The field of property management can be both rewarding and challenging. It can be an ideal career path for those who are organized, detail-oriented, and customer-focused — but as the industry evolves, aspiring property managers face a variety of hurdles. From navigating legal regulations to maintaining strong tenant relationships, understanding the necessary qualifications, responsibilities, and potential challenges is crucial for anyone looking to succeed in this role.
In this blog post, we’ll explore the essential steps and preparations for becoming a successful property manager, so you can launch your career with confidence.
Property management involves the operation and oversight of real estate properties on behalf of the owner. This includes managing the daily tasks necessary to ensure a property is well-maintained, occupied, and compliant with relevant laws. Property managers handle everything from tenant screening and rent collection to overseeing repairs, maintenance, and lease agreements, ensuring the property remains in good condition and desirable for tenants.
In addition to maintaining the property, property managers serve as liaisons between owners, tenants, and contractors for residential, commercial, or industrial spaces. By handling the day-to-day operations, property managers enable property owners to focus on broader investment strategies, knowing their properties are well cared for and running efficiently.
A property manager’s daily responsibilities can include any of the following:
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Many people enter property management from entirely different career backgrounds, taking certification courses to learn the specifics of the job. Others know they want to manage properties early in their careers, and pursue the appropriate educational track. While there is no “correct” way to become a property manager, the ideal educational path might resemble the following:
Bachelor’s degree
A bachelor’s degree in business administration, real estate, or a related field equips aspiring property managers with essential knowledge in areas such as finance, marketing, economics, and organizational management, all of which are crucial for running and maintaining properties. Courses in real estate law, ethics, and property development prepare students to navigate the complexities of real estate markets, ensuring they can manage properties in compliance with regulations and maximize profitability.
Associate’s degree
An associate’s degree in property management or a related field is a valuable, though not always required, stepping stone into the profession. These programs typically cover the fundamentals of property management, such as tenant relations, leasing procedures, and property maintenance. They introduce students to essential business practices, including budgeting and marketing, which are critical for running successful property management operations. The shorter duration of these programs — usually lasting about two years — makes them an attractive option for those looking to enter the industry quickly while gaining a solid educational background.
Certified Apartment Manager (CAM)
The CAM certification from the National Apartment Association (NAA) is designed for property managers who oversee multi-family rental properties, such as apartment buildings. Earning this credential demonstrates a manager’s ability to handle key responsibilities, including leasing and financial management, while adhering to industry standards and ethical guidelines. This certification is highly regarded in the apartment management industry, enhancing job prospects and credibility for those seeking to advance in residential property management.
Certified Property Manager (CPM)
Offered by the Institute of Real Estate Management, the CPM designation is one of the most prestigious certifications in the property management field. It is recognized globally and indicates a high level of expertise and professionalism. Property managers with this designation are proficient in financial operations, asset management, and the legal aspects of property management. The CPM credential is highly valuable for those looking to manage large portfolios of properties or take on leadership roles in property management firms, as it showcases a deep understanding of industry best practices.
Real estate license
In many states, property managers are required to hold a real estate license to legally manage properties. This license typically requires the completion of pre-licensing courses and passing a state exam. The coursework covers key areas such as property law, contracts, and ethics, ensuring that property managers are knowledgeable about the legal aspects of leasing and property transactions. Obtaining a real estate license can also enhance a property manager’s ability to handle sales and leasing transactions directly, providing greater flexibility in their role.
Additional certifications
There are several additional certifications that can set properties managers apart in the field. For instance, certifications in affordable housing management demonstrate expertise in handling properties that are subject to government regulations and subsidies. Similarly, a community management certification is valuable for anyone managing homeowners associations or planned communities. Leasing certifications focus on the intricacies of tenant acquisition and retention. These specialized certifications are optional but highly advantageous, particularly for property managers who want to focus on niche markets.
Continuing education
The real estate and property management industries are constantly evolving, with new regulations, technologies, and best practices emerging regularly. Continuing education ensures that property managers stay informed about these changes, allowing them to remain competitive and compliant. Many states require property managers to complete continuing education courses to maintain their real estate license or professional certifications. Deepening their knowledge in areas such as legal compliance and sustainability enhances a manager’s ability to provide high-quality service and adapt to shifts in the market.
