New Investor Interested in Property Management Training

4 Replies

Hello! I am actively analyzing RE investments, and hoping to make my first multifamily purchase within the next 6 months. Additionally, I am looking to transition my career into something more RE oriented, as I am currently a project manager in a media company, and have been in Managerial/HR positions for the past 8+ years in non-RE fields. I'm thinking that property management would be a complimentary career to RE investing. If anyone else has experience in this, can you advise to coursework, certifications, or other tools you have used for your success in this field?

@Danielle Golan congratulations on getting started! My husband and I own and operate a property management company in Alabama. Not sure where you're located, but can share what I know here. We also own properties (23) and it could not be a better job to go hand in hand with investing. If going into real estate I would advise anyone to look into property management. While a realtor has to make a sell to gain commission the chances of all the properties you manage being vacant at once are very slim, therefore expect a monthly steady income. As far as classes and getting started. Of course you could work for a property management company that already exists as an agent and do a good bit, show properties, sign leases, and other agent only duties... but if you want to open your own, you will have to work under a broker for 2 years and become a broker yourself. We were lucky enough to have a mentor in property management that allowed us to open our company using him as our broker helping us to jump start our careers. Expect quick growth especially if there isn't much competition in your community. We opened five years ago and grew from 5, to 13, to over 100 in the first year. We merged with another property management company this year and now manage 400+. We now employ two part time office managers, as well as 4 property managers (including myself and husband) and keep 4 maintenance workers busy enough to only work for us (although self employed). There is so much that goes into property management obviously, but finding out your states mandates would be first! And then time is of the essence. More than likely you'll need that license. From there I would strongly encourage you to seek an awesome mentor who has been in property management for awhile. I would be willing to bet they'd have dabbled in investing at some point as well. :) good luck you'll do great!!
@Eric Adobo but I would argue that's it's not low pay. If done right. It is a lot of work, but can be streamlined with time. Definitely has to run as a business and not a life consuming suck (learned that early). But our income is far from low and I say that wIthout Including our passIve Income.

Thank you both for your input. I'm in Long Island NY and I would imagine there is lots of competition in my area, but potentially lots of opportunity. I think the best first step would be finding a company getting a part time gig to see if I like it. Thanks again!