Wanting to become a Property Manager

[Lance Hitz]

Hey everyone,

I’m looking to become a Property Manager, now I have never managed properties, of any type and have yet to purchase my own rentals. The market in my area is very hot, and for a newbie, is very daunting and competitive. So in the mean time while I build my knowledge and skills, I was thinking of property management. This would allow me to gain contacts and have good deals come forth to myself if I prove worthy and valuable. This would also give me excellent insight into my local market ie; rent pricing, fair list price, rental demand, common practices, tenancy rights, and so forth.

My question is whether I brave the hardships, and attempt to start managing properties of close friends myself, or to join on a Property management company to learn the skills and systems before beginning my own business?! I’m leaning towards the latter, because I don’t believe I can learn everything I need to from books and other sources, without a lot of trial and error in my business. I’m only 19 and working full time, so I have plenty of time in my life to learn while earning, before dipping my toes into the depths.

Any and all responses are welcome, I want to hear what everyone thinks, and help is much appreciated!

Thank you,

Lance

[Christopher Phillips]

@Lance Hitz

To be a property manager for other people's properties, you have to be a licensed broker or be a licensed agent working under direct supervision of a broker in property management.

You can be a property manager on property you own or if you are doing in-house property management for a company as a salaried employee.

There are a lot of risks and liabilities with property management like fair housing issues, so states require licensing and training.