Do you love working with people and solving problems? Or do you own a rental home and enjoy managing it? Being a property manager is a good way to make a living, but it’s not for everyone.
When asked about what good property managers have that others don’t, Stefan Soloviev says that they need the right combination of grace and toughness. If you think this might be a good career for you, then here are some of the other qualifications you need to become a property manager.
You only need a high school diploma and be at least 18 years of age or older, although with age generally comes wisdom and the ability to handle difficult tenants. You will also need to take the real estate licensing exam in your state.
As a successful property manager, you’ll have to have a wide range of skills, including communication skills, the ability to keep books and also possess marketing skills.
As a property manager, you’ll spend most of your time either on the phone or talking with people in person, so you’ll need to be able to communicate clearly and be able to handle difficult tenants when the need arises. You’ll have to have good customer service skills as well.
You’ll need to be able to market the homes or apartments you manage. Because you’ll be in charge of handling maintenance issues as well as collecting rents, you’ll need to be organized.
Not only will you have to keep track of all the different rents coming in, but you’ll also have to inventory all of the expenses and repair costs. You’ll also have to make monthly reports that you send out to each of your property owners. You’ll have to have basic bookkeeping skills and then you’ll need to know how to use bookkeeping software.
Most states require property managers to be licensed, so you will need to study for the certification exam and of course, pass it. If you’re starting out, apply for work with a property management company. It’s a great way to learn the ropes, and they often provide training programs that provide you with the necessary skills and help you prepare for your certification exam.
Being a property manager isn’t for everyone. You have to be able to confront people with grace and strength, but it’s a good-paying career that benefits many.