Perhaps you're interested in exploring property management roles and how they fit into the broader real estate landscape. A reasonable question is whether you'll benefit from working as a property manager since the rent goes to the landlord or owner of the property. On the other hand, you might worry that you can't get into real estate because you don't have the capital to invest in property right now.
In either case, you should take heart that property managers can build thriving businesses without investing in property themselves. Real estate is a very stable place to earn your income since everyone needs a place to live. Real estate and property management is a business like any other, and working for a management company isn't very different than working at any company.
What Does a Property Manager Do?
There are at least two types of investors:
- Those who want to manage every property they own and rent out personally.
- Those who want a stable source of passive income without doing repairs or working with renters themselves.
That second group has given a space for property management companies or groups of employees who handle day-to-day interactions and work related to keeping a rental property going. The managers are generally local to the properties in Portland you'd be managing, while investors can live anywhere if they have an excellent regional property manager.
The process begins with finding renters, including advertising the property and screening renters for any red flags. As the property manager, you might also weigh in on the lease in some ways with best practices and make sure you had the lease signed by the renter. You'd then be their point person for maintenance and repairs and collect and deposit the rent. If conflicts arise or confusion exists, you'd be the first person to talk to the renter, rather than the landlord, though for important or complex questions, you'd also be in touch with the investor.
It's a vibrant, varied job that teaches you skills to help you make rental property management efficient and effective.
Property Management Serves Renters and Investors but Thrives On Its Own
Now, you might ask, if investors don't want to do this work, how can property managers have enough "doors under management" to do a good job and make money? Many tasks go faster or will be more efficient if you manage multiple properties rather than only one or two that you own personally.
Hiring a maintenance professional for only one or two weekly jobs may cost more and make it challenging to have consistent service. If you have enough properties to employ someone full-time, it may help you get a better-quality maintenance crew and more consistent service at less cost per job since people prize the consistency of a full-time role. Being organized, using online rent collection, and applying your knowledge and experience as a property manager help you create a thriving business without being the investor yourself. Everyone can find a role in the real estate world!
Before becoming a property manager, you want to consider that they act as a buffer for renters and landlords. Usually, renters and landlords are civil and good communication is enough to keep them in a good place. It's important not to shy away from occasional conflicts when they arise. Furthermore, this work involves impeccable organization since many of the renters' complaints arise from typical concerns, such as a repair request that fell through the cracks or long-term issues with a nearby neighbor who breaks the noise rules. By consistently handling everything in your job description, you minimize the times you need to address renter problems.
A Preparation Course Can Help You Hit the Ground Running in Property Management
If you think that property management might be your ticket into the real estate world, taking a preparation course to become a property manager at Portland Community College is a significant next step. A prep course is your first step if you want to learn how to get the property management license Oregon requires. You'll learn about the ins and outs of legally renting property and managing it well and other aspects of real estate law if you decide to branch out into other parts of the work.
If you work in property management for a bit, for instance, and realize that you're ready to invest yourself, that transition is often quite good because you already know just how much work is involved. Get to know the PCC real estate coursework today and sign up for a class to help you join this stable and frequently expanding field.