Chances are at some point in time we have all rented a place to live. People have many reasons for renting vs buying. With more than 100 million Americans renting, property management is a growing field.
With This Increase in Demand for Rental Properties, There Has Been a Huge Growth in the Property Management Sector of the Real Estate Industry.
Though related, managing property and conducting a real estate transaction like selling a home are fundamentally different.
Real estate agents have a transaction based job where good client relations and customer service are a must. Property managers have more of a service based job. Sure they must have a good working relationship with their property owner and tenants but placing a for rent sign and getting a lease agreement signed are just a small part of what they do.
Our Property Management real estate continuing education course reviews the duties of property managers and the various real estate career opportunities in the property management field.
What Is Property Management?
Property management is overseeing the expectations of property owners and also protecting their investment. There are the common sense things like making sure the property is in good working order, properly maintained and kept clean, and overseeing tenant relations. However, property managers' responsibilities vary according to the terms of their contracts with property owners and their fees. Some of the other duties of a property manager are managing rental payments, managing tenants and tenant complaints, handling emergencies, coordinating repairs, handling evictions, and various administrative task.
Working with Tenants
It's important to have a good working relationship with your tenants, and it starts during the initial tenant selection process. When looking for tenants, the end goal is to select tenants that:
- Make rental payments timely
- Keep their units and common areas clean and tidy
- Plan to rent for an extended period of time
- Will also get along with fellow tenants
All prospective tenants should complete a standard application. This allows for sufficient data to review your applicants, allows you to obtain your tenant's authorization for screening, and also ensure each tenant is asked the same questions and no bias is shown.
The federal government has instituted certain laws to protect tenants from financial exploitation, privacy breaches, and safety hazards. These laws include lead-based paint disclosures, anti-trust laws, The Fair Credit Reporting Act, and lastly The USA Patriot Act. Knowing these laws and being able to explain them to your tenants will build a trusting relationship with your tenants.
Owning Your Own Property Management Business Requires a lot of Forethought and Planning
There are many things to consider when owning a property management business, such as the business's legal status; licensing requirements; personnel matters; start-up capital; marketing strategies; fee structure; and local, state, and federal laws.
Operating a property management business involves developing and implementing a set of systems and practices that:
- meet property owners' and tenants' needs
- adhere to a number of federal, state, and local laws
- also, ensure effective and safe property operations
Property Management Can be a Great Career Choice
Property managers must perform a variety of services and really do wear many hats. If you are considering a career in property management our Property Management CE course is a good review to help you decide if this career is for you.
To order our Property Management CE course and more, visit our Real Estate CE course catalog or call 888-895-8839 to speak to a member of our support services team.
This information current as of February 2019.
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