Most U.S. states require property managers to hold real estate licenses, though the regulations and requirements are subject to change at any time. Furthermore, some states may have additional local requirements or specific certifications for property managers, even if a real estate license is not needed. Property managers must verify with their state’s real estate commissions or relevant licensing bodies for the most current information.
States Requiring a Real Estate License
– Alabama– Alaska– Arizona– Arkansas– California– Colorado– Connecticut– Delaware– Florida– Georgia– Hawaii– Illinois– Indiana– Iowa– Kentucky– Louisiana– Michigan– Minnesota– Mississippi– Missouri– Nebraska– Nevada– New Hampshire– New Jersey– New Mexico– New York– North Carolina– North Dakota– Ohio– Oklahoma– Oregon*– Pennsylvania– Rhode Island– Tennessee– Texas– Utah– Virginia– Washington– West Virginia– Wisconsin– Wyoming
States Requiring a Property Management License
– Washington, D.C.– Montana– Oregon*– South Carolina– South Dakota
No License Requirements
– Idaho– Kansas– Maine– Maryland– Massachusetts– Vermont
*Oregon requires either a real estate license or property management license.
Property managers must have a combination of technical and interpersonal skills to run their properties successfully; hard skills like balancing accounts and vetting contractors are just as important as conflict resolution between tenants. The following skills are ideal in the property management field:
“Property manager” is not the only title available to someone with the relevant education and experience. Within the general field of property management, there are multiple distinct career options and opportunities for advancement (Salaries are representative of national averages in October 2024).
On average, professionals who work in property management, real estate, or community management positions make around $63,000 per year, according to the Bureau of Labor Statistics, though this number can vary widely depending on the type of property, amount of experience, commissions or bonuses, or geographic location. The job title may also change depending on the type of property or its owner; for example, a facilities manager may differ from a property manager in name only, but may carry out the same list of responsibilities.
To advance in the field, property managers can:
Lack of experience can prevent many aspiring property managers from pursuing desirable roles — but by putting in the effort to familiarize yourself with the field and connect with other professionals, it is possible to become a property manager with little experience.
The job of a property manager comes with many challenges, from conflicts associated with residents to building-related and maintenance problems. This is where proper training and education come in handy — the more knowledgeable and skilled you are in the details of property management, the better equipped you’ll be to handle inevitable challenges (or, to prevent them altogether).
Education plays a crucial role in navigating and mitigating the many challenges that can arise in property management. From legal compliance to tenant relations and financial management, having a strong foundation of knowledge is essential for long-term success. By investing in your education, you can gain the skills and insights needed to overcome (or avoid) obstacles and ensure your properties are ideal places to live and work.
If you’re ready to take the next step in your education, explore the Property Management course offered by the University of San Diego’s Division of Professional and Continuing Education. As part of the Real Estate Finance, Investments, and Development Certificate, this course will equip you with the expertise to excel in property management and advance in the real estate industry.
To become a property manager, a bachelor’s or associate’s degree in business administration, real estate, or a related field is often recommended. While not always required, certifications such as the Certified Apartment Manager (CAM) or Certified Property Manager (CPM) can enhance your qualifications and credibility.
Whether you need a real estate license to manage properties varies by state. Some states require property managers to hold a real estate license, while others may have specific property management licenses. It’s essential to check the requirements in your state.
Daily responsibilities of a property manager include handling tenant inquiries, collecting rent, coordinating maintenance and repairs, managing lease agreements, conducting property inspections, and ensuring compliance with local regulations.
A property manager’s salary can vary widely based on location, property type, and experience. On average, property managers in the United States earn between $40,000 and $70,000 annually, with potential bonuses and commission structures that can increase total compensation.
You can gain experience in property management by starting in related positions such as leasing agent, property assistant, or maintenance coordinator. Seek internships, volunteer opportunities, or entry-level positions to gain valuable hands-on experience.
To stay informed about changes in property management laws, consider subscribing to industry newsletters, joining professional associations, and attending relevant workshops or seminars. Networking with other professionals can also provide insights into legal updates.
Certifications such as the Certified Apartment Manager (CAM) and Certified Property Manager (CPM) are highly regarded in the industry. Additional certifications in specialized areas, such as affordable housing or community management, can further enhance your career prospects.
Risks in property management include tenant turnover, late rent payments, legal disputes, property damage, and fluctuating market conditions. Effective risk management strategies, such as thorough tenant screening and maintaining good communication, can help mitigate these risks.
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