5 Tips to Get Started in Rental Property Management

rental property management

Property management has no advanced education requirements and an expected 11% growth rate over the next decade. That makes it an appealing career option for many.

You get the benefits of a mostly white-collar job, like working in an office most of the time. Your non-office work typically consists of showing properties. Plus, you get to take a pass on the anchor of student loan debt.

The part that most people struggle with is getting started in rental property management.

Keep reading for some tips to get you started.

Get Familiar with Fair Housing Laws

The federal government has passed a number of fair housing laws. The goal is to make sure everyone can get access to the same housing. A few better-known guidelines include not discriminating based on:

  • race
  • religion
  • sex
  • family status
  • color
  • disability

In addition, you may also be subject to state and city-specific fair housing laws. You need to familiarize yourself with these laws and what they prohibit.

Get a Certification

It’s not a requirement for employment, but there are property management certifications available. Getting a certification offers some benefits.

Studying will help you organize the knowledge you already possess on the subject. It will also show you your weak spots.

For example, you might do fine preparing paperwork but struggle with the financial side of the job. Knowing that lets you brush on the core finance skills.

The certification also helps to polish your resume. It makes you look like someone who takes the job seriously.

Embrace Time Management

It’s common for people new to rental property management to end up managing a number of small properties. This can prove a recipe for working 60-hour weeks and still feeling overwhelmed.

It’s easy for small tasks to distract you from important tasks. Good time management is really about setting priorities and blocking out time to deal with them. That means building a schedule and sticking to it.

You can’t manage your time if you don’t know when and where you’ll spend it.

Target Your Rental Property Management Work

It’s also common for new property managers to take any work anyone offers, just to get some money coming in the door. This impulse is understandable, but also impractical in the long run.

Six properties spread out across a decent sized city will kill you with commuting. Your preferred lawn care service, handyman, or plumber might only work in certain parts of the city. That means juggling different service providers and remembering who works where.

Working in a targeted area limits those problems.

Take Advantage of Technology

Technology is, to borrow a military term, a force multiplier. It lets you accomplish more using the same amount of time and energy. Yet, most people only use a fraction of what most technology offers.

Dig deep into the software and apps you already use and see what they can really do. You’ll probably discover that they’ll let you manage more properties and still get home in time for dinner.

Being tech-savvy also makes you more attractive as a property manager.

Parting Thoughts

You can get started in rental property management.

You need to get familiar with fair housing laws because no one wants to get sued. Certifications and being tech-savvy make you look more professional. Time management and targeting your work to an area are basic survival skills for the job.

eFind Agent specializes in pairing property managers with property owners. If you’re a rental property owner and don’t feel ready to manage it yourself, contact us today.