Real estate has a variety of different options in terms of careers, outside of the conventional agent. As an example, more and more people are finding renting the ideal way to find a place to live, especially in major cities. A property manager is a great way to facilitate this and generally is more consistent in earnings than a traditional commission. However, there are other things you need to consider as well. So, before committing to getting your property manager license, here are some things to understand.
What does a property manager do?
These professionals work to ensure that property investors and renters alike have a protected investment.
From an investor’s perspective, they screen and bring in potential tenants (including marketing the property) to bring in income.
From a renter’s perspective, they hand requests like maintenance and other complaints.
Generally, they also compile financial information for the property owner.
Is this a good career?
Management is a great option for people who are interested in the field of real estate but aren’t interested in intermittent pay.
In terms of a property management salary, you can see a wide span of potential income from 40,000 to 80,000 AUD.
The reason for the large span of salaries is mainly due to the value of different properties.
The more valuable a property is or more desirable an area is, the more of a salary a skilled manager can command.
What are the job’s responsibilities?
We mentioned a few of these before, but here’s a more comprehensive list of what the job entails.
- Maintaining a flow of tenants through advertising, marketing, and property showings.
- Onboarding new tenants onto the property.
- Being the face of tenant relations (handling complaints, working with maintenance issues, evicting as needed).
- Handling any contracts with vendors.
- Tackling emergency maintenance issues.
- Keeping all financial records of property operations.
- Creating financial reports on a regular basis for the property owner.
- Communicating with the owner about vacancies, the condition of the property, and other relevant issues.
Do you need a license?
While this varies around the world, in Australia, all states except South Australia require a proper license in order to manage a property.
The purpose of this regulation is to ensure that a manager, who may be in charge of a property investment worth millions of dollars on a regular basis, is as well-prepared for their jobs as possible.
However, there may be exceptions here, like if you’re managing an extremely small property for a relative.
5 key steps to becoming a property manager:
- Learn the legal requirements. As we mentioned before, for larger properties, you will need to pursue a formal license. However, if you’re managing a smaller property, you may be okay. Research the local laws in your area.
- Educate yourself. This can take a variety of different forms. If you do need licensing, you can start the process now. Even if you don’t, it’s a good idea to take a few real estate courses. A lot of managers are handling basic real estate aspects on a daily basis. Property manager courses online are an option also.
- Get certifications. If you want to get hired as a manager, you want to stand apart. Certifications are essential here.
- Find a job. Naturally, if you don’t already have one lined up, you want to start leaning on your personal and professional network to find openings. Conventional job boards, as well as real estate agents near you, are good assets here.
- Stay updated. This industry constantly has new trends and regulations. Keeping up on things will help you be the best manager possible.
Managing a residential property can be quite a rewarding career, but you want to make sure you set a strong platform to do so. It’s even possible to find success as a property manager with no experience. However, to do so, you need to have effective tools. One key example of this is a real estate cold calling list. By taking the time to build up a pool of clients, your future career is guaranteed to get off on the right foot.