Follow These Steps and Become a Residential Property Manager
As a real estate agent, there are many opportunities that you can pursue outside the realm of helping clients buy and sell homes. One such opportunity is to become a residential property manager. Whether you are looking to make extra income in a low-inventory environment or want to get out of the agent game and utilize your skills in a new sub-industry of real estate, residential property management could be for you.
What Is Residential Property Management?
A residential property manager “helps investment property owners and homeowners in preserving and increasing the value of their real estate investments. They manage the day-to-day financial operations of the property, including finding and placing qualified tenants, and they ensure the property is in good working order.” These investment properties can range drastically from single-family homes to apartment complexes. Each property type comes with varying responsibilities, which means salaries in these positions change drastically. According to Salary.com, the salary range stretches between $57,575 to $72,620, with an average of $64,504.
How to Become a Residential Property Manager
There are three steps to follow to become a residential property manager. After completing these steps, you’ll become a more qualified candidate to help employers effectively manage their residential properties.
Step 1: Look Up Your State Requirements
Becoming a residential property manager has state-specific requirements, so you’ll need to get in contact with your state commission to outline your game plan. For the majority of states, you’ll first need to earn your real estate license. After that, you’ll need to research the different rules and requirements for the type of properties you’re looking to manage. Real estate is a highly diverse and detailed industry where laws can greatly vary between different properties. Although not required, it will be in your best interest to know which type of properties you’re looking to manage before beginning your journey.
Step 2: Take Property Management Real Estate Courses
The property management courses you’ll need to take will depend on the organization or people who are looking to hire you. Some require a bachelor’s in business while others may simply require a high school diploma. Either way, you should take a few property management courses to gain a thorough understanding of what a residential property manager does, including their responsibilities and daily operations.
We strongly believe training while on the job can also be an excellent way to learn the business. However, not everyone has access to or can find a job that will allow for this experience. For this reason, we suggest taking courses to figure out if this career is right for you.
Step 3: Earn Specialized Certifications
Not every state requires you to earn specialized certifications to manage properties but, as we say in the education business, more knowledge can never hurt. Whether it’s your Certified Manager of Community Associations, Certified Property Manager, Residential Management Professional (RMP®), or Certified Apartment Manager (CAM), earning one of these specializations will demonstrate to potential employers your level of commitment to this sub-industry. To earn these certifications, you may need to complete your education requirement and pass additional exams. Feel free to explore the links above and learn what you need to earn these certifications.
How to Get Your First Residential Property Management Job
The biggest challenge you’ll face when becoming a residential property manager is finding your first job. It’s possible that you already have a position lined up. However, if you do not, here are some basic actions you can take to get into residential property management.
Network: Utilize and grow your networking base while making sure everyone knows your interest in getting into residential property management.
Search Job Boards: Websites like Indeed.com feature numerous job postings for residential property managers. Some of these jobs may not be enticing from a financial aspect, but they are a surefire way to get your foot in the door.
Venture Around Town: A great way to learn about residential property management is to visit different apartment complexes and meet the manager on-hand. If they are available, they can provide a better understanding of what they do on a day-to-day basis for their properties.
A career in residential real estate property management is not an easy undertaking (without proper resources). You’ll likely need to invest an immense amount of time networking and finding potential employers to bring you on board. While the challenge may be daunting, the benefit of receiving a consistent paycheck may be something that interests you in regards to both your career and lifestyle.
Take Residential Property Management Courses With The CE Shop
The CE Shop has all the courses you need to stay on the cutting edge of real estate and its sub-industries, including residential property management. You can also get connected with your colleagues and our industry experts on our Facebook page!