Working in real estate is an attractive option for many, but the life of a real estate agent isn’t always easy. Perhaps this is one reason why so many people are considering a career in residential property management. With the number of renters in the U.S. at a historic high, the demand for professional residential property managers has never been stronger. What is more, opportunities like owning a Real Property Management franchise have made owning a thriving property management business even more accessible for smart, driven entrepreneurs everywhere. If you are thinking of property management as your next career move, there are a few things you’ll need to know and do to get started.
Know the Legal Requirements in Your State
To be a property manager, chances are you’ll need to meet a few legal requirements first. While the specific licensing requirements are different from state to state, in most cases to become a residential property manager you’ll need a real estate license. The best thing to do is to look up what it will take to get your license in your state. Most of the time, getting a real estate license involves taking a minimum number of class hours and passing a state exam. You will also probably need to get a background check and provide proof of citizenship.
Sign Up for Classes
When it comes to being a successful property manager, the more you know, the better. Having a college degree in business, real estate, or finance can give you a competitive edge, especially as a franchise business owner. But even if you don’t have a degree, taking a real estate training course and studying the industry on your own can go a long way toward giving you the knowledge you need to become a property manager. There are many online courses available these days that can help you build your knowledge and skills. Another option would be to become a Real Property Management franchisee and take advantage of the comprehensive training provided. Learning the business from the experts is one of the best investments you can make in your future.
Consider Specialized Certifications
While not strictly necessary in some states, obtaining specialized certifications in property management can demonstrate to your clients and employees that you are committed to providing the best services available. Although many property management business owners begin with a real estate license, they will often pursue more specialized certifications as well, such as a Residential Management Professional (RMP) or Certified Property Manager (CPM). Such certifications are typically offered by professional organizations, not the state, and so can be obtained by anyone who meets the criteria.
Develop Core Skills
Even with little or no property management experience, motivated individuals with the right skills can become successful property managers. For example, a good property manager must have good communication skills, as well as a willingness to provide excellent customer service to both property owners and tenants. Time management is another very important skill to cultivate, as is flexibility, resourcefulness, and attention to detail. Property management can be a fast-paced, challenging industry, one that provides many opportunities to those willing to put in the effort required.
While becoming a property manager takes time and effort, Real Property Management has made owning a successful property management business one of the best options for those new to the industry. Our comprehensive training and ongoing expert support are unmatched in the field, helping motivated franchisees grow into a financial stability that few other real estate careers offer. Once you’ve decided that property management is for you, give us a call. Our focus on professional development and mentorship can help you fulfill your dream of becoming a property manager and business owner at the same time.