Learning the fundamentals of the job of a property manager is crucial for real estate professionals and investors. Gaining knowledge and applying it is the key to becoming successful in real estate. 

Even if you’re not planning to manage rental properties directly, it’s still crucial to learn the responsibilities of a property manager if you want to own rental properties. This blog post will talk about the steps and qualifications to become a good property manager. 

What is a Property Manager?

A property manager, also known as a real estate manager, is a company or individual that’s in charge of the daily management of rental properties. Property owner who doesn’t want or can’t manage their rental properties typically hire property managers to do the job for them. Property managers earn money by providing such services to rental property owners. 

In the United States alone, rental property management is a billion-dollar industry. You can find almost 300,000 rental management companies in the county, employing more than 840,000 individuals. 

It’s an enormous industry, and anyone can expect it to grow in the years to come. Today is the perfect time for those who want to become property managers. 

What are the Responsibilities of a Property Manager?

There’s a lingering notion that a property manager is someone who collects the rent. While this notion isn’t wrong, the role of a property manager goes beyond rent collection. Every aspect that relates to running a rental property is under the charge of a property manager.

Take note of this list if you want to know about the duties and responsibilities of a property manager. 

• Advertise rental properties and units

• Show rental property and units to potential tenants

• Assess tenant qualifications

• Set rental rates and collect rent

• Inspect property units at move-in and move-out

• Respond to tenants’ needs and complaints

• Deal with difficult tenants

• Handle evictions if necessary

• Coordinate with contractors regarding repairs and maintenance

• Do some data analysis, accounting tasks, and bill payments

• Keep updated with landlord-tenant laws

• Handle tenant retention, turnover, and lease renewals

What are the Qualifications to Become a Property Manager?

This is perhaps the first question that comes to mind for those who want to become a property manager. Well, the qualifications are pretty simple, really, and it won’t be difficult to achieve by anyone. 

• Must be of legal working age (18 years old or older)

• Must be a high school graduate or have a GDE

• Must be a U.S. citizen

• Must accomplish any state-required pre-licensing coursework 

• Must pass a state-accredited real estate licensing exam

Do an online search for available property manager positions to get an idea of the qualifications required by companies. 

Is it Required to Get a Property Management License?

Depending on your location, it might be necessary to get a license to become a legit property manager. However, you shouldn’t lose hope because you can start as an office staff or assistant to independent property managers or property management companies. 

You don’t need a license to take these entry-level roles, but it’s an excellent way to learn the fundamentals of being a good property manager. 

What Skills Do You Need to Become a Competent Manager?

You must be equipped with the skills to become a competent property manager. Property management companies typically post these required skills along with the qualifications on a job posting. 

You might already have the skills for the job, or you can hone them over time. So, make sure that you have what it takes before you apply. But if you fail to get a shot at your first application, you can develop the necessary skills for the job. 

Take note of these required skills you need to have or develop to become a capable property manager. 

• Ability to communicate clearly

• Strong organizational skills

• Excellent customer service

• Know the basics of accounting and marketing

• Good at solving problems

• Resourcefulness

How Much Does a Property Manager Make?

After knowing the responsibilities, qualifications, and required skills of a property manager, you're probably now getting more interested in this profession. Perhaps you’re now thinking about how much a property manager makes. 

The money that a property manager makes will depend on a few factors. For instance, the property management company needs to consider the experience, educational attainment, and skills of the person. But an estimate of how much a property manager earns ranges from $30,000 to $70,000 annually. 

Other factors that can influence the salary of a property manager include location, rental rates, property values, and market situation. 

Final Thoughts

Being a property manager can be a fulfilling and lucrative job. If you have the qualifications and skills, you can apply to a property management company or become an independent property manager. Always remember that becoming a competent and successful property manager requires a willingness to learn, diligence, and excellent communication skills.