Over the years, the real estate sector has grown by leaps and bounds. This has also created great investment opportunities for investors wishing to buy properties. When a person is buying a property for investment purposes, he needs to analyze the market to make sure that his investment will earn him a good profit. However, many people do not have the time for market research, and that is where the need of a professional arises.
Property managers generally work for people who have a high net worth or large firms which are keen on investing in real estate. They recommend trends in the realty sector to their clients/employers and help them make investment decisions. These managers try to predict future growth in a particular area, future property prices and know vital details about the Federal and Housing department rules and regulations. They also undertake registration of properties and collection of rent, in case the properties are leased by the clients.
Further, maintenance and protection of properties to increase their value are also some tasks which are widely carried out by them. They also have a crucial role in the process of signing agreements with interested parties on behalf of their clients. After several years of experience, you can work as an independent consultant to major companies, and this can fetch you more money than being an employee. Exactly how to become a property manager is explained in detail below.
Becoming a Property Manager
A Bachelor's degree in accounting, finance, business administration or mathematics are desirable qualifications in this field. However, a Master's degree in real estate management from a well-known institute will give you the required real estate exposure and knowledge. Apart from this, doing short courses in law, focusing on property buying and selling laws, would be an added advantage. Knowledge of computers and accounting is beneficial for property managers as they are required to generate reports and estimates about properties for their clients.
In the United States, to work as a property manager, you need to have the right certifications and license. You can get the designation of a Certified Property Manager (CPM) from the Institute of Real Estate Management (IREM). This can really take your career to a higher level.
Property managers can make good money once they get the relevant experience and have the necessary skills. Salaries depend on many factors such as educational qualifications, location of the job, type of employer and skills. Entry-level salaries are usually in the range of $45,000 to $50,000 per year. With around four to six years of experience, they can expect to earn around $50,000 to $60,000 per year. For those having an experience of over ten years, the earnings can be over $100,000 per year. With the fast growth of the property market, a property manager's salary will continue to rise as per the opinion of industry experts.
All candidates wishing to work in this field should be ready for hard work and not expect overnight success. Good luck and try your best!