Expert Advice On How To Make A Career In Property Management?

Expert Advice On How To Make A Career In Property Management?

August 25, 2021 0 By Nishat Firdaush

Do you want to make a career in property management? And want to know whether it is a good choice or not? So, you are in the exact place. Here, you will find all the answers to your queries. In the article below, you will find almost all the things about property management in brief. Let’s read expert advice on how to make a career in property management.

When landlords don’t have much time, ideas, ability, or resources to manage their rental properties then they do hire some professionals to do so. Managing tenants, rent collections, maintaining buildings, and increasing the value of the property are some of the basic responsibilities of a property manager.

So, a career in property management as a manager is quite demanding nowadays. So, if you have relevant skills and degrees then definitely you can pursue any job as per your choice. It will give you a different work experience as it is different from a regular 9 AM-5 PM job.

Here, in this field, you will have a lot of challenges on the daily basis, and surely you will enjoy this. So, if you are planning to make a career in property management. Then the pieces of information written in the article below will be helpful for you. Unlike property management, the craze for making a career in project management & business management is also increasing.

Definition of Property management

Property Management is a third-party consultant’s daily oversight of commercial, or residential, or industrial estate. Property managers are typically in charge of day-to-day repairs, as well as ongoing maintenance, protection of properties. They work for investors who own the apartment, or private home communities, or condominium complexes, or shopping malls, etc.

A property manager’s responsibilities typically include the following:

  • signing, drafting, and then renew leases as per the need of Property owners.
  • Rent collection
  • property maintenance work that also includes Landscaping as well as snow removal.
  • Organizing property repairs that are required.
  • Creating and adhering to the property maintenance budgets.

Who is a property manager

A property manager is a person, employed to manage the day-to-day operational activities of a real estate unit. When property owners and estate investors are unwilling or unable in managing their properties by themselves, they consider hiring property managers.

The cost of hiring a property manager is frequently tax deductible against the property’s income. Property managers manage commercial properties such as business offices, apartments, complexes, retail malls, etc.

A property manager is a specific entity recruited by a property owner to oversee and manage the day-to-day operational activities of a property.

Their work on behalf of the property owner to maintain the property’s value while generating revenue. Employing a property manager may lead to deduct the tax of the property owners.

Supervising & coordinating building maintenance, work orders, performing light handyman, resolving tenant concerns, resolving complaints, showing vacant units, collecting rent, and then depositing, & communicating with the owners on property’s status are some of the responsibilities of the property manager.

Who can become a successful property manager

There are a few minimum qualifications required to become a property manager. The requirements or eligibility are straightforward, unlike some other professions.

  • You must be at least 18 years old ( however 21 years are the minimum age for some states)
  • A high school diploma or a GED is required.
  • Have proof of permanent residency or be a legal national citizen
how to make a career in property management

What are the education and experience are required to become a property manager

  • By choosing relevant stream: Take management, accounting, law, finance, and business administration courses after 10th class. These courses will provide you with an overview of operational excellence in businesses. Also, it will help you to make a career in property management.
  • Having a Degree in the related stream: If at all possible, obtain a college diploma. If you have a college degree, you have a much better chance of being hired as a property manager. Even a two-year degree will put you in good stead for a career in property management.
  • Obtained a property management certification: This is an important step because many states require property managers to pass a certification exam. It will also teach you how to manage a property, run a business, and keep track of your finances. Check with the National Property Management Association to see if your state requires this.

What are the skills required in the property management field

Property management is a competitive industry, as anyone who has worked in it knows. Property management necessitates a diverse set of abilities that newcomers may not anticipate. To succeed as a property manager, review our list of 05 property management skills.

1. Strong Communication Skill

Communication skills are at the top of our list of “must-have” property management skills. Your job as a property manager might be difficult if you don’t have good communication skills.

In fact, this ability can greatly impact your career as a property manager. This position is all about coordination, which necessitates listening, communicating, and ensuring that everyone is on the same page.

 2. Organization Skills

A property manager’s job entails juggling multiple tasks at once, which necessitates excellent organizational skills. These are some of the most important skills in property management.

It’s essential to be able to set up procedures that assist you to streamline your workload and maintain several balls in the air simultaneously.

The workload can become stressful if you lack organizational skills, and your work will appear erratic to others. To ensure that they do not miss anything, well-organized managers define their responsibilities and develop organized worksheets and deadlines.

3. Understanding of Landlord-Tenant Laws

The answer, who both tenants & property owners turn to when they have questions about real estate? The property managers, as you might have guessed.

These skills are crucial because a property manager must be well-versed in real estate and tenant law. Consider the owner’s or tenants’ reactions if you are unable to respond to their basic questions. 

Also, keep in mind that it’s perfectly acceptable to admit when you don’t know the answer. The property manager will investigate the information and respond with a response. This brings us to the next crucial skill: providing excellent customer service.

4. Marketing Skills

marketing skills are frequently overlooked when it comes to property management skills. Why is it necessary for a property manager to have marketing skills? Property managers must advertise vacant rental apartments and be able to write compellingly about them.


Fortunately, there are numerous online resources for learning real estate marketing. If you believe your core competencies lie in other property management functions, there is plenty of help available. Marketing is a skill that can be acquired.

5. Professional Development

The only thing that is certain is that things will change. This is also true in the real estate industry and in your property management position. A good property manager is dedicated to continuing education to develop their skills. So, look into some of the most recent professional development books and other resources available to make sure you’re up to date on industry trends and your job duties.

