experience as a leasing consultant or in a sales/marketing role in the real estate industry will help you stand out from the competition.

Experienced assistant property managers, who can prove commercial and regulatory awareness, stand a good chance of being chosen as Property Managers, especially of a large apartment complex or high-rise. A series of appropriate short-term contracts can help broaden your experience.

Fresh graduates who cannot gain work experience in the positions mentioned above need not despair. Summer placements, internships and work shadowing opportunities will be able to fill in the gap in your resume.

Consider making speculative applications to organisations with access to the sort of estates you wish to work in. If successful, you will gain valuable work experience and open the doors to potential employment opportunities.

Applying for positions such as onsite manager of apartments, office complexes, and community associations is a great place to start! Once you excel here, advancing to positions with more breadth in the property portfolio will be easier.

Those who excel as onsite managers often transfer to an assistant offsite property manager position, in which they gain experience handling a broad range of property management responsibilities.

Read about the profession and interview/job shadow experts working in property management to prove your commitment to course providers and prospective employers. 

There are various avenues to enter the field of Property Management. Most on-site positions mandate a high school diploma or its equivalent.

However, when it comes to commercial management and offsite positions related to finances or contract management, employers prefer to hire Property Managers with an associate or bachelor’s degree.

Students can choose between property management, business administration, real estate, urban planning, public administration, estate management, surveying, finance, accounting, agriculture, horticulture, and construction management.

The subject in which you chose to acquire a degree will influence the type of role you play. Also, note that although a foundation degree or Higher National Diploma (HND) can help you land an entry-level position in some locations, a relevant degree will enhance career opportunities. At the same time, a postgraduate course can only propel your career in the right direction.

High school classes in mathematics, accounting, business and sciences will help build the knowledge base you need as a potential Property Manager.

Certification demonstrates an individual’s competence in property management, typically through work experience, training, and passing an examination. 

Ideal certification programs include real estate terminology, valuation and investment in addition to financial reporting, marketing, human resources and property management. Only candidates with an accredited bachelor’s or master’s degree in real estate or property management can apply.

Voluntary certification programs from a reputed and objective organisation prove the student’s commitment and subject matter expertise in fair housing and lending regulations, multi-tenant apartment management and general maintenance. Such certifications can potentially enhance your marketability and earning potential.

While most Property Managers need a real estate broker license, those working under a managing broker may get by with a salesperson’s licence alone. Typically, licensure requires an application, processing fees, an examination, and relevant education and experience. 

Check-in with local or national real estate organisations to confirm whether you will need licensure, although holding a license will add value to your professional reputation.

All Property Managers will need a valid driving license to travel to different locations to discharge their duties.

Performance, experience, the acquisition of professional qualifications, and the type of property they wish to manage will drive Property Managers’ career progression.

As they manage more and larger properties, their pay and responsibilities increase. 

Opportunities to progress into higher management may not be so readily forthcoming on a small estate; however, the scope for the diversity of work and responsibilities makes up for that lack.

Some experienced professionals choose to open their own business; they may opt for higher studies to specialise in a particular niche sector, such as the development and management of income-generating and investment properties.

Candidates with a bachelor’s degree in a relevant field and professional certification have the best job prospects.

Continuing professional development (CPD) will help an active Property Manager build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. It allows you to upskill continually, regardless of your age, job, or level of knowledge.

Completing a master’s degree in business administration, accounting, finance or real estate, or public administration will help you perform well in managing commercial properties.

Depending on the training opportunities you receive from your employer, you may take various certificate and licensure courses, such as a chainsaw license or bat survey qualifications. Some of these courses may also involve maintaining a certain number of continuing education credits to ensure the validity of the certificate/license.

Some employers may also send their employees to attend formal training programs or seminars from reputed organisations to learn skills such as personnel management, business & real estate law, risks and liabilities of community association and develop a specialisation within the industry. Completing such programs may act as a gateway to positions with more responsibility.

Property Management Software

Property Managers make use of primarily online asset/property management software and property management systems software. They help coordinate operational functions, aid with books, communicate with clients and prepare data for reports. 

Pros and Cons of Hiring a Property Manager

Hiring a Property Manager eliminates the need for owners to live in proximity to the property to monitor it. However, the level of attention and service given to tenants by a Property Manager may not be as high as a landlord working on their personal investment because the former has other clients and properties to oversee.

Which One Do You Wish To Be?

If we wish to invest in real estate for business, Commercial Property Managers are the gurus who will guide us through the types of industrial or administrative buildings. 

Multi-family Property Managers are the experts who can service and market family properties while de-escalating tense situations. 

Single-family home Property managers work for real estate investors who rent out their properties in areas with high residential turnovers (a school district) for additional income.

You Need These For Sure

There are two prominent yet distinct licenses Property Managers require. The chainsaw license trains and authorises you to fell trees successfully. Candidates who take the afternoon field trip included in the bat survey qualification get to survey bats in the evening and learn about buildings with bat roost potential.

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Property Managers have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.

On the other hand, a full-time Property Manager has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

A balcony can increase the value of a real estate property by almost 12%.

If you can multitask while answering calls about broken dishwashers and chipped ceiling paint with the same dedication as you would to staying abreast of legal regulations and property laws or promoting the property, a career as a Property Manager is right up your alley.

Resourcefulness and articulation are vital in creating a happy and profitable portfolio. Use your mastery of these traits to preserve the historical or structural aspects while optimising business returns from your property portfolio.