How to Become a Property Manager: 8 Steps to Kickstart Your Career

According to the U.S. Bureau of Labor Statistics, employment of property managers is projected to grow 7% from 2020 to 2030, reflecting the ongoing demand for skilled property managers in this field.

Property management is a dynamic and rewarding field that offers various opportunities in real estate. As a property manager, you handle the operations, maintenance, and administration of rental properties, ensuring everything runs smoothly. 

Property managers bridge the gap between property owners and tenants, ensuring satisfaction on both ends. Effective property management can increase property values, reduce vacancy rates, and enhance tenant retention. 

Steps on How to Become a Property Manager

In this article, we’ll guide you through the steps to kickstart your career in property management. From understanding the role and gaining the necessary education to building a professional network and staying informed about industry trends, we’ll cover everything you need to know to become a successful property manager. Whether you’re just starting or looking to advance your career, these steps will help you achieve your goals.

Step 1: Understand the Role of a Property Manager

To become a successful property manager, it’s crucial to understand what the role entails. A property manager is responsible for the day-to-day operations, maintenance, and administration of rental properties. This involves ensuring that the property is in good condition, tenants are satisfied, and the property owners’ investment is protected and maximized.

Daily Tasks and Responsibilities

1. Tenant Communication:
   • Handling inquiries and complaints
   • Conducting property showings and lease signings
   • Addressing tenant issues promptly
2. Property Maintenance:
   • Scheduling and overseeing maintenance and repairs
   • Conducting regular property inspections
   • Ensuring the property complies with safety and health regulations
3. Rent Collection:
   • Collecting rent payments
   • Managing late payments and enforcing lease terms
   • Preparing financial reports for property owners
4. Leasing and Marketing:
   • Advertising vacant properties
   • Screening potential tenants
   • Managing lease agreements and renewals
5. Financial Management:
   • Preparing budgets and financial statements
   • Managing property expenses and operating costs
   • Ensuring profitability and financial health of the property
6. Technology Integration:
   • Using property management software to streamline operations
   • Implementing online rent payment systems
   • Utilizing digital marketing tools for advertising properties
   • Employing maintenance management software to track repairs and inspections

Skills Needed

1. Communication:
   • Effective communication with tenants, property owners, and maintenance staff
   • Clear and concise writing skills for emails, reports, and advertisements
2. Organization:
   • Keeping track of multiple properties and tasks
   • Managing time efficiently to handle various responsibilities
3. Problem-Solving:
   • Addressing and resolving tenant issues quickly and effectively
   • Finding cost-effective solutions for maintenance and repairs
4. Financial Acumen:
   • Understanding budgets and financial statements
   • Managing rent collection and expenses efficiently
5. Customer Service:
   • Providing excellent service to tenants to ensure satisfaction and retention
   • Building positive relationships with property owners and tenants
6. Technical Proficiency:
   • Navigating property management software and digital tools
   • Staying updated with technological advancements in property management

Understanding the role and responsibilities of a property manager is the first step towards a successful career in property management. It provides a clear picture of what to expect and helps you prepare for the tasks and challenges ahead.

Step 2: Get Educated

To succeed in property management, getting the right education is important. While a degree offers a solid foundation, courses and certifications can also effectively prepare you for this career.

Recommended Degrees

1. Business Administration:
   • Focuses on essential business skills, including management, marketing, and finance, which are crucial for property managers.
   • Provides a broad understanding of business operations, making it easier to handle the diverse tasks involved in property management.
2. Real Estate:
   • Specialized courses on real estate law, property valuation, and property management.
   • Offers in-depth knowledge about the real estate market and property investment strategies.
3. Property Management:
   • Tailored programs focusing specifically on property management practices.
   • Covers topics such as tenant relations, property maintenance, and legal aspects of property management.

