Skip to content Sitemap

Blog

Four Characteristics of a Smart Business Investor

Contrary to popular belief, investing in real estate is not just about having a lot of money. If truth be told, it is important to have strong capital, but people who are unable to handle the pressure of the wait or make the right decisions will have a hard time breathing through investments in properties.

Making the most of your investments will require a balanced mix of multiple factors. You also might even need a little luck. Nevertheless, having or improving on the following behavioral traits will signify that you are ready to make your property investment successful.

Curiosity

One unchanging truth in property investment is that the market is as unsteady as a wave. Being successful in this field requires that you keep yourself informed enough to be able to ride that wave. Read up on the latest vogues, take advantage of highly recommended apps and platforms, seek out recent information and beneficial historical data for your investments. Doing all the necessary digging before making any decisions ensures that you are equipped enough to deal with any eventualities.

Knowing your property inside and out is the best way to maximize profits. This allows you to negotiate different aspects of an agreement like rent and utility bills.  How else can you convince someone to rent your property if you don’t know the strengths and weaknesses of your assets? In the same vein, doing the right research will afford you a snip when you are in the market for new properties that you can leverage on to get exponential profits.

Tenacity

The fickle nature of the real estate market doesn’t mean that you should settle for anything less than what you think you deserve. Usually, you will need to wait patiently for the ideal conditions to align. The ability to hold on while the market prices go up and down, while stubbornly holding out for essential parts of your plans and goals to fall into place is vital for property investors.

While it is important to be stubborn about your goals, remember to remain flexible with your methods, and keep your goals as close to reality as possible. Being able to continually examine your plans will guide you towards success.

Interpersonal Skills

This embodies both communication and management. Investing in real estate means you will need to be able to get as much information as possible from contractors or tenants. To do so, you need to be able to engage with them in a professional and friendly manner. You should be able to convince prospective clients of the need to invest in your property as well as negotiate the value you have set for your property.

Just like with any business, excellent customer service and positive employee engagement culture are some of the best traits to guarantee a good reputation for your business. In the world of real estate investment, a good name is worth more than capital.

Delegation to Expertise

A very important lesson is that you cannot trust yourself with everything! While you are central to driving your investments, and you should retain the right to have the final say, be on the lookout for experts that can help you make decisions. There is no substitute for experience, and theoretical data doesn’t always translate to reality. Knowing when to take a step back by allowing an expert to take the driving seat proves that you are focused on the greater good of your investment.

Reflect deeply on the above characteristics. Plan to tune your traits and try to take steps towards exhibiting all four of these characteristics so you can look forward to the inevitable positive results!

Five Simple Steps that Help to Mitigate Late Payment for Rental Properties

It should never come as a surprise when things don’t go to plan – after all, this world is ripe with uncertainties. However, as a property owner or manager, your focus should always be on getting your profits up, not on understanding your tenants all the time. While it is necessary to sympathize with your tenants, there must be a limit to your patience when faced with late payments.

It is even better to avoid that unpleasant position in the first place. However, doing so will require that you try to incorporate the following steps into your management plan and methods.

Payment Aide-mémoire System

The biggest connection between you and your tenants is the rent. It only makes sense that you make it a point of duty to keep this common ground of acquaintanceship open with reminders. This will push the early payment of the rental fees right up the priority list for the tenant. 

You should start this process by finding out which method of communication your tenant will prefer before the lease is agreed. Then pass the reminders to the tenants a few days before, as well as on the agreed day of remuneration. However, be sure to moderate your efforts, so you don’t cross the fickle line that constitutes harassment.

Observe and Investigate Habitual Late-Payments

No matter how solid your reminder system is, it is only strong enough to avoid problems with tenants who routinely forget to pay on time. In many unavoidable cases, you might need to directly consult those who you might have marked out for paying their rent late. You will be surprised by what a few minutes of dialogue might yield.

