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Do you need to hit the books to become a sucessful property manager?

Needing a place to live is consistent regardless of the economy. Property management will always be a necessity. That’s one big reason why it’s such a great industry to work in. But you need the right credentials and education to work as a property manager. As with any profession, you will receive on the job training. But there is some education required to get the job. So, where do you start?

University education is an option:

There are different degrees you can earn which will work for property management. Not every property management position requires a degree. But you must earn a bachelor’s degree to dive into commercial property management.

  • Business Administration – This degree plan requires courses in finance, marketing, economics, and so much more. These classes are applicable to property management. This degree helps prepare you to manage a property.
  • Public Administration – Many who earn this degree work in the government. But it’s not simply a degree for government employees. Housing specialists, urban planners, and budget analysts have public administration degrees. These specialties aid you in your property management career.
  • Real estate – A real estate or real estate development degree gives you the knowledge to be successful in property management. You learn the applicable laws you must follow in real estate. The marketing and financial components are essential to creating a thriving property management business.

Not every property management position requires a bachelor’s degree. Some only require a high school diploma. They equip you with the skills you need to do your job well.

Real Estate license:

Some states require that property managers hold a real estate license from the state. Many companies require their property managers to have their real estate license. The classes you attend to earn your license are valuable to your career. They also provide you with the skills you need to move up the ranks in this industry. Some of the classes include:

  • Real estate development
  • Real estate finance
  • Urban planning
  • Property management
  • Housing for the elderly

Though you may not use each class as a property manager that does not undercut the value. Real estate schools are flexible with you too. You can take your classes online or in person.

Certifications:

The Institute of Real Estate Management (IREM) has a nationally known certified property management program. The courses you earn through the program will prepare you for success. You learn how to manage single family, multi-family, and commercial properties.

  • Marketing – There are many ways to market real estate. It benefits you to know how each marketing method applies to your property. It will allow you to use your marketing dollars wisely.
  • Property maintenance – Regular maintenance keeps your property values high and saves you money. Regular maintenance on appliances will keep them going longer. A maintenance request system is also vital. A system (in writing) between the property manager and the tenant ensures requests are handled in a timely manner. This avoids disputes down the line.
  • Valuation of real estate – This has many components to it. The property’s location, community amenities, and physical features all play a role. You will learn to use the Gross Income Multiplier (Sales price/rent income) to come up with an appraisal of the investment. This method is common for residential property management.

Fair Housing:

All property managers must go through fair housing training. If you earn your real estate license these courses are included. Otherwise, your employer will provide your fair housing training. There are several federal and state laws property managers must follow. You will learn about protected classes, how to process applications, and how to market your property legally. It is essential to have a clear understanding of these laws. Otherwise, you open the door to a discrimination lawsuit.

Earning proper education plays a huge role in your success as a property manager. It’s a lucrative field with plenty of potential. It pays to invest in your education to become successful. Looking to start your property management firm? Let the experts at Property Management Pros help.


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Disclaimer: Property Management Pros is not intended to be marketed as a Property Management Franchise, but rather a License. Every state has different laws regarding real estate and brokerage laws dealing with Franchises and Licenses.