More and more people realize that owning a property and renting it is a solid and secure source of income. With it comes the need for more property management companies like SCK Property. Perhaps this can be a field where you can prosper too.
If you are a self-driven individual with aspirations for professional and financial growth, a job in property management might be the right fit for you. Keep reading to find out what it takes to become involved with property management and see if it is a career that suits you.
What does a property manager do?
Property managers are the ones that are in charge of organizing and supervising the letting of rental properties – both commercial and residential. They manage these properties on behalf of a third party, an investor or landlord, or the owner.
As you can guess, a Real Estate degree is a good thing to have if you want to get into this field of work. Fortunately, it is not an absolute necessity.
Two basic types of property management
When you are thinking about starting a career in this field, you should know that there are two main segments of the rental industry. Each comes with different business opportunities and demands a somewhat different skill set.
Commercial property managers manage shopping malls, warehouses, storage units, entertainment venues, and the like. In short, they handle places where a business is conducted, or some type of entertainment or service is being offered.
On the other hand, there are residential property managers that deal with dwellings and housing. Their area of expertise involves nursing homes and vacation rentals but also student housing and much more.
Some communities in the United States, particularly the fast-growing ones, have seen a need for a third type of property manager – an HOA (Home Owners Assotiation) manager. These managers mostly handle accounting and other legal aspects of managing a community.
However, no matter what specialty you choose, you will need the same skills and qualifications to make you a property manager. So keep reading to see if you have got what it takes.
Skills that a property manager should have
Even if you do not have the requisite education, you can make up for it by having the necessary skills. For example, a good property manager should be well-organized and have a keen eye for detail.
Good communication skills are also a must-have. This goes both for speaking and writing since you will do a lot of writing as a property manager – mainly formal letters regarding legislation, health and safety, and the like.
Because of all these qualities, an excellent potential property manager had a job focused on dealing with people such as customer support. However, as a property manager, you will also deal with different types of people and various – sometimes outrageous – demands. That is why this type of experience can be precious to you.
No education and no experience – no problem!
Even if you have no previous experience with dealing with people, this doesn’t have to mean that you are unfit to start a career in property management.
One more way to gain significant knowledge and a deeper understanding of your role and the entire sector are to start as an assistant to a property manager.
As an assistant, the only way for you to go is up. Once you have the needed skills, you will be dealing with tenants and maintenance professionals in no time.
In some parts of the world, you can attend and take a course in real estate and get a certificate once you have completed it. You can also learn to become a Body Corporate Manager and choose a career in property management.
While you might not be in the mood to go back to school, getting a certificate such as one for a Certified Property Manager (CPM) or a Certified Apartment Manager (CAM) can make you stand out from the crowd and give you an edge over the competition.
What are the duties of a property manager?
Property managers supervise the everyday operations of dwellings and commercial estates. Responsibilities of a property manager include marketing, collecting rent, screening potential tenants, and organizing upkeep maintenance and repairs.
As a property manager, you will be preparing tenancy agreements and negotiating and collecting the rent. You will also have to inspect the properties and organize maintenance and repairs when they are needed.
Lastly, you will have to deal with concerts from both the owner and the tenants. You will be the one to handle all the paperwork related to the property. This involves dealing with not-so-pleasant aspects of the job, such as handing termination notices.
In other words, if you are not prepared to be stern and strict when the job demands you to be a property manager, career might not be the right call for you.