For example, if the agreed date of rent payment is a few days ahead of when the tenant receives their salary, they will most likely pay late throughout their stay. For a situation like that, you can then use this knowledge to design a new payment schedule that they will be comfortable with. In any case, getting to understand the circumstances behind late payments is crucial to keeping the late payments at bay.

Set up Electronic Payment Channels

Take advantage of the speed and convenience of online transactions with platforms that will assure automatic rent transfers. This is not to say that you should enforce the use of online payment systems on people that would rather use checks – everybody has their preferences. Nevertheless, for those tenants that go along with it, and if you factor in any additional costs that might set in from online transaction charges, you will find you and your tenants can enjoy a more fluid relationship.

Readjust the Expected Date of your Mortgage Payment

As nice as it looks on paper that your mortgage will be taken care of by the rent that will automatically be in your account, make the cautious step of negotiating with the moneylender to fix a new schedule that aligns with your rent payment date. That way, when the mortgage bills come in, it will only be triggered by the rent payments.

Employ the Services of a Professional

Professional property managers exist for the sole purpose of helping you get the best results from your property. They are usually equipped to do all the above listed steps for you, without you having to bother you about any details. This has the all-too-important benefit of allowing you to spend your valuable time doing other things.

Adept property managers will help you with sensitive tasks like screening tenants, and even marketing strategies – if the need ever arises. Also, from their garnered experience, there are a few unique circumstances, opportunities, and pitfalls they will realize a lot earlier than you will be able to.

Winter Events in Philadelhpia

It might be only a metaphor, but Philadelphia packs the heat like nowhere else in the country during the winter season. Families arrive in droves with the knowledge that the final days of the months spent in Philly brings a unique gift and engaging attractions to be enjoyed by each family member.

The December chill is snowed over with inexhaustible packs of holiday joy available through lures like Rothman Orthopaedics’ Ice Rink Cabin at Dilworth Park, Longwood Christmas events at the famous Longwood Gardens, Christmas Village at LOVE Park, and the Blue Cross RiverRink Winterfest.

As for the old souls, the melodies of the Philadelphia Orchestra serenade their minds while The Philly POPS makes it funky. For many families, the annual rendition of “The Nutcracker’, an artistic gift from George Balanchine himself, is a festive memory that keeps the smile fresh and true when performed by the Pennsylvania Ballet in the Academy of Music.

While you are free to start up your own traditions when you visit the home of the Delaware River this winter season, here a few events you must aim to get a picture of yourself in 2019.

Rothman Orthopaedics Ice Rink – Dilworth Park

The 8th of November in 2019 will mark the beginning of a series of events being held right in Philadelphia’s Famous Dilworth park. For the next 107 days until the 23rd of February, several events are lined up to ensure a fun-filled day for the visitors to the park. However, in the Rothman Orthopaedics Ice Rink, ice-skating becomes more fun than it should be. Especially when the experience is supported by the pick-me-up services offered by the Rothman Orthopaedics Cabin through their exquisitely prepared beverages, and the relaxing effect of Wintergarden’s western take on flower and plant arrangement.

Franklin Square Holiday Festival

A week after the Dilworth Park begins its festivities, the Franklin square lights up with festive ambiance, while the sensational delight of wintertime delicacies pervade the atmosphere with enticing aromas. It is a free event that provides the most romantic atmospheres for loved ones to marvel, with an electrical light show conducted by PECO as imagined by the great Benjamin Franklin to spell out the theme of the holiday every single evening. As for the food, make sure to stop at Ben’s Sweets and Treats for some local drinks and delicious food.

Philadelphia ZooLights Up

This year, the LumiNature comes to the first zoo in America to accentuate nature’s majesty through a ruthless display of light. There are expected to be up to 600,000 smaller lights and 12 huge pillars of lights. One of the big pillars has been rumored to be a lit community of penguins numbering 200. Another is a snake rising above 21 feet and huge cat eyes. In this celebration of nature, life will stir with live performances and drinks aplenty come November 20 for you and your kids.

