How Do You Become a Property Manager?
Here in Washington state and across the United States, more and more people are choosing to rent instead of buying. That means property managers are in high demand, but even more importantly, Washington needs high-quality property managers who know how to balance the needs of tenants and property owners.
To give you an idea of what it takes and what we expect from our property managers here at Zenith Properties, let’s take a moment and highlight how to become a property manager in Washington.
To start, we’ll quickly run through the main steps, and then we’ll explore each in greater detail:
- Attain a real estate broker’s license: Property management is a real estate brokerage activity, meaning that a broker’s license is required in most cases. There are exceptions that we’ll discuss below).
- Study and pass the certification exam: Higher education and real estate experience can help you get a job in the field, but earning your Certified Property Manager credential conveys expertise and proves you’re ready for the job.
- Get hired and gain experience: Find the company that’s the best fit for you and grow into your role. Networking and attending industry events can help in this regard.
Sound simple? In a basic sense, yes, but like all things, the more work you put in, the better off you’ll be. Let’s dive beyond the basics into what it takes to start a career in property management in Washington.
What Is a Property Manager?
To put it succinctly, property managers are the people tasked with maintaining and overseeing a real estate property in lieu of the property owner.
This entails anything from maintenance to sales and marketing to communications to navigating potential disputes and legal issues. The property owner pays them to ensure their property remains in good condition and a viable investment. A good property manager will be on call 24/7. It’s a demanding job, but rewarding.
Some of the key responsibilities of a property manager include:
- Collecting monthly rent from tenants
- Hiring maintenance personnel to work around the grounds of the property
- Showing apartments and other living spaces to prospective renters
- Developing marketing materials to attract new tenants
- Performing routine building inspections
- Create lease agreements and respond to issues or complaints that tenants have while renting
Steps to Becoming a Property Manager in Washington State
Getting started in the career of property management is not difficult, but there is some education and licensing required upfront. We’ll walk you through those steps below.
Legal Requirements and Licensing
In Washington, property management is considered a real estate brokerage activity that is listed under the state’s real estate licensing laws. Therefore, property managers need to hold a real estate broker’s license.
However, you may be exempt from needing your license if you are employed by a managing broker and limited to performing the following property management duties:
- Delivering lease applications, leases, or any lease amendments
- Receiving a lease application, lease, security deposit, or rental agreement that is made payable to the real estate firm or the property owner
- Showing a rental unit to a person, executing leases or real estate agreements, or acting under the instruction of the owner or managing broker
- Offering information on security deposits, rental amounts, or a rental unit or application for lease to prospective tenants
- Assisting in administrative, financial, maintenance, or clerical duties
Studying and Obtaining Your Credentials
Many companies that hire property managers are looking for people with at least a Bachelor’s degree in real estate, business administration, or finance. Some companies look for people who have received real estate training or even have a real estate license.
If you don’t want to go back to school full-time or don’t have time, you can take a vocational real estate training course in subjects like real estate finance, property management, real estate management, affordable housing administration, and real estate development. You can do these courses online or in person in just about every city. They are not required, but they will give you a leg up on other job-seeking candidates.
Getting the proper certifications, even if they’re not required where you live, will always convey expertise to hiring companies and property owners. Some of the certifications for property managers to consider include a Certified Property Manager, Residential Management Professional, Certified Manager of Community Associations, and Certified Apartment Manager.
Often, property managers will obtain their real estate license in addition to certifications. This qualifies them for more lucrative possibilities within other realms of real estate.
Work as a Property Manager and Gain Experience
Once you’ve received your credentials, you’ll want to find the company that’s the best fit for you. This is where you’ll have to put on your networking suit and get out there!
Conventions and other events that potential employers will be at are a great start. Two excellent organizations to look into are the National Association of Residential Property Managers (NARPM) and your city’s Chamber of Commerce.
At Zenith Properties, we are always looking for talented people to come on and help with our real estate and property management. If you’re interested in joining our team, you can read more about our story here!
What Are the Most Important Traits of a Successful Property Manager?
There isn’t one “set personality” for a successful property manager. Different types of people make great property managers because they’re good at different things – and there’s a lot that goes into being a great property manager.
However, there are certain traits that often help a person grow into becoming an excellent property manager.
- People skills: This is a big one. You’ll be interacting with a wide range of people, and they won’t always be happy. Disputes and conflicts happen. You need to be able to deal with unhappy tenants in a calm, respectful, levelheaded way. Good property managers are often excellent communicators, able to navigate tense conversations.
- Problem solver: This is a huge responsibility of property managers. Problems come in all sizes and shapes. You need to be able to think quickly and act as a resource for tenants and property owners when issues arise.
- Business-minded: Owning and managing a property requires good business sense. In general, you need to always be thinking about how to stay competitive, keep realistic goals in mind, and always have an eye on the bottom line.
- You take initiative: The best property managers are proactive, scheduling maintenance regularly and staying on top of vacancies. Try to be one step ahead of the curve whenever possible. Do your research and learn the ins and outs of your properties.
- Accountability: Make sure your tenants know you’ll take care of repairs and maintenance issues promptly. Enforce general rules of tenancy and any policies contained in the lease.
What Should You Know Before Becoming a Property Manager?
Before you launch into your new career, there are a few final things to consider. Taking care of these now can save you some time and set you up well for a start in property management.
- You’re going to need adequate landlord’s insurance. You may have regular residential insurance, but it won’t apply if you have tenants living without the knowledge of your insurer. When purchasing a landlord insurance policy, you should pay attention to possible clauses that might obligate you to conduct regular inspections of the property during periods when it isn’t occupied.
- Consider whether you need both building and content insurance. Building insurance on its own may not cover carpets, drapes, and furniture if you’re renting a furnished apartment. In addition, you’ll want to make sure your policy covers you against damage or vandalism and, in case the place becomes uninhabitable due to a covered loss such as fire or flooding, loss of rent. Lastly, make sure you’re covered for liability in case a tenant is injured on your property. You need to get permission from your lender before you can rent a mortgaged property. This applies even to something as seemingly trivial as renting out a single room in your home. You’re risking repossession if you don’t. You’re also leaving your tenant in a precarious position if the property goes into foreclosure, because the lender will have no legal obligation to honor the tenancy.
- Carefully consider reasonable ground rules. For instance, a lot of landlords recommend limiting the number of occupants that can reside on your property. The more noise to bother neighbors, the greater the likelihood of difficulties and problems in general.
- Research your state’s laws governing landlords and tenants. Just reading on tenant laws for a few minutes online should reveal a lot of what you need to know.
- You’ll need to do background checks on prospective tenants. The cost is minimal – maybe $20 to $30 – and well worth it. Experienced landlords say they mainly want to know if the prospective renter has a history of evictions. The great ones can look for specific red flags in the tenant.
Ready to Launch a Career in Property Management?
Once you’ve got the necessary licenses and education, you can check out our resources for getting started, such as tenant rights and best practices for new property managers.
If you have questions, our expert team is friendly and ready to answer. Contact us today!
Back to Property Management Services