Thinking of getting into the exciting and rewarding profession of property management? Through this article, you will know how to become a property manager and get a property manager job along with their salary.
What is Property Management?
Property management refers to the management and overseeing of various residential and commercial real estate properties. This management entails taking care of daily operations concerning a property, including-
- Handling maintenance
- Collecting rent
- Tenant complaints and more.
The number of duties of a property manager can vary depending on the agreement with their proprietor. For instance, a landowner can hire a property manager to help with one task. Such as collecting and arranging rent and handling all business operations for their property as a whole.
What are the Roles of a Property Manager?
Knowing how to become a property manager is not enough. To pursue this career, you must know their duties. Generally, property managers take responsibility for
- Daily ongoing maintenance and repairs
- Security and
- Upkeep of properties.
They usually work for investment properties such as
- Flat
- Condominium complexes
- Private home communities
- Shopping centres and
- Industrial parks.
Their central roles are to conduct regular tasks assigned to them by the owners. And also to preserve the properties they manage while generating profit.
A property manager looks after property portfolios on behalf of their clients. And it can range from people who rent out hundreds of homes to first-time landlords.
Standard responsibilities might include-
- Advertising properties
- Checking that renters are staying or looking after the property
- Collecting rent
- Finding and vetting tenants
- Drawing up legal tenancy contracts
- Managing rent and finances
- Acting as a link between the landlord and residents
- Signing, drafting and renewing contracts on behalf of owners
- Screening potential tenants
- Maintaining properties, including repairs, landscaping and snow removal
- Arranging for necessary repairs to properties
In the end, owners pay that property manager a percentage or a fee of the rent generated by that property. A property manager usually manages multiple properties simultaneously and generates earnings from them. If you’re interested in finding a property in popular cities, you can visit website that specializes in listing properties in various sought-after urban areas.
What is the Income of a Property Manager in the UK?
Let’s give you a glimpse of how much you will earn in this profession before digging into how to become a property manager. A property manager earns a basic salary, unlike their estate agent colleagues. And that salary generally is greater than those in sales.
Plus, if you are working with a firm, there will be
- Bonuses
- Good career progression and
- No weekend working.
Besides, recruiters are crying out to have property managers. The standard renting rate in the UK is getting higher and higher, along with the demand for property managers. As a result, the assistance a property management company offers is of high interest.
According to PayScale, the average salary for a property manager’s average salary is £24,287 (Based on 638 salary profiles updated on Jun 27 2021). In addition, most proprietors want to make their lives easier. Because many of them might live abroad, they gladly devolve all duties to the property manager.
At this point, do you think it’s worth knowing how to become a property manager? Let’s continue if you do.
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How to Become a Property Manager?
It’s time to know how to become a property manager, alongside a combination of expert’s advice on what to do to improve your prospects.
So let’s dig in.
Educational Qualification
To be honest, an individual proprietor may hire you with only a high-school diploma. However, some property management firms may want their managers to hold a degree in –
- Business administration
- Real estate
- Accounting
- Public administration or
- Finance.
Other companies seek out candidates with vocational real estate training in-
- Real estate development
- Housing administration
- Real estate finance
- Urban planning
- Real estate or Property management
- Housing for the elderly
Why?
Because a relevant qualification will highlight your seriousness about the profession. And that will ensure a recruiter that you are the right choice for them.
Plus, it will provide you with a special level of expertise that others won’t occupy. Thus, it will help you advance in your career once you’ve achieved that first job.
If obtaining school isn’t an option anymore, then we suggest you invest in online courses. Through online courses, you will increase knowledge, as well as build your skills.
Required Experience
The debate over qualifications versus experience has raged for many years. However, having a combination of the two appears to be something special that makes an application appealing.
Also, don’t undervalue the importance of on-the-job training. You may need to start at the bottom, but you can work your way up once you learn the business.
Property management firms primarily look for 3 types of quality in recruiters-
1. A traditional real estate degree
2. Very customer service oriented and
3. Someone who will understand personal engagement and has social consciousness.
Lastly, relevant experience is the key, despite where you have obtained it.
Required Skills
Property management skills are vital to be successful in this profession. So, before you start walking on the path of a property manager, be mindful that you hold these six significant skills.
1. A customer service whiz
Here, you will need to meet the demands of both sides, the tenant and the property owner. So, being attentive and serving it all up with a smile and loads of enthusiasm is important, despite the client’s behaviour. If you’re not willing to do that, this profession might be unsuitable for you.
2. A great communicator
Let’s be honest. Imagine right now; you are being affronted by a property owner for something out of your control. How does that make you feel? How would you react? Or imagine a troubled renter can’t make this month’s rent.
How would you handle that situation?