Peddler’s Village

Speaking of kids, you can’t do better than a visit to Peddler’s Village. What’s better than bathing yourself in holiday-themed lighting while you watch or compete in gingerbread-house competitions? Your kids will also be excited by visits from Santa there in New Hope. Hot Cider is the seasonal drink, but the certainty stops there with more than 50 specialty shops available to confuse even the best holiday shoppers.

Lights Out

Philadelphia ends the season with a luminous bang with a wide selection of shows and events planned for the eve of the new year. Also, the Delaware River will, in turn, will be home to not one, but two amazing displays of fireworks. As one is slated for 6 pm, you can take your children to check that one out. You can then excuse yourself later with your partner for the other fireworks display slated for midnight.

Four Qualities Of An Effective Property Manager

Understandably, you may feel reluctant to hand over your property for someone else to manage. After all, you don’t expect anybody to feel the pain of loss as much as you would if your investment fails to yield. Nevertheless, your fears can’t outweigh the numerous benefits you can expect from a qualified property manager. At the very least, it gives you more free time to focus on the most important tasks to maximize profits. 

In there lies the major problem, how do you get the perfect hire? Property managers are expected to balance plenty of tasks so both the tenant and property owner are happy. At the same time, they are tasked with maintaining the property, keeping or improving the value of the property, while also coughing up profit.

Also, property management effectively cuts across various disciplines. They help with law, accounting, construction, marketing, and even psychology to some extent. Perhaps that is why most landowners prefer their property managers to have at least a high school degree. 

Whatever the case, hiring a property manager is undoubtedly a sensitive task. There are four hurdles you must hope that the candidates can cross before you can trust them with your property.

Impressive History

The first indicator of a candidate’s worth is their past. There is no shortage of corporations and agencies that offer their best services and fastest responses when they are receiving payments, but nothing before or after. 

Fortunately for us, digitization has afforded access to as much information as we need. By looking at the past experiences of the people that have acquainted themselves with that agency or firm, we get a clear idea of what we can expect from them.

Observe agencies that have at least 500 reviews, and an average rating of at least 4.5 out of 5. Additionally, ensure that the employees have good things to say about the methods and culture of the agency, to avoid hiring a team of grumbling and unsatisfied workers.

Availability

During your search, do your best to evaluate the mode of operation of the candidates. Try to discover if they are readily available and accessible through various sources, which is not limited to phone calls, texts, online messengers like WhatsApp or lives in proximity. 

You can tell if an agency is reachable if they have social media handles that regularly updates landlords and occupying or prospective tenants about relevant information. If you find that the candidates are hard to reach, you can surmise that they will be equally unreliable to your tenants.

Organization

There is an undefined timeline of priority for tenant complaints and inquiries. A property manager that will be an asset to you, will have a good sense of what should be high up the scale of preference aimed at problem solution for the property. In essence, they will know what is more important to treat at every point in time.

Staff

A true manager will have the interests of your property at heart before anything else. This means that they would do everything they can to cut costs that would normally be invited for maintaining the property.

In most scenarios, hired property managers give out these maintenance tasks and duties to external parties or subcontractors. They are infamous for inflating their wages. Therefore, a good question to ask your potential property manager before hiring them is if they already have a team of workers who will offer services at subsidized charges.

In any case, be sensitive and trust your instincts when looking to hire a property manager. If the prospect manages to possess all of the qualities outlined above, then you have yourself a gem.

Fall Events in Philadelphia in 2019

If you’re spending time in Philadelphia this fall, you’re in luck! There are plenty of events to enjoy, from outdoor adventures to performances, artistic endeavors, and more. No matter how you like to spend your time, you are sure to find something to do in Philadelphia in the autumn. Check out some of the biggest events coming to Philadelphia this fall. 

Philadelphia Fringe Festival

The Philadelphia Fringe Festival comes to Philly for two weeks in the beginning of September. Philly Fringe features experimental and avant-garde theatre pieces from artists across the Philadelphia area. This festival models itself after the longer, famous Fringe Festival in Edinburgh, Scotland. Check out some innovative theatre pieces from local artists! 

