If you want to venture into a new career, becoming a property manager could be the right path for you. Almost everyone is looking to rent over buying a house. As such, the demand for reliable property managers is on the rise. Additionally, the Bureau of Labor Statistics suggests that the employment rate in this industry will grow by 8% through 2024.
Property managers work as an intermediary between property owners and tenants. The requirements for becoming a property manager varies from one state to another. In Chicago, you have to obtain a property manager certification based on the nature of the job. Read on to discover how to become a property manager in Chicago.
- Legal Requirements. The specific licensing requirements depend on the properties you want to manage. For instance, you have to obtain special certification if you wish to manage government-subsidized public housing. You have to do research and understand the laws and ground rules that apply to the tenants and you as a landlord. The state of Chicago expects you to have a real estate license before you can start managing properties. Your responsibilities as a property manager are similar to those of a real estate agent.
- Take Real Estate Courses. Even though a high school diploma may land you a job, the rising demand for property managers will require you to have a bachelor’s degree. You can either study real estate, accounting, public administration, or business administration. Other companies in Chicago will require you to have vocational real estate training. Other courses that you can take include urban planning, real estate finance, property management, and affordable housing administration. If you do want to go back to school, you can invest in online courses to increase your knowledge and skills. You can also learn some qb enterprise cloud lessons from a certified QuickBooks Pro Advisor to sharpen your accounting & bookkeeping skills.
- Make sure to establish trusted industry contacts. Once you have your certification and license, it is time to look for clients. Networking is the best way to start building your client base. Begin by finding local real estate clubs and local business organizations. Contact real estate agents who are always in touch with property owners. Local lending bodies are another excellent source of trusted contacts. Additionally, you can reach out to local contractors for possible introductions. You can also go to the internet and search for websites such as this Chicago water damage restoration company. Finally, ensure you advertise yourself using both the online and offline media.
- Stay Updated. Once you start utilizing your skills, do rest and assume that you know everything. Do settle on becoming a property manager, focus on learning how to be a better property manager. Always engage with other property managers and stay updated on the best practices. Using cloud based communications tools such as Microsoft Teams can help you to communicate among your own property management team. Regularly read property management blogs to keep in the loop on industry trends.
Now that you have figured out how to become a property manager, it’s just a matter of getting started. If this is your dream career, do not wait any longer. Do some research on property management companies and start networking to find your perfect fit.