Relevant Courses and Certifications

1. Certified Property Manager (CPM):
   • Offered by the Institute of Real Estate Management (IREM).
   • Recognized globally as a mark of excellence in property management.
   • Covers financial operations, human resources, and maintenance and risk management.
2. Real Estate License:
   • Required in many states to legally manage properties.
   • Courses typically cover real estate principles, property laws, and ethics.
   • Passing the state exam is necessary to obtain the license.
3. National Apartment Leasing Professional (NALP):
   • Provided by the National Apartment Association (NAA).
   • Focuses on leasing practices, marketing, and customer service.
4. Certified Apartment Manager (CAM):
   • Also offered by the National Apartment Association (NAA).
   • Provides advanced training in property management, including financial management, risk management, and resident retention.
5. Residential Management Professional (RMP):
   • Offered by the National Association of Residential Property Managers (NARPM).
   • Focuses on residential property management practices.

By pursuing formal education, obtaining relevant certifications, or both, you can enhance your knowledge, skills, and credibility in the field of property management. This step is crucial for establishing a strong foundation and advancing your career.

Step 3: Gain Relevant Experience

Gaining hands-on experience in the real estate industry is crucial for anyone aspiring to become a successful property manager. Practical experience helps you understand the market, develop essential skills, and build a network of professional contacts.

How to Gain Experience in the Real Estate Industry

1. Internships:
   • Look for internships with real estate firms, property management companies, or real estate investment groups.
   • Internships allow you to learn from experienced professionals and get a feel for the day-to-day operations of property management.
2. Entry-Level Jobs:
   • Start with entry-level positions to build your experience and understanding of the industry.
   • Entry-level jobs offer exposure to various aspects of property management, helping you develop a well-rounded skill set.
3. Volunteering:
   • Volunteering for community housing projects or real estate associations can also provide valuable experience.
   • It’s an excellent way to network and learn from industry professionals.

Importance of Understanding the Market and Property Operations

1. Market Knowledge:
   • Understanding local real estate markets helps you make informed decisions about pricing, marketing, and property improvements.
   • Market knowledge is essential for attracting and retaining tenants, setting competitive rental rates, and maximizing property value.
2. Property Operations:
   • Familiarity with property operations, including maintenance, tenant relations, and financial management, is crucial.
   • Hands-on experience helps you understand the intricacies of running a property smoothly and efficiently.

Careers in Property Management

There are various career paths you can pursue in property management, each with its own set of responsibilities and opportunities for growth:

1. Vacation Rental Manager:
   • Role: Managing short-term rental properties, including marketing, booking management, and guest communication.
   • Skills Needed: Marketing skills, customer service, and attention to detail.
2. Leasing Agent:
   • Role: Showing properties to potential tenants, processing rental applications, and handling lease agreements.
   • Skills Needed: Sales, customer service, and knowledge of rental processes.
3. Community Association Manager:
   • Role: Managing homeowners’ associations (HOAs), including budgeting, organizing board meetings, and addressing resident concerns.
   • Skills Needed: Knowledge of HOA regulations, strong organizational skills, and conflict resolution abilities.
4. Facilities Manager:
   • Role: Overseeing the maintenance and operation of larger buildings or complexes.
   • Skills Needed: Project management, vendor relations, and an understanding of property maintenance.

By gaining relevant experience through internships, entry-level jobs, and volunteering, you’ll develop the necessary skills and knowledge to excel in property management. This hands-on experience is invaluable in building a successful career in this field.

Step 4: Obtain Necessary Licenses 

To become a property manager, it’s essential to acquire the necessary licenses and certifications. These credentials not only enhance your credibility but also ensure you are legally compliant and knowledgeable about best practices in property management.

Overview of Required Licenses for Property Managers

Licensing requirements for property managers vary by state and country. However, here are some common types of licenses you might need:

1. Real Estate License:
   • In many states in the U.S., a real estate license is required to perform property management duties.
   • This license allows you to legally manage rental properties, handle leases, and collect rent.
2. Property Management License:
   • Some states have specific property management licenses separate from real estate licenses.
   • These licenses often require additional coursework and exams focused on property management.
3. Business License:
   • In some areas, property managers must obtain a business license to operate legally.
   • This ensures compliance with local business regulations and tax requirements.

Read here how to get a real estate license in 8 steps.

Obtaining the necessary licenses and certifications is a crucial step in becoming a successful property manager. These credentials demonstrate your commitment to professionalism and provide the knowledge needed to excel in property management.

Step 5: Develop Essential Skills

To excel as a property manager, it’s crucial to develop a range of essential skills. These skills will help you handle the various aspects of property management effectively, ensuring smooth operations and high tenant satisfaction.

