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Wanting to get into Property Management
I'm in Omaha, NE and wanting to get into property management. I have no experience, is there any advice or tips any of yall could give me to help me get my foot in the door?
Richard F.
#1 Tenant Screening Contributor
#1 Tenant Screening Contributor
- Property Manager
- Honolulu, HI
Aloha,
If you are thinking of Property Management for others, In Nebraska, you DO need to have a Real Estate License, and work for a Brokerage, under the supervision of the Broker. There are a number of companies that focus on PM.
If you are thinking about purchasing and managing your own, there is a very lot to learn. Personally, I would recommend starting by getting a very good understanding of the construction process and how the various systems function, fundamentally, so you can better recognize, and understand problems when they arise. Part of this will include understanding the permitting process and when it is needed. You also need to get a good understanding of Nebraska Landlord / Tenant laws, and how the judicial system works relative to PM. Obtain copies of Board of Realtors Rental Agreements and related documents for a starting point of what you need in your documents. Be aware of what elements may be restricted by local law, such as Security Deposit amounts, late fees, etc. Also be aware, Board of Realtor documents are typically updated at least once per year, to coincide with actual changes in the law, so you need to stay on top of that. Then, in addition to determining what area you want to buy into, and what property, and reno costs, etc., there is the whole marketing, application, and approval process for tenants, as well as ongoing tenant management during tenancy. To be effective you need good systems for all of it...
If you are thinking of Property Management for others, In Nebraska, you DO need to have a Real Estate License, and work for a Brokerage, under the supervision of the Broker. There are a number of companies that focus on PM.
If you are thinking about purchasing and managing your own, there is a very lot to learn. Personally, I would recommend starting by getting a very good understanding of the construction process and how the various systems function, fundamentally, so you can better recognize, and understand problems when they arise. Part of this will include understanding the permitting process and when it is needed. You also need to get a good understanding of Nebraska Landlord / Tenant laws, and how the judicial system works relative to PM. Obtain copies of Board of Realtors Rental Agreements and related documents for a starting point of what you need in your documents. Be aware of what elements may be restricted by local law, such as Security Deposit amounts, late fees, etc. Also be aware, Board of Realtor documents are typically updated at least once per year, to coincide with actual changes in the law, so you need to stay on top of that. Then, in addition to determining what area you want to buy into, and what property, and reno costs, etc., there is the whole marketing, application, and approval process for tenants, as well as ongoing tenant management during tenancy. To be effective you need good systems for all of it...
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Nathan Gesner
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Quote from @Lee Pope:
I'm in Omaha, NE and wanting to get into property management. I have no experience, is there any advice or tips any of yall could give me to help me get my foot in the door?
Congratulations on your first post!
Go to indeed.com or monster.com or other job sites and search for property management jobs. I did a search on Indeed and found 30 ads.
I agree with Richard. Check your local laws to see what requirements there are. Here in WA you can be a property manager or a leasing agent with no broker's license. Find a Leasing Agent position and work your way up!