Working in property management is a great opportunity for someone who is already in the housing business. For a total of 3 years, I have been working on a few property flips, where else but in Key West! But unfortunately, my time enjoying the beaches and relaxed life are coming to an end because I have to move home for family reasons next month.
Now that I am no longer in Key West, I am working on getting back in the game. So, I thought it would be a good time to share what I know about property management in this blog, which should also help me dust off the mental cobwebs so I can jump right back in where I left off.
What Exactly is Property Management?
Property management is when you are hired to find a tenant for a property owner, or a property owner for a tenant. It is not always the easiest job, but it is always rewarding in the end. If you can help people find homes, when the economy is not the greatest, then that alone should make your job worthwhile.
If you have ever rented a home, then you know it’s not as easy as it sounds. You want to find the perfect house that fits your needs, which you can make into your home. At this time in the market, there are more house’s for sale and for rent, then there are people to purchase and rent them. So now is the perfect time to start searching for your ideal home, although it may take you some time because there is so much inventory out there right now.
A Changing Housing Market
Having so many houses on the market is also the best time to buy one but right now, people either don’t have the money to buy, or the credit, so it’s very difficult. The economic impact of 2020 is still playing out, but it’s already apparent that demand and prices are going to take a long time to recover, from what I am seeing.
That is why everyone has turned to renting. Renting a home is not a bad thing, when you rent you can decide the things that you like and dislike about where you live. This can actually in the long run help you figure out what you’re looking for in a home, which can save you some time.
Being a property manager, there are things you need to do and know, to keep everyone happy. First thing you should know is that no one will be happy 100% of the time, it doesn’t matter if it’s your tenant or owner. Second is if there is a fixable problem, let both sides know that you are going to do all that you can do to fix it, then do it. Third is to work to make your job easier, not because you have to. There is so much more to property management, but these are a couple of the most important in my eyes.
Next Steps and What You Can Expect
If you’re looking to get into property management, just be aware that you’ll probably need to get your realtors license first and follow all applicable laws and regulations in your state. After that, there’s a million other things I could tell you, but you’re going to have to let experience be your teacher because property management is anything but boring! Technology is your friend though, and that’s one final lesson for you that I wish someone had shared with me starting out. A lot of these established firms in the property management space are old-school. DOn’t let their resistance to change slow you down in the digital age! You’re going to need all the time you can save to help keep your sanity at times…
You’re NEVER Really ‘Off Work’ in Property Management
If calls at 2AM regarding flooded basements and any other number of issues don’t make life interesting enough for you on a monthly basis, you don’t have enough properties under management! Crisis calls like this are an almost weekly occurrence at some of the larger management firms I’ve worked for over the years. It’s a part of the business that can be demanding on anyone, especially those trying to juggle family life with a career.
Be prepared for the most rewarding adventure of your life when you first get into property management. Do a good job, and you can really build a solid income for yourself in residential property management. It’s not easy, but the rewards are definitely worth it.