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How to Become a Property Manager

Recent years have seen rental management grow to an over 80 billion dollar industry in the United States alone. This steady expansion provides a wealth of opportunities for investors but also those looking to start their career in this thriving industry. So, what does it take to become a property manager and is it the right career move for you? 00:55 – What is a Property Manager? 01:38 – What Does a Property Manager Do? 02:45 – Minimum Qualifications for Property Managers 03:23 – Property Manager Education and Certification 04:04 – Types of Property Manager Certifications 04:10 – National Apartment Leasing Professional (NALP) 04:40 – Certified Apartment Manager (CAM) 05:04 – Certified Property Manager (CPM) 06:43 – Master Property Manager (MPM) 07:16 – How Much Do Property Managers Make? Becoming a property manager is a great career for driven individuals with a passion for working with people. In general, property managers oversee day-to-day operations of residential, multi-family, or commercial rental investment properties. Successful property managers have excellent communication skills, are detail oriented, good problem solvers, and a basic understanding of accounting functions. For a fee - managers step in to attend to all rental matters when the owner cannot, or doesn’t want to, do so themselves. While property management and the real estate industry go hand in hand, property managers do not buy or sell real estate – which is the major distinction between them and realtors. Property management is a simple term but yet encompasses so much responsibility. Since property managers oversee all daily rental property operations, each day can present new challenges. But in general, the primary role of a property manager includes tasks such as – • Marketing Available Units • Conducting Tours • Screening Potential Applicants • Facilitating the Preparation and Signing of Rental Agreements. • Manage and Hire Vendors • Communicate with Tenants • Ensure the Property’s Compliance with Laws, Codes, and Regulations • Set Rental Rates and Collect Rent • Process Lease Renewals • Follow Up on Late Payments • Attend Court Eviction Proceedings • Perform Property Inspections • Coordinate the Turnover Process • Basic Accounting Duties and Reporting If this is sounding like the career for you, it is important to also consider the basic qualifications along with industry specific training available to you. Like many other professions, property management has minimum qualifications as well as advanced training and licensing requirements. So, it is important to research specific state rules in your area. But in general, minimum qualifications include - • Individuals must be 18 or 21 years depending on the state • Have a high school diploma or equivalent GED • Be a Legal US citizen or permanent resident • As well as complete Real Estate License Coursework and Passing Score on Real Estate Licensing Examination in some areas (if needed per state law) Individuals seeking to join the property management industry can enjoy a variety of opportunities in a rewarding and fast paced environment. To research training courses, check out the NATIONAL ASSOCIATION OF RESIDENTIAL PROPERTY MANAGERS website, or click the link in the description below for more information and resources. For more advice on a variety of other issues important to the rental industry, subscribe to the Bay Property Management Group channel and don’t forget to hit the notification bell so you never miss out on exclusive content. If you liked this video, please give it a thumbs up or leave a comment down below. Thanks for watching and we will see you on the next video! Visit Us Online: https://www.baymgmtgroup.com/ Check Out Our Blog: https://www.baymgmtgroup.com/blog/unu... Interested in Learning More About Property Management Services?: https://www.baymgmtgroup.com/contact/ National Association of Residential Property Managers: https://www.narpm.org