Property management courses to ensure success
If you’re interested in getting into the world of real estate and property management you are not alone. As at the 2011 Census, there were 117,880 people working in the real estate industry. Many people are drawn to property management as it’s a highly rewarding career with plenty of room for professional growth.
But what exactly does property management involve and how does one get started in a career as a property manager? You’ll need certain qualifications and certificates in order to start working as a property manager and the exact requirements can vary by state or territory. So it’s best to have a good idea of what’s required before starting your property management career.
This guide contains everything you will need to know about property management. It covers what the job involves, the salaries and schedules you can expect, and what qualifications you will need and how to go about getting them.
What exactly does a property manager do?
The definition of a property manager is a professional who has been appointed to lease or manage a property on its owner’s behalf. The exact duties involved will vary depending on the real estate agency the property manager works for.
For example, a property manager working for a big agency will have a very different experience to one working in a smaller boutique agency. With that said, there are a number of common tasks that most property managers will be responsible for in some capacity including:
- Organising and conducting viewings of properties with potential tenants
- Creating marketing plans and advertising available properties
- Helping to prepare properties for lease
- Solving maintenance issues by acting as a liaison between tenants, property owners and tradespeople
- Collecting rent and following up on arrears
- Conducting property inspections
- Negotiating, drafting and renewing tenancy agreements
- Handling administrative tasks and financial reports
Their work overlaps with real estate agents in some ways, which is to be expected given they both work in the property market. However, property managers are not involved in the buying and selling of properties. They instead focus on managing tenancies to ensure the best outcome for both tenants and property owners.
What training do you need to become a property manager?
Whether you already work within the real estate industry or you’re making the switch from another profession, there are some essential qualifications you'll need.
The qualifications required differ depending on your state or territory. It’s best to check with the relevant body of the national Real Estate Institute of Australia (REIA) to see exactly what the conditions are for your region. The REIA incorporates eight different regional bodies with one for each state or territory, for example the Real Estate Institute of Queensland (REIQ).
Generally, getting started involves real estate agent or property management registration with your state’s Office of Fair Trading or its equivalent office. This will usually require completing an initial training package, real estate registration course or property manager registration course; and which course is required will vary based on your state. For example:
- 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
Once you complete the course and earn your real estate registration certificate, you will be able to apply to your state’s real estate industry body and officially start your real estate career.
Useful real estate and property management training courses
Education and training doesn’t end with your initial qualifications and it’s important to keep developing your skills to continue advancing into more senior positions. In fact, depending on your state, undergoing continuing professional development (CPD) courses may be a requirement for keeping your real estate licence.
There are a wide range of property services courses to choose from to advance your skills. The best way to search through them all is using the MySkills course guide. This lets you search a huge database of real estate course options as well as filtering your search by training provider or registered training organisation. To get you started, here are some of the most useful training options.
CPP41419 Certificate IV in Real Estate Practice
This is mentioned above but is worth repeating. This course is essential for all real estate professionals as it allows them to apply to their relevant industry body for registration. It is also worth noting that this course is set to supersede the CPP40307 Certificate IV in Property Services (Real Estate) on 30 September, making it an even more important part of your initial real estate training.
CPP31519 Certificate III in Real Estate Practice
This is an alternative property training starter course which allows you to work in more junior roles in real estate sales and property management, such as an assistant property manager, assistant agent or assistant real estate representative. However, you may need to study additional units of competency in order to register with an industry body.
CPP51119 Diploma of Property (Agency Management)
This property management certificate teaches skills in property services agency management and is designed for more experienced property managers looking to become an agency manager and is also available online.
Bachelor of Property and Real Estate
If you’re a student considering a career in real estate, then a university course could get you off to a strong start and give you access to a wide variety of roles in real estate, property management, property valuation and more. If university isn’t for you, you could also consider an apprenticeship or traineeship route into the industry.
Licence upgrade courses
These licence courses provide training and assessments designed to upgrade partial licences from other certificates (such as the CPP40307) into a full real estate agent’s licence without having to start from scratch with a full real estate agent licence course.
What are the best skills for a property manager?
On top of specific training, property managers also need general skills to succeed. Communication and people skills are top of the list of essential skills for property managers as much of the job revolves around liaising with tenants, property owners and maintenance workers. It pays to be a ‘people-person in order to build strong relationships with everyone involved in a property.
Other helpful soft skills include organisation, to keep on top of the needs of tenants and owners; creativity, to help add some flair to marketing and advertising and to seal the deal when showing prospective clients around a property; and the ability to work effectively in both team and individual settings.
There are two slightly more specialised areas that can help you get ahead as a property manager too: being tech and financial savvy. Technology is important as the real estate and property management industry is beginning to embrace new technologies like cloud management systems and mobile apps. You will not need to be an expert, but an awareness and basic understanding of this technology will help.
Financial skills are also important due to the high number of financial and accounting tasks involved in property management. You’ll be collecting and processing rent payments, handling client accounts and taking care of deposits as part of your day-to-day responsibilities.
What are the expected working hours and salaries for property managers?
Property managers tend to put in longer weeks than many professions. They may need to handle maintenance emergencies and other issues in the evenings after the normal 9-5 working day or carry out openings for prospective tenants over the weekend. This can lead to an average working week of 43 hours.
Salaries vary based on the location and size of the real estate agency in question, but it is estimated that the average entry-level salary for a property manager is $60,000, with an overall median salary of $75,000 across all property manager positions.
The most experienced property managers can reach salaries over $116,000, making property management a very rewarding long-term career. Property managers may also enjoy performance-based bonuses or commissions in addition to their normal salary, further boosting their potential earnings.