Is Property Management Right For You?

Have you wondered if property management is the right career for you

? If you're thinking about getting into management in the rental market, there are several things to think about before you commit to property management.

Property management hours may be a pro or a con for you, depending on your preferences. Property managers typically don't work 9 to 5 in an office environment, but managers of any rental space must be on call 24 hours a day, 7 days a week. If you're looking for a non-traditional schedule that's somewhat flexible, property management may provide you what you're looking for. As a property manager, you'll be traveling between the rental properties you manage rather than sitting in an office all day, which may also appeal to you if you favor time outside the traditional office environment. If, however, you prefer a consistent schedule, property management may not be the right fit for you. You also have to consider whether you're willing to be available nights, weekends, and holidays for any property emergencies.

Of course, one way to mitigate some of the scheduling cons of property management would be to start or join a property management company. If you share the responsibility with a group of property managers, you can share call duty on nights, weekends, and holidays, meaning you only need to be available to rental property tenants at scheduled times.

Working in property management, some of the daily tasks you will handle include maintaining the rental property or properties of your clients, which could mean performing basic to complex handyman tasks on the property, or maybe hiring a professional and supervising any maintenance, depending on the agreement you have with the property owner. Property maintenance will also include keeping the yard and property looking professional and neat - again, either performing the work yourself or hiring a professional crew. Property management also includes finding tenants for rental properties when needed. You'll likely be both advertising rental vacancies and screening any rental applicants for the property owner. Once tenants are in place on the property, the property owner will rely on you as the property manager to make sure the tenants are current on their rent and handle any rental disputes or problems with the tenants in a professional way.

Because property management means you will be working closely with tenants of rental properties, you will need to be familiar with property management policies and applicable property laws in the area. Any lease or rental agreements for the property will need to be in order and any rental disputes or issues with the rental tenants will need to be resolved not only in a professional way, but also in a legal way. As a property manager, the property owner will rely on you to be familiar with applicable property law and your state or city's rental laws and policies. One perhaps unsavory duty of property managers is evicting rental tenants who are not fulfilling their lease or rental agreements.

If you feel property management is a good fit for you, you will either need to find a property management firm to join or learn about starting your own property management business.

by: Helena Khalili

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