Do you have a passion for real estate? Do you feel that you have the skills to manage properties? Do you have a preference for apartments?
Then becoming an apartment manager or landlord is a viable option to consider. Interestingly, the future is bright for the apartment rental industry. Studies reveal that the United States needs over 4.6 million new apartments by 2030.
If the industry doesn’t meet the demand, there will be a serious shortage of apartments for American renters.
But for now, your immediate concern is this: do you know how to become an apartment manager? What are the steps and qualifications to become one? What if you want to manage your own property for others?
Continue reading below for a guide on how to become a landlord for apartments.
How to Become an Apartment Manager: Start with Your Legal Requirements
The first step to becoming a property or apartment manager is to complete your legal requirements. It is important to note that the licensing requirements for property managers vary depending on which state you wish to practice.
Also, the property management laws differ depending on the location of the apartment. From there, you can take the first steps in acquiring a license. Most states require prospective property managers to secure a real estate license first.
Sometimes, you may need to take certain exams. This is one of the reasons why you need to learn a lot of things about real estate and property management.
Take Up Real Estate How to Become a Landlord Courses
And speaking of learning, you need to take up various courses in real estate. These courses will serve as the foundation of your career as an apartment manager.
If you only have a high school diploma, do not fret. Several companies hire property managers who don’t have college degrees. But if you have one, then your chances of securing a spot in real estate companies go up.
However, the best scenario is to buy your own property and manage it for other people. In this case, you still need to go through various real estate courses. Do not rush yourself into buying a property.
Take time to invest in your mind. Learn the ropes and master the ins and outs of property management.
Apart from taking up various courses, you also want to earn a certification in property management. Most states will require certification before you can become a property manager.
Furthermore, earning a certification means learning about business and accounting skills. Some of the most notable certifications include the Residential Management Professional (RMP®), the Certified Property Manager (CPM), and the Certified Manager of Community Associations.
Also, you need to meet all the key requirements to earn a certification. After applying, you need to finish certain educational requirements. You need to go through a set of examinations too.
Though learning about property management through books and courses are essential, it is not enough. You also need to learn from real practitioners. And one of the best ways of doing so is by joining a realtors’ or property managers’ association.
Start by signing up for a couple of workshops. You may also join a few seminars that aim to deep dive into the intricacies of property management.
From there, start building your connections. Talk to some of the veterans in your area. Don’t be afraid to ask about things that you don’t fully understand about the business.
These connections may benefit you in the future. Here, you can find people like property managers and realtors who can help you with your business.
Make Everyone Know You Exist
If you’re still saving up for a property, you can gain experience by applying to a real estate company. Thus, you need to make everyone know that you exist by getting your resume out there.
The key is to prepare a solid resume. This means keeping your resume at two pages maximum. In these two pages, list all the seminars and courses you joined in.
Furthermore, highlight the certifications that you earned along the way. Don’t be afraid to start small. You need to begin at an entry-level position then slowly work your way up the ladder.
Find a good mentor who can guide you as you grow. Build your savings by establishing a steady income.
A good position to apply for is an assistant property manager. Several apartment complexes use assistants to work on the nitty-gritty stuff.
This is the best place to learn the basics of property management, hands-on. Here, the company can assign you to oversee the janitorial services of the apartments.
You may also become in-charge of collecting the monthly rent of tenants.
Stay on Top of the Industry’s Best Practices
Last but not least, learning how to become an apartment manager does not end in becoming one. Instead, you should continue expanding your knowledge by learning about the best practices in the industry.
Knowing the basics is good. But your goal is to become a good apartment manager. Thus, you need to feed your mind by reading the latest news on properties and real estate.
Learn about the latest technologies from various parts of the world. See if you can incorporate a couple. This will help take your management skills to the next level.
The key is to have a mindset that you cannot be stagnant in your career. Apply new property management tips and find the right mix to better serve your tenants.
Increase Your Real Estate Knowledge Today
Though learning how to become an apartment manager takes time, patience, and hard work, the fruits will be sweeter in the end. You can better serve your tenants and establish a good reputation in the industry. But if you wish to learn about the other areas of real estate, there is no way to go but to continue your study and research.
We invite you to read our other articles on real estate. We discuss topics that will help you become a better realtor, agent, or property manager.