Communication

Effective communication is the cornerstone of property management. It involves handling tenant relations, conflict resolution, and ensuring clear, consistent messaging with all stakeholders.

• Handling Tenant Relations:  Be approachable and responsive to tenant needs. Regular updates and promptly addressing concerns build trust and satisfaction.
• Conflict Resolution: Develop strong conflict resolution skills to handle disputes and property issues quickly and fairly, ensuring a harmonious living environment.

Organization

Property managers juggle various tasks daily, from maintenance schedules to financial records. Strong organizational skills are essential to keep everything running smoothly.

• Keeping Track of Maintenance Schedules: Regular maintenance keeps properties in good condition. Use property management software to schedule and track tasks, ensuring nothing is missed.
• Financial Records and Tenant Information: Keep accurate records of rent payments, expenses, and tenant details. Organized records help make informed decisions and ensure legal compliance.

Financial Skills

A solid understanding of financial management is necessary for effective property management. This includes budgeting, understanding financial statements, and managing rent collection.

• Managing Budgets: Plan for routine costs, unexpected repairs, and improvements to keep property operations financially healthy.
• Understanding Financial Statements:Learn to read income statements and balance sheets to assess property finances and make strategic decisions.
• Rent Collection:  Set clear rent payment policies, handle late payments efficiently, and use online payment systems for convenience.

By developing these essential skills, property managers can ensure efficient operations, foster positive tenant relations, and maintain the financial health of the properties they manage. These skills are fundamental to the success and growth of a property management career.

Step 6: Build a Professional Network

Building a strong professional network is essential for success in property management. Networking helps you stay informed about industry trends, find job opportunities, and gain valuable insights from experienced professionals.

Importance of Networking in Property Management

Networking in property management offers several key benefits:

• Knowledge Sharing: Connecting with other professionals allows you to exchange ideas, learn about best practices, and stay updated on industry trends and changes.
• Career Opportunities: A robust network can open doors to new job opportunities, partnerships, and collaborations. Many positions are filled through referrals and word-of-mouth within professional networks.
• Support System: Networking provides access to a community of peers who can offer advice, support, and solutions to challenges you may face in your career.

Tips for Building a Network

1. Join Professional Associations:
   • Becoming a member of organizations like the Institute of Real Estate Management (IREM), National Association of Residential Property Managers (NARPM), or Building Owners and Managers Association (BOMA) can provide valuable networking opportunities.
   • Participate in association events, webinars, and forums to meet other professionals and stay engaged with the community.
2. Attend Industry Events:
   • Industry conferences, trade shows, and seminars are excellent places to meet fellow property managers, vendors, and industry experts.
   • Engage in discussions, attend workshops, and make an effort to introduce yourself to new people.
3. Online Networking:
   • Utilize social media platforms like LinkedIn to connect with other property management professionals.
   • Join relevant groups and participate in online discussions to expand your network and showcase your expertise.
4. Local Networking Groups:
   • Participate in local real estate investment clubs, business networking groups, and community organizations.
   • These groups often host events and meetings that provide opportunities to network with professionals in your area.

How to Leverage Your Network for Career Growth

1. Seek Mentorship:
   • Find experienced property managers who can provide guidance, advice, and mentorship. A mentor can help you navigate your career path, avoid common pitfalls, and make informed decisions.
   • Don’t hesitate to reach out and ask for mentorship; many seasoned professionals are willing to share their knowledge.
2. Share Your Expertise:
   • Contribute to industry discussions by sharing your insights, writing articles, or giving presentations at events. This positions you as a thought leader and can attract opportunities.
   • Be active in professional associations and offer to volunteer for committees or task forces.
3. Stay Connected:
   • Maintain regular contact with your network by sending updates, sharing interesting articles, and congratulating them on their achievements.
   • Use networking events as opportunities to reconnect and strengthen your relationships.
4. Leverage Referrals:
   • When looking for new job opportunities or partnerships, tap into your network for referrals and recommendations. Personal connections can significantly boost your chances of securing a position.
   • Offer to refer others in your network as well, creating a mutually beneficial relationship.

