A Guide to Becoming a Property Manager
Becoming a property manager can be the beginning of a satisfying and lucrative career. The good news is that the property management industry is large and growing. According to IBISWorld, there are over 900,000 people employed in the industry in 2022. The U.S. Bureau of Labor Statistics forecasts that the positions of a property manager, association manager, and community association manager will grow 3 percent between 2020 and 2030. ipropertymanagement reports that there are currently 311,000 property management companies registered in the U.S.
Along with plenty of job possibilities, there are opportunities for career advancement and the potential for large salaries.
What Does a Property Manager Do?
A property manager essentially oversees all the business functions of commercial, industrial, and residential real estate properties. The functions embrace a wide range of activities including marketing vacant units, screening applicants, hiring and managing vendors to perform maintenance and repairs, collecting rents, performing property inspections, and much more.
How to Become a Property Manager
To become a property manager, a minimum age of 18 or 21, depending on the state, is required. One must be a legal U.S. citizen or permanent resident and have a High School education. Additional qualifications to facilitate advancement in the profession include college coursework or a bachelorBeneficial fields of study beneficial include business administration and finance.
Most states require each property manager to obtain a real estate license, and that necessitates additional college coursework. Entry-level property managers work under a supervisor, so initial licensing is not required. Completing specific certifications is a valuable way to gain career advancement. Get started by getting an initial property manager job and grow from there.
How Are Properties Financed?
Real estate properties can be financed through conventional bank loans, hard money loans, private money loans, equity investor funds, and alternative lenders.
Seek Expert Financing Assistance
Contact Toluca Lake Capital, based in Toluca Lake, California for exceptional financing solutions. We offer a broad portfolio of business loans to meet your needs so you can grow your business and achieve business success.