How to become a property manager?

If you’re looking for a varied, rewarding career in property and real estate you should consider property management. Australia has over 34,500 property managers, making it a popular career choice.

There are some requirements before you can begin a career in property management. Whether you are just starting your career in real estate or considering changing jobs within the industry, here is everything you need to know about becoming a property manager.

What is a property manager?

Also known as a real estate manager, property managers are hired by property owners to handle the day-to-day tasks involved in property management. Property managers may work as part of a real estate agency or a specialist property management agency.

Some of the tasks and duties covered by property managers include:

• Advertising and marketing the property to attract tenants
• Organising viewings and opens for prospective tenants
• Screening applicants
• Drawing up lease agreements to be signed by tenants
• Collecting rent, chasing up arrears and setting rental rates
• Conducting inspections of properties and arranging essential maintenance work
• Acting as a liaison for tenants handling complaints or requests
• Dealing with problem tenants and managing evictions when necessary
• Administrative tasks and basic accounting

The work of a property manager is varied and involves customer service, marketing and administration. Because of this, property managers are required to be effective communicators and have good organisational and management skills.

Types of property management

There are three broad categories of property management: residential, commercial and body corporate.

Residential property management involves managing properties intended for residential use — houses, flats, apartments and any other rental property where tenants live. Residential property managers carry out tasks like property inspections, arranging maintenance and collecting rent.

Commercial property management covers properties rented out for commercial use, such as storefronts, offices, industrial units, and retail complexes. The core duties of a commercial property manager differ from a residential property manager. But the basic principle of acting as a liaison between property owners and tenants remains the same.

Body corporate property management involves the management of properties that are part of complexes or schemes. Due to the more complex legal requirements of body corporates, property managers may need specialist knowledge of the law to fulfil their duties.

Becoming a property manager

The exact process of becoming a property manager differs state-to-state, so it’s best to check your state’s local requirements when planning your entry into a career in property management. However, the general steps required are similar across the country.

If you are moving into a property management role, previous education is not essential, but it is helpful. Generally speaking, a high school education should be sufficient. Employers may factor recognition of prior learning into their decisions, such as a bachelor’s degree. Some examples are:

• Bachelor of Property Economics at UTS
• Bachelor of Property (Development, Investment and Valuation) at ICMS
• Bachelor of Construction Management & Property at UNSW
• Bachelor of Property and Real Estate at Deakin University

Training courses

Your first step is to take a training course that will teach you the basics of property management and make you eligible to register as a real estate agent. The course requirements vary between states. So make sure that the course you choose fits the prerequisites for your state before enrolling. Some examples are:

• Certificate IV in Real Estate Practice (CPP41419) in New South Wales
• Property Services Training Package (CPP07) in Queensland
• Certificate IV in Property Services (Real Estate) in Victoria

You should also make sure that your training provider is valid in the state you have chosen to work in. Check that they’re an accredited training provider approved by your state’s branch of the Real Estate Institute of Australia (REIA), which oversees the real estate industry.

Training courses can be either classroom-based or online. Classroom-based courses may take longer, but you’ll generally get more out of them as you’ll have direct contact with lecturers to get additional advice and guidance, as well as other students who could become valuable industry contacts in time.

Online courses are usually faster to complete, making them more suited to those with prior knowledge of the real estate industry (I.e. career changers). Once you successfully completed your initial property management course and received a certificate of completion, you can apply for registration as a real estate agent.

Real estate agent registration certificate

Your next step is to acquire a real estate licence or certificate of registration. This process again differs state-to-state. Local regulations are usually set out by your state’s Office of Fair Trading.

Acquiring real estate licensing may include extra steps such as undergoing a police check or completing an additional real estate agent licence course, certificate course or registration course.

Once you’ve acquired your certificate of registration or real estate licence, then you’re finally ready to start your property management career.

Entry-level property management positions

Your training up to this point usually focuses more on the laws and regulations surrounding property management than the practical realities of everyday tasks. This is why you might want to enter a junior position first. Then work on building up your knowledge and skills before you seek a promotion.

An ideal entry point is a position as an assistant property manager. This junior role allows you to work under the supervision of a senior property manager while gaining property management experience on the job.

Another option is to take a position as a leasing consultant. Whilst the duties are limited when compared to a property manager, you can gain a lot of knowledge that will help to make the transition to a property manager role much easier.

Administrative positions can also act as a gateway into the property management industry. For example, some receptionists that join a real estate agent do so to get their foot in the door.

Further training

Your training doesn’t stop once you get your first property management job. Real estate courses in specialist areas, upgrade courses and advanced courses in property management can help you to develop your real estate career further and advance to senior positions.

Furthermore, your state may require you to undertake a certain amount of professional development short courses or real estate-related courses each year for your real estate licence to remain valid. If you don’t complete this training, then you may need to retake your property manager registration or licence course in order to regain your real estate agent’s licence and keep working as a property manager.