How to Get Started in Property Management

Property management can be a difficult job or a relatively easy one. Apartments or rental property must be managed by either the owner, an agency or an individual manager. The means by which you learn to manage a building makes it easier to do as you progress.

Instructions

1. Look for a job in the office of a large apartment complex. No matter if you get a job as a receptionist, reference checking or application taking, you are learning to manage property. Finding a good tenant is the first and most important part of property management. If you have a good tenant, management is easy. Learn what to look for in a tenant. How many will lease the property? How old are the prospects? Do they have jobs? Although you certainly cannot discriminate by age, older tenants usually take better care of an apartment. Learn to read a lease application and check references. Run a credit check. Know what credit score you will accept before you have the tenant sign a lease. Check employment. Did the prospect tell the truth on his application? If not, you may disapprove the lease. Often if you work in property management at a large complex, you will live on the premises free as part of your salary.

2. Work in a spot rental agency. Spot rental is usually resort property and is rented for a few days at a time. Normally an agency represents many properties for many owners and deals with the day to day headaches of property management. Vacationers pay in advance, so that problem is solved in advance. Vacationers also expect the property to be in tip top shape, so cultivate an entire cadre of repair persons. Have plumbers, electricians, handymen ready to do repairs within 24 hours or less. If you do not do a reported repair, you will lose repeat business.

3. The biggest and probably most difficult way of getting started in property management is to buy a piece of rental property. Learning property management this way is baptism by fire. Your most important job is screening tenants. After that, it is collecting rent. Be sure you have a well written lease and stick to it. Rent must be paid on time or you must specify and collect a late fee. Get a deposit to cover repairs if the tenant leaves with the rental in bad shape. You have a responsibility to the tenant to keep the property in good repair, so unless you can do repairs yourself, be sure you have trusted repair people who can do repairs for you. Property management is a 24/7 job. You must be on call for any emergencies and they do happen! If you are ready for such responsibility, start to learn property management.

Resources

• Read this Article in Spanish