Second, you will need to learn how to manage physical properties, including scheduling routine maintenance and repairs, managing vendors, and ensuring compliance with safety regulations. Therefore, your first goal should be to become proficient in budgeting, financial management, and reconciliation. Property managers are responsible for collecting rent, paying expenses, and managing budgets, so understanding financial management is key. However, they don’t cover the best practices that are required to be a successful property manager. Most real estate licensing education providers do cover the basic principles and requirements of being a property manager.
To avoid common mistakes and to be the best property manager you can be, consider taking additional courses or certifications that are specific to property management. Get Additional Property Management Education Don’t rely on this article or any other blog, as state requirements change frequently and you want to ensure you are in legal compliance before starting to manage properties for other people. Whatever the case, the first step is to visit your appropriate state’s website. These can include additional insurance and specialized bank accounts. Many others, like my home state of Colorado, also have special requirements for managing brokers. It’s also important to note that in order to receive your license in most states, you will need to pass a criminal background check. This includes managing short-term rentals such as VRBO and Airbnb. The remainder do require either a real estate license or property management license in order to manage properties for anyone other than yourself and direct family members. Many states don’t require you to be licensed if you are managing property that you own or are Airbnbing your own house. Idaho, for instance, is one of five states that only requires a person to be over the age of 18 and have a high school diploma to manage properties for others. It may shock you to learn that not all states require a license to become a property manager.
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