How to start a career in the property management field

how to make a career in property management

If you’re thinking about a career in property management but aren’t sure where to begin. Take some time to learn more about this great career, from career statistics to key areas to help you grow, to see if it’s right for you.

To start a career in the property management field, the following tips are helpful:

Education

If you’re considering a career in property management for the first time, you should think about pursuing higher education. While the Bureau of Labor Statistics found that the typical entry-level education level is a high school diploma or equivalent.

It can be difficult to advance down the line without at least an associate’s or bachelor’s degree unless you have a significant amount of relevant experience.

The most common degree is a bachelor’s in real estate or property management, but you might be able to get in with a degree that includes finance or marketing coursework. 

Skills and Certificates

To advance from a leasing agent to a property manager, you’ll want to look into the IREM or NAA certifications after you’ve accumulated some relevant experience. The lack of these credentials could be a significant roadblock to overcome.

SAFC-MHP certification may also boost your credentials. Continue working proactively to develop stronger skill sets if you’re aware of some of your general weaknesses. If you can’t think of anything right away, ask a trusted colleague or superior for help.

Increase your understanding of the industry

Industry knowledge says a lot about how serious you are about your career. Knowing what’s going on in the industry not only looks good but also allows you to stay on top of rental housing trends.

Find cheaper or better property options, and propose cutting-edge marketing strategies at the right time. You can also go with some famous property management blogs to understand industrial knowledge.

Networking

While networking is a must, if you’re new to the industry, it can be difficult to know where to begin. Inquire about internships or coffee dates at local rental properties. To build networking, join some online platforms for property management such as Facebook and LinkedIn groups.

The above tips will help you to start your career in property management.

What are famous jobs in property management

There are different job posts available for property managers. The following are the different  job roles in the field of property manager such as:

  • Assistant Property Manager
  • Associate Property Manager
  • Senior Property Manager
  • Institutional Property Manager
  • Infrastructure Property Manager
  • Manager Intellectual Property Management
  • Building Manager
  • Site Manager 
  • Facility Manager
  • Community Manager
  • Real estate manager

To find the latest job in this field, you can join some online platforms. Such as Facebook groups, Linkedin. Or you can visit some trending job-related websites.

What is the salary in property management

In India, the average monthly salary for a property manager is Rs 24,700. The salary of property managers depends on the reputation of the company. And also varies from city to city. The average salary of some of the posts in this field has been given below:

  • Real Estate Manager: The average monthly salary of a real estate manager is about Rs. 26,000/ month.
  • Apartment Manager: The average monthly salary for this post is about Rs. 14,200/ month.
  • Community Manager: The average monthly salary for this post is about Rs. 20,000/ month.
  • Assistant Property Manager: The average monthly salary for this post is about Rs. 35,000/ month.
  • Community Associate Manager: The average monthly salary for this post is about Rs. 30,000/ month.
  • Commercial Property Manager: The average monthly salary for this post is about Rs. 55,000/ month.

The salary also depends on the experience level and certification value of the candidates.

Property management pros and cons

Are you debating whether or not to hire a property manager? Here are some advantages and disadvantages i.e. pros and cons to consider.

Pros-

  • Managing all situations and eliminates the element of guesswork.
  • You have firsthand knowledge of all issues and tasks.
  • Also, you will have enough experience to know how to deal with a variety of situations.
  • You have complete control over who rents or renovates your home.
  • You’ll feel better knowing that you can rely on the people you’ve found for yourself.

Cons-

  • You’ll have to decide which tasks you’ll take on and which you won’t be able to handle.
  • You will need to spend time finding the right people to help you with.
  • You’ll have a lot of appointments to keep track of. Especially if you don’t live close to your properties.
  • If you own several properties, it might be worth your time to hire a property manager rather than bouncing back & forth between them.

Conclusion

New opportunities in property management have allowed entrepreneurs across the country to not only build a fulfilling career. But it also leads to a successful business.

Residential property management is one of the fastest-growing and most exciting careers in the world. Hence, the demand for professional property management services is growing. It is growing due to an increase in the number of renters and single-family house investors.

So, anyone looking for a career that matches their energy as well as skills, or who has fantasized about owning their own business. Then they should look into a career in property management.

Hope! you have received all your answers. We have tried our level best to answer all queries related to property management. But still, you have any doubt then do not worry. Just type your questions in the comment section, given below. We will try our level best to answer your doubts as soon as possible.

Frequently Asked Questions 

Is property management a good career?

Yes, definitely it is a good career choice. If someone is skilled in this field and has a relevant degree or certificate. Then definitely they can opt for any position in property management as per their choice.

Why choose property management as a career?

A career in this field provides a wide range of tasks which makes it a good fit for those who prefer to work independently and don’t want to be stuck behind a desk from 9 to 5. Each day’s responsibilities, as well as challenges, change. So you won’t get bored or feel stuck. Hence, these are the reasons why you should choose property management as a career.

What is the average salary of a Real Estate Property Manager in India?

The average monthly salary for this post is about Rs. 26,000- 30,000/ month. i.e. the annual salary is about Rs. 3,60,000/ Annum.

What are the responsibilities of a property manager?

The main responsibilities are as follow:
1. Finding suitable tenants as well as entering into long-term lease agreements.
2. Rent collection as well as chasing arrears
3. Deciding rent.

What is the importance of property management?

Property managers play a crucial role in the management of your rental property. Investing your hard-earned money in real estate, like any other type of investment, carries some significant risks. Hence, a good property manager knows how to get the most out of your investment property’s rental income.