Hispanic Heritage Month

Hispanic Heritage Month runs nation-wide from September 15th through October 15th this year. In Philadelphia, festivities begin with the Feria del Barrio, a celebration of Latin culture, art, and music. Hispanic Heritage Month continues with a Puerto Rican Day Parade, Mexican Restaurant Week, and other celebrations of Hispanic culture throughout the city. 

Terror Behind the Walls at Eastern State Penitentiary

Philadelphia is home to Eastern State Penitentiary, a former prison that once housed famous criminals like Al Capone. The penitentiary is now used for historical tours, but in the fall, they give haunted tours. The Terror Behind the Walls tour at Eastern State Penitentiary is a Halloween-season favorite in Philly, and one of the most famous haunted tours in America. 

Center City District Restaurant Week

Every early fall and winter, Philadelphia’s Center City District holds Restaurant Week. A range of popular, upscale, high end Philadelphia restaurants across Center City participate. Each restaurant offers a prix fixe three-course menu for $35 a person, and some restaurants also offer a prix fixe three-course lunch menu for only $20 a person. Philadelphians eat at their favorite restaurants or those they haven’t had a chance to try for a reduced, fixed price. 

Philadelphia OutFest

OutFest, a celebration of the National Coming Out Day Festival, returns to Philly this fall. Philadelphia OutFest is the largest celebration of its kind, taking over Philadelphia’s Gayborhood. This block party spans over 10 blocks, and features drag shows, bar specials, food, music, shopping, games, and live music at a main stage. In 2019, Philly OutFest is scheduled for Sunday, October 13th. 

Philadelphia Film Festival

The Philadelphia Film Festival is back in 2019 for its 28th year. This festival lasts for 10 days, and features both local and foreign independent films, from short films to feature-length films and even animated movies. The films are shown across various venues in theatres across Philadelphia. 

Head of the Schuylkill Regatta 

The Head of the Schuylkill Regatta is one of the most famous Regattas in the country, attracting rowers ranging from amateur level to Olympic rowing teams. This year will be the 49th year of the Regatta, which brings in both rowers and spectators. Spectators can watch the Head of the Schuylkill Regatta on either side of the Schuylkill River, either on Kelly Ave or Martin Luther King Drive. 

Philadelphia Marathon

The Philadelphia Marathon is the last big event of the fall, as runners gather to journey on 26 miles of exercise. The race goes through Old City, the Philadelphia Museum of Art area, and along Boathouse Row. This exciting race will attract runners from the Philadelphia area and even from around the country. Smaller races take place during the same weekend in November.

What is Philadelphia Famous For?

Philadelphia is one of the largest cities in the United States, home to many historical sites and the signing of the Declaration of Independence. Philadelphia houses citizens of a wide range of cultures, beliefs, and lifestyles, and the city is known for its diverse population. While Philadelphia may be home to endless stories, it is well known for a few key facts. Learn what Philadelphia is most famous for, and how the rest of the country and the world knows the City of Brotherly Love! 

Philadelphia Historical Sites

One of the things Philly is most famous for is its rich history! Philadelphia was where the Declaration of Independence was signed, and it served as the unofficial first capital of the United States during the Revolutionary War against Great Britain. The Liberty Bell resides in Philadelphia, along with the Betsy Ross House, the National Constitution Center, the Museum of the American Revolution, and many more historical landmarks and museums. Many tourists and educational tours come to Philadelphia for its major role in American history.

Philly Cheesesteaks

The Philly cheesesteak is one of the city’s biggest claims to fame. Across the country, restaurants offer a “Philly cheesesteak”, but anyone from Philadelphia will tell you that you can’t get an authentic one outside of the city. Philly cheesesteaks are known for their thinly sliced meat, top-tier Philadelphia-made bread, cheese, and the option for your sandwich “wit or witout” fried onions. Cheesesteak shops all over Philly contend for the “Best Cheesesteak” title, but the most famous contenders include Pat’s Steaks, Geno’s, Dalessandro’s, and Jim’s Steaks. 