Well, by now, you must’ve realised that communication and interpersonal skills are a must. As a property manager, you will be working with
- Tenants
- Property owners
- Contractors
- Banks
- Real estate agents
And who knows, you might have to bear harsh criticism, deal with inappropriate behaviour, manage difficult and awkward talks and settle conflicts.
Therefore, you must know how to listen actively. And also how to effectively deliver information.
Property Management
Property Management
3. An expert at managing time
You could possibly reply to hundreds of emails and handle dozens of calls in a day.
In addition, you’ll need to conduct inspections, attend board meetings, market and show properties and much more. Hence, it would be helpful if you were thorough and organised.
4. Resourceful
Once you’ve become a property manager, you could be responsible for multiple properties, each with several tenants. And those units could cross counties, states or even the country.
So you have to be able to stand on your feet and come up with temporary solutions at emergency notice. You must know what authority you hold, and then act within that authority without second-guessing yourself. Decisiveness is vital, particularly in emergencies.
5. Detail-oriented
First, each property you manage requires a great deal of paperwork, including legally binding contracts. So you need to be on top of your administrative game. Additionally, you need to be highly observant. Regularly, you will be conducting routine inspections of the properties you manage.
If you can’t miss or overlook problems. Neither you can afford not to pay attention to the contractors or handyman who work under your direction. If you do so accidentally, you could cost money to your property owners.
In addition, if a government agency requires an inspection, you could face bigger problems. The inspector’s goal is to discover property violations. If they do, they could blame you if a property doesn’t pass inspection and is deemed unlivable.
6. Sales-minded
Of course, it’s not all fielding phone calls and administrative duties. You have to keep tenants on the property, and that requires you to wear many hats.
You’ll need to market the property and writing excellent copy, and sharing images to entice buyers or renters. Likewise, you’ll need to show the property and sell all the features that make it great.
Perhaps most importantly, you’ll need to prove yourself reliable to property owners. Especially to those who have had poor experiences with property managers in the past.
Licence
To have a career in this profession, one will need a property management or real estate broker’s licence. This licence allows a property manager to work in real estate and perform business-related duties in this profession. On top of that, a licence will also give you credibility in your field.
The specific licencing terms will depend on the state in which you will live and work. However, even if you don’t need a licence in your jurisdiction, obtaining one is wise. Because it will expose your high level of dedication and professionalism to potential clients and hiring companies.
And that is the key to open up opportunities for you beyond just property management.
One can obtain a property management licence through
- State governments
- Local authorities
- Real estate boards.
However, look for ARLA (Association of Residential Letting Agents) membership if you can’t get a licence right on.
NB: To get a property management licence, you’ll need to be at least 18 years of age and have a high school diploma.
Hopefully, you are clear about how to become a property manager because we are about to discuss how to get a job in this sector.
How to Get a Property Manager Job?
Now you’ve known how to become a property manager and got all the necessary certifications; it’s time to hunt for a job. Therefore, time for you to officially become a property manager. There are a few certain ways by which you can jumpstart your job search. And end up finding a property manager job that will be right for you.
No, let’s see what those ways we are talking about are.
Stand out
Make sure your qualities, traits and behaviours speak for themselves in your CV.
Experts say, in order to stand out, an applicant must be
- Presentable
- Articulate and
- Have a likeable personality.
They add that it’s important to interview or in a cover letter to give examples of relevant experience even if you have attained it in a different sector.
Property management is all about people. Proprietors or firms would rather hire someone with customer service or exceptional social skills and teach them the technicalities instead of vice versa.
Property Management
Property Management
Use your network
Let your social and professional contacts know your intention in property management. You never know who might be interested in hiring you or referring you to someone who does. So, start spreading the intention out there that you’re starting on a property manager career.
Get to know real estate agents
Real estate agents will likely hear of openings in this niche first. So set up some hangouts or meetings with agents around. Introduce yourself and your interests. And ask for advice on how to embark on this business.
Online search
Employment boards and online resources can advance your job search process. Don’t forget to check job listings frequently. Some people find success when they apply online. But for that, you need to go through some internet research to find the hiring manager’s name. If you do that, you can personalise their cover letters while applying. However, it’s completely optional.
Conclusion
A property manager needs to deal efficiently with a wide range of different people’s needs and expectations. Therefore, we have already given you some core advice on your role. Still, the main point is that candidates must exhibit strong problem-solving abilities, plus relevant transferable skills and experience. To recap, these are:
- Attention to detail
- Some technological awareness
- Customer service focus
- Calm under pressure
- Following the systems and procedures in place
- Proactivity
- Reliability
- Respect for the assets
- Spotting problems early
- Self-confidence
Does this sound like you have these skills? If you don’t already possess the property management skills outlined above, you should at least be willing to develop them.
So, now that you know how to become a property manager, we can assure you that your day would never be dull as a property manager.
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