By actively building and leveraging your professional network, you can enhance your career growth, stay informed about industry trends, and gain valuable support from peers in the property management field. Networking is a powerful tool that can open doors to new opportunities and help you achieve long-term success.

Step 7: Consider Specializing 

Specializing in a specific niche within property management can offer numerous benefits, including increased expertise, higher demand for your services, and potentially higher earnings. 

Choose a property management specialization by considering your interests, market demand, and strengths. Focus on what you enjoy, like residential or commercial properties. Research local trends to find high-demand areas. Align your strengths, such as financial skills for commercial management or customer service for residential or HOA management.

For example, a vacation rental manager handles short-term rentals by managing marketing, booking, guest communication, and property maintenance. Key skills include marketing, customer service, and attention to detail.

By specializing in a niche that aligns with your interests and market demand, you can enhance your expertise, increase your earning potential, and find greater satisfaction in your property management career.

Step 8: Learn Property Management Software Like Tokeet Advance

In today’s fast-paced world, technology plays a crucial role in property management. Utilizing property management software and tools can significantly enhance efficiency, improve management practices, and streamline operations.

1. Tokeet Advance:
   • Features: Tokeet offers a comprehensive platform for managing vacation rentals, including booking management, channel management, and automation tools for guest communication.
   • Benefits: Simplifies the process of managing multiple properties, automates repetitive tasks, and enhances guest satisfaction with efficient communication.

Benefits of Using Technology for Efficiency and Better Management

1. Increased Efficiency:
   • Automation: Automating repetitive tasks such as rent collection, lease renewals, and maintenance requests saves time and reduces the risk of human error.
   • Centralized Management: Property management software centralizes all information and tasks in one platform, making it easier to access and manage data.
2. Enhanced Communication:
   • Tenant Portals: Online portals allow tenants to submit maintenance requests, pay rent, and communicate with property managers easily.
   • Automated Messaging: Tools like automated email and SMS reminders improve communication with tenants and reduce the workload on property managers.
3. Financial Management:
   • Online Payments: Property management software facilitates secure online rent payments, reducing the risk of late or missed payments.
   • Accounting Tools: Integrated accounting features help track income, expenses, and generate financial reports, ensuring better financial oversight.
4. Data-Driven Decisions:
   • Analytics and Reporting: Advanced reporting tools provide insights into property performance, tenant behavior, and market trends, enabling informed decision-making.
   • Maintenance Tracking: Keeping track of maintenance tasks and schedules helps ensure properties are well-maintained, reducing long-term repair costs.

How to Stay Updated with the Latest Property Management Technologies

1. Join Professional Associations:
   • Organizations like the Institute of Real Estate Management (IREM) and the National Association of Residential Property Managers (NARPM) often provide updates on the latest technology trends and tools in property management.
2. Attend Industry Conferences and Webinars:
   • Participate in industry events and webinars to learn about new technologies, software updates, and best practices from experts and peers.
3. Subscribe to Industry Publications:
   • Stay informed by subscribing to magazines, blogs, and newsletters focused on property management and real estate technology.
4. Network with Peers:
   • Engage with other property managers through forums, social media groups, and local networking events to share experiences and learn about the latest tools and technologies.
5. Regularly Evaluate Your Tools:
   • Periodically assess the technology and software you are using to ensure they meet your current needs. Be open to exploring new solutions that can further improve your operations.

By leveraging the power of technology, property managers can enhance their efficiency, improve tenant satisfaction, and streamline their operations. Staying updated with the latest tools and trends ensures you remain competitive and effective in the ever-evolving property management landscape.

Key Takeaways

1. Understand the Role: Know the key responsibilities and skills required.
2. Get Educated: Obtain relevant education and certifications.
3. Gain Experience: Seek internships, entry-level jobs, and volunteer opportunities.
4. Obtain Licenses: Ensure you have the necessary licenses and certifications.
5. Develop Skills: Focus on key skills such as communication and organization.
6. Build a Network: Connect with industry professionals to stay informed and find opportunities.
7. Consider Specializing: Choose a niche to increase your expertise and earning potential. Tokeet can support your journey with tools and resources for short-term rental management.
8. Learn Property Management Software: Master tools like Tokeet Advance to enhance efficiency and improve management practices.