Philadelphia Sports Fans

Some will call them violent, others call them passionate. Philadelphia sports fans get a bad reputation around the world for a few unseemly episodes. All the way back in 1968, Eagles fans famously pelted snowballs at the halftime show Santa. In 1999, when J.D. Drew refused to sign with the Phillies, the fans threw Duracell batteries at him during his next appearance in the city. Philadelphia sports fans have had a few other incidents involving booing players, cheering for injuries, and fighting. Despite some bad incidents, the stigma against Philly sports fans is mostly blown out of proportion. 

Philadelphia Murals

The city of Philadelphia is a mecca for art, and one shining example is the Philadelphia Mural Arts project. Philly has over 2000 outdoor murals adorning the walls of the city. It has been called the “Mural Capital of the US”. The restoration initiative by Mural Arts Philadelphia is the nation’s largest public art initiative, creating anywhere from 60 to 100 new public arts projects each year. 

Philadelphia Fast Facts

Philadelphia is famous for so many things, so we’ll give you a few more fun facts about Philly: 

Philadelphia is a city of firsts: it is home to the nation’s first zoo, the first daily newspaper, the first hospital, and the first medical school. 

Philadelphia’s Walnut Street Theatre is the oldest continuously running English-speaking theatre in not just the country, but the whole world. 

Philadelphia is home to the most Impressionist paintings in the country, second only to Paris world-wide. 

Philadelphia’s Italian Market is the world’s oldest and largest outdoor market, and has remained the same for over 100 years.

Reasons To Live in Philadelphia

Philadelphia is one of the biggest American cities – it is the fifth largest in population size, and for good reason. Living in Philadelphia has plenty of perks, whether you’re a history buff coming to the city for its rich history, a student taking advantage of the top-tier universities, or you’re just looking for a fun place to live. 

Philly gets a bad reputation sometimes for its rowdy sports fans, but Philadelphians are incredibly proud of their home. Check out the top reasons to live in Philadelphia before you plan your move!

Affordability

Philadelphia isn’t the most affordable city in America by a long shot, but when you consider all the benefits, resources, and possibilities in the city, it’s surprising that the cost of living isn’t higher. Compared to similar cities like New York, Boston, Washington D.C., or Chicago, Philadelphia is a very affordable option. If you’re looking for the benefits of a major city with a reduced cost, Philly is the city for you. 

Green Space

Philadelphia offers the allure of a big city without feeling like you’re trapped in a concrete jungle. Philly is home to various parks, from one-block treasures like Rittenhouse Square to expansive, forested areas like Fairmount Park. Smaller sanctuaries like Rittenhouse or Washington Square are situated throughout the city. Just outside of the city, there are ample suburban parks, hiking trails, and National Parks to visit if you need some time away from the urban sprawl.

Top-Tier Universities

Philadelphia is home to plenty of top-rated colleges and universities. The University of Pennsylvania, an Ivy League school, is situated directly in Philadelphia. St. Joseph’s University and Temple University are found in Philly, along with Jefferson University, Drexel University, La Salle, and many more. Philly is known as a great city for higher education. While there are ample educational opportunities, the city is far from a college town, and it is not overrun by rowdy college students. Philly is also known for its medical schools, and some stats suggest that 1 in 6 doctors in the United States are trained in Philadelphia. 

Philadelphia Food

Philadelphia is a great town for foodies, with ample exciting and innovative eats across the city. One obvious claim to fame is the Philly cheesesteak, which restaurants across the country try to mimic. Aside from stereotypical Philadelphia foods like cheesesteaks, pretzels, and water ice, the city is home to great restaurants, all-star chefs, and more. Many upscale restaurants run by famous chefs are scattered throughout Philadelphia. There are also abundant hole in the wall places for great food at a reasonable price. 

