Tips to Start in the Property Management Field
Hello Everyone,
I am a BP member from California wanting to become a property manager. Do any of you have any tips on how I can get into this field?
I know that a real estate license is usually required, and many companies want people with previous experience. Unfortunately, that is where I come up short.
I have applied to a few companies, but they are not willing to hire, because I do not have any experience.
So, it is somewhat hard to get experience when companies are not willing to give you an opportunity to gain it.
Any tips would be really appreciated. Have a great day.
-Hermilo
You should check the specifics in California, but i'll use PA as an example (Since I'm more familiar).
If YOU want to be a property manager (for other people), you have to have a broker license. You may manage your own property, either through a company you run/own or directly by name.
If you want to WORK for a property manager, you don't necessarily need to have any license, but it's probably a good idea to look around and see what the brokers around you are doing.
If you're looking for experience, there are lots of ways to get it, but just getting your license isn't really experience. A property manager is going to be looking for someone who understands the local market, and can provide good customer service. Working as a property manager usually means getting phone calls from disgruntled renters, and calling many of those same people (or writing them letters) to let them know that they need to pay their rent.
If at all possible, you could also start attending local REIA (real estate investor association) events to start networking with the people in your area that you could work with to get some real experience, either by investing, or helping them manager their property.
Here are some ideas to help you break into the field:
1.) Get your real estate license first and foremost. This will demonstrate your level of commitment to becoming a professional and will be attractive to a property management company.
2.) Check out the National Association of Residential Property Managers and their educational offerings. I don't believe you can join NARPM until you are engaged in the field of property management, but you can take their courses as a non-member. Again, this self-study and completion of a few courses will be attractive to a property manager who is looking to hire.
3.) Network, network, network. Attend local real estate industry events and get the word out that you are interested in entering the field.
4.) Tailor your resume to demonstrate that you have the skills required to succeed in the field - customer service, decision making, conflict resolution, budgeting, accounting, etc.
Don't give up. Commitment to one's chosen path is the most important indicator of future success!
Nate,
I like what you said.
"Don't give up. Commitment to one's chosen path is the most important indicator of future success!"
I don't want to talk you out of your dream.. but why do you want to be a property manager? It really isn't that sexy.
Property management in costa rica might be nice though.
Frank
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To get a taste of PM for others, I agree with @Jeremy Paceand @Nate Garrett. Network with other buy and hold landlords at your local REI and/or landlord association. See if what they need help with. I've gotta say though, without ownership, tenants and their apathy would have burned me out long ago. When you get that non-emergency call or text at night or on a weekend about something stupid and it interrupts your day/evening for the 3rd time, remember there is a huge difference when you also own the building. It's all more tolerable. I couldn't do it without having ownership. I have great respect for the quality PM folks that provide this service for others!
Here are some links to BP posts that might be helpful:
http://www.biggerpockets.com/forums/52/topics/71168-bookkeeping-for-rental-property?page=2
I've been looking at this software as an option, but haven't used it yet:
Here's a PDF download I came across some time ago that may also be helpful:
http://www.managemyproperty.com/articles/hiring-a-property-management-company-25
good luck!
I would grab your license first, from there the next step is to continue to network and getting the word out about your goal. Once you have your license you will be able to advertise as much as possible and push your company through as many channels as possible.
Also you can become a member of CAA for forms you'll need and I would also think about putting your company into some type of entity. You also need an agreement between you and the clients you will be managing properties for. Those are a few things to think about. Those don't cover having a bookkeeper or lawyer for evictions either.
I agree at times the business is not sexy, but not every business is sexy and if you go for something that is sexy with no passion you won't be successful. What gets you results is continuous persistence of driving towards what you love. If you have found a passion in property management, just keep moving and don't stop until you accomplish that goal.
Good luck,
Peter
Thank you so much for your advice. I really aprreciate your help. I will definitely start working on the steps you have highlighted. Much luck to you!
I appreciate you help! Thank you very much.
WOW! Thank you very much Page. I really appreciate you taking the time to send me these links. Best of luck!
Most definitely. I have heard that it can be a difficult career at times, but I think It can also be professionally rewarding, and it can help me in my future real estate investing. Thank you so much for your help!