If you want to be a rental property manager, there are a number of important skills you will need to acquire. You will need good interpersonal skills, the ability to be detail-oriented, and excellent clerical/management ability.
Your duties may vary from property to property depending upon the owner. Typically, you will be responsible for finding and screening new tenants, dealing with the tenants, collecting the rent, and disbursing the money to the owner as well as arranging for and overseeing property maintenance. It is the rental property manager that deals with any emergencies that may arise with the property, and if the situation ever occurs, they have to carry out an eviction.
Your allegiance is first to the owner and secondly to the tenant who deserves peaceful enjoyment of the property. There will be times when a tenant’s grievance is justified, but you have the obligation to manage the situation with the owner’s best interests in mind.
Types of property mangers:
Basically, there are two types of property managers. There is a commercial rental property manager and a residential property manager. Commercial property includes shopping centers, malls, and office buildings; the manager oversees these properties and deals with business people as tenants. Residential property managers deal only with properties that house people such as single- family homes and apartments.
In some parts of the country, a property manager has to prove that they are capable of carrying out expected duties, and this proof is in the form of a license to operate. The license provides a great deal of peace of mind of the owner who has entrusted his assets to the hands of an agent. Most states do not specify the minimum level of education for a rental property manager, but as the duties require considerable skill, it is common for a property manager to have at least two years of college and experience in an office.
Many property managers start out small, and as their property portfolio grows, the firm can rapidly become very successful.
Being a rental property manager has many benefits in which the manager, the owner, and the clients benefit from. For the manager, there are many new and exciting challenges daily. The work itself is challenging; dealing with people, dealing with problems, and dealing with the bank are all in a day’s work. For the property owner, the benefit is peace of mind, which comes from knowing their properties are in the hands of a professional. The property manager takes all the day to day problems off the owner’s shoulders, while allowing the owner to reap the financial rewards.
Becoming a rental property manager can happen if you franchise your business from Real Property Management, the number one coast to coast management company.