Living in Philadelphia

Philadelphia is an exciting place to live for its residents, and it could be for you too! Aside from the cost of living, greenery, education, and food, there are endless other reasons to live in Philadelphia. The City of Brotherly Love has no shortage of culture, entertainment, and fun to be had.

What are the Duties of a Property Manager?

Landlords often turn to property managers to help them handle their rental properties. Property managers have experience dealing with rent, tenants, maintenance, and more, so they are great assets for landlords that are in over their heads. If you’re new to real estate, you may wonder what a property manager actually does. 

Property Manager Duties

Rent Management

One of the most basic duties for property managers is handling rent. It is their duty to set a fair rent, based on the local market and similar properties in the area. Rent may also need to be adjusted year-by-year based on inflation, home value, and the real estate market. 

Aside from setting rent prices, property managers typically collect rent each month. Today, most property management companies have online portals for paying rent, although some may operate by physical checks still. Property managers set clear due dates for rent and enforce late fees to ensure timely payments. 

Tenant Management

It is also the duty of the property manager to find, screen, and handle tenants. Property management companies help to market their properties and fill vacancies. They have the right experience and know how to screen tenants, from criminal background checks to credit and income checks. A property manager can handle leases, collect security deposits, and deal with tenant move-in and move-out dates and procedures. 

Property Maintenance 

Property managers also handle tenants when it comes to their maintenance requests and other complaints. It is their duty to receive and respond to maintenance issues in a timely manner, handling any repairs. Most property management companies have maintenance staff for upkeep of their various properties, although they may also outsource maintenance to contractors. 

Legal Responsibilities

A good property manager should be well-versed in state and federal landlord-tenant law. They must ensure that properties comply with rental and housing laws and regulations. Their legal role also comes into play when executing leases. Property managers take on evictions and landlord-tenant disputes over termination of a lease. They also often help landlords understand and file taxes on their investment property. 

Record Keeping

Finally, property managers keep detailed and thorough records for the properties they are in charge of. They manage budgets for their services as well as for any repairs or costs to the building itself. Property management companies should keep records of income and expenses, inspections, repairs, insurance, all legal documents including leases, and rent payments. Keeping all of this information together is important for both the landlord, tenants, and the property manager themselves in case any issues arise with the property. 

What Else Does a Property Manager Do? 

Some property managers take on more responsibilities, like clearing sidewalks or offering preventative maintenance. The details of their duties should be spelled out in a contract with their landlords or investors, as well as in the lease for tenants to understand their services.

6 Skills You Need to Succeed in Property Management

Working as a property manager can be a great, lucrative job in real estate. Whether you’re looking to work for an established property management company or you want to start on your own, there are certain skills that all property managers need. The duties of a property manager include rent management, tenant management, maintenance, legal duties, and more, so you may have to wear many hats as a comprehensive property manager. Hone these skills to become a successful property manager. 

Property Management Skills

Organization

It is vital that property managers stay organized. Managing leases, rent payments, expenses, maintenance, budgets, and much more can be a handful even for one property. When managing multiple properties across multiple locations, all of that paperwork is multiplied. On top of that, some property managers help with property acquisition, sales, taxes, and more. 

Managing every aspect of a property means taking on a host of responsibilities, so it’s important to keep everything organized. The best property management companies have fine-tuned systems to keep them organized. 

Communication

Property managers act as a liaison of sorts between tenants and property owners or investors. It is extremely important to keep clear and open lines of communication between both parties so that everyone is on the same page. If a tenant has a question about a lease, the property manager must convey that question to the landlord to work out an answer and get back to the tenant in a timely manner. Keeping constant communication is the key to happy tenants and property owners. 

Attentive Customer Service

Along with communication, property managers should provide stellar customer service all around. Staying attentive to both tenant and investor needs will help prevent any complaints and keep both parties happy. If you promise a 48 hour response to maintenance requests, stay true to that promise. 

