You’re considering a career in property management. How can you prepare yourself for the challenges ahead?

As a property manager or as a legal advisor in real estate, it's essential to grasp the foundational concepts of real estate legislation. This includes a comprehensive understanding of urban lease regulations, landlord-tenant rights and obligations, as well as the fiscal aspects tied to all this.

In my view it is advised to look into the online resources available to understand what is the industry about and whether you can fit in it or not. As an industry its a high pressure industry dealing with many stakeholders and always managing expectations. Since its one of the most in demand industry because housing is a necessity the chances to grow and excel are high provided one is willing to go extra mile.

The National Apartment Association and the Institute of Real Estate Management are great resources for foundational classes and certifications. Temporary staffing is also a great way to test the industry and see if you are a fit. At our firm we provide free on-demand basic training for the industry and with in a couple of days on sight you will know if you want to stay or go. :)

NAA and IREM offer credential courses for various levels and budgets. NAA provides affordable, shorter courses like CALP, CAM, CAMT, and CAPS. IREM offers more comprehensive and expensive courses, ARM and CPM, with a challenging exam process. The CPM designation carries more weight, with reciprocity to other trade certifications, allowing holders to skip classes and take the credential exam directly. When choosing a course, consider cost, time commitment, and career goals. Both NAA and IREM credentials can boost your property management knowledge and career prospects.

Consider temporary staffing to gain different exposure quickly. Our staffers have worked in affordable all the way to class A sites and they love gaining the experience in different avenues so they can see what they like doing.

We are a people business and that leasing pro today will likely be a regional tomorrow, so network and cultivate those relationships, they will take care of you ten fold.

In real estate, strong connections are KEY. Cultivate trust with owners, tenants, industry peers, and local authorities. Trust and a resilient network shape success. Establish trust with owners for smooth transactions, enhancing client satisfaction. Open communication with tenants resolves issues, boosting satisfaction, retention, and property value. Collaboration with industry professionals enhances efficiency. Relationships with local authorities streamline compliance for regulatory matters.

Legislation and market trends in real estate evolve constantly. It's a MUST that we stay informed about legal, technological, and economic changes that may impact property management. A constant update allows my company to anticipate regulatory changes and adapt its strategies to new trends, providing a more comprehensive and tailored service to the ever-changing market needs.

Never underestimate the power of good marketing. Do your research on marketing trends and outline a strategy before you get started. Consider using social media to help you gain more visibility and exposure among clients.

Remember that you are in a service business. What can you do to increase the enjoyment of your housing? It doesn't alway have to be more amenities. During COVID - when people were cancelling leases, not paying rent, and more I pushed hard to give our tenants at least 48hr notice and tight time windows when lawncare, etc were occuring. Why? People were working from home, in meetings, and adjusting to the new normal. We had 98% of tenants continue to pay rent and many that renewed their leases thanked us for our consideration during that time. Many of those tenants became brokerage clients as well when they were ready to buy a home.