While you may not be available to answer questions every hour of the day, try to respond within 24 or 48 hours to show that you value customer satisfaction. A tenant portal can be helpful for providing answers to frequently asked questions, as well as create an organized system for handling questions and requests in a timely manner. 

Legal Knowledge 

You certainly don’t have to be a lawyer to be a good property manager, but you should have some knowledge of tenant-landlord law and rental and housing laws in your area. Stay up to date on any changes in the requirements for property managers, landlords, and regulations like building codes. If any issues come up, it’s helpful to have some background knowledge. While most businesses may also have a lawyer for serious cases, knowing the basics of property law can help ensure that your properties, tenants, and landlords comply with any relevant legal requirements. 

Budgeting Experience

Property management companies may have an accountant on-staff to handle company budgeting, but some basic budgeting skills never hurt when it comes to property management. Property managers have to set, adjust, and collect the rent, so keeping a detailed budget can help you stay on top of rental charges. Budgeting is also important when it comes to repairs and maintenance fees. Every business needs budgeting, but this skill is especially important for property management. 

Firmness and Flexibility 

As we mentioned, communication is vital, but it’s also important to communicate the right way. Property managers should always be respectful, of course, but there are times when they will need to be firm and other times where they can allow some flexibility. When it comes to rent payments or tenant issues, a firm hand may be needed. The rent has to get paid, and tenants defaulting on rent may need warnings or eventually eviction notices. 

On the other hand, some flexibility may be allowed for certain cases. Rent is serious, but if a good tenant has never been late before and needs a few extra days, it’s okay to be reasonably flexible. Learning this balance is a skill that experienced property managers must learn over time.

How To Become a Property Manager

Are you interested in a career in property management? Working as a property manager can be an interesting and lucrative job, but the path to this career may not be clear. Since there aren’t property management degrees from colleges, what steps should one take to pursue this career path? Learn how to become a property manager and the experience it takes to become successful in this field. 

What Degree Do You Need To Be a Property Manager? 

Technically, you do not need a college degree to be a property manager. You can work at a property management company with as little as a high school degree, although many prefer hiring candidates with a bachelor’s degree or higher. If you’re interested in becoming a property manager after college, consider majoring in business administration, real estate, or another business, finance, accounting, or administrative major. 

Do You Need a License to Become a Property Manager? 

The answer varies state by state, but generally speaking, yes, you will need a license to be a property manager. Most states require property managers to hold either a property management license or real estate license to legally handle documents and transactions relating to leases, rent payments, eviction, and more. 

A license is necessary so that property managers can show that they have a certain degree of knowledge about landlord-tenant law and property management practices. Research the property management licensing requirements for your state to figure out how to get licensed and what requirements you must meet. 

What Specialized Property Management Certifications Can I Pursue? 

While you must comply with state laws in terms of licensing, there are other specialized certifications for property management that you can pursue as well. Most certifications are not legally necessary, but they can help you land a job at a property management company or convey a sense of legitimacy. Obtaining special certifications can open up new opportunities if you’re looking for a job. If you own, or plan to own your own property management company, extra certifications will show potential clients that you are professional and committed to learning the ins and outs of your industry. 

Some certifications you should consider pursuing include a CPM, Certified Property Manager certification, an RMP, Residential Management Professional certification, a CMCA, Certified Manager of Community Associations, or a CAM, Certified Apartment Manager. These certifications show your commitment to continued learning in your field, and while they are not necessary to become a property manager, they can be beneficial. 

How Do I Get Started in Property Management? 

If you’ve pursued a relevant degree, received the proper licensing, and even obtained other certifications for property management, you are well on your way. Breaking into any field can be difficult, however, and property management is no different. 

Begin like you would for any job search: apply for entry level positions if you have little or no experience. For an entry level position, you likely won’t need licensing yet. You can also kickstart your career by starting in real estate. Many property managers begin as real estate agents, so if you have your license you can get experience and learn more about the industry by working as a real estate broker. 

Property management is a great field for those with an interest and the right skills. Learn more about property management on our blog!

Next Page »