Property management is a dynamic and challenging profession that involves overseeing the operation, maintenance, and administration of real estate properties. As such, it requires a deep understanding of property management principles, as well as knowledge of laws, regulations, and market trends that impact the industry.
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A property manager is responsible for ensuring the financial performance of a property while also ensuring that residents and employees are happy and satisfied with their living or working conditions. Not an easy task on any given day. To be successful in this field, property managers need to have both initial and ongoing education. But what options are available? This article will take a deep dive into the many different aspects of property management training available and why each one is a critical step to unlocking your success on your chosen career path.
The Importance of Education
So you have made the decision that property management is your top choice for a career. Now what? Take a moment and think about your first car. You carefully did your research and invested in driving lessons to ensure that you knew how to legally operate the vehicle. And, of course, you probably watched more than a few tutorials on how to properly care for it. Your career choice will follow a similar path. You will need to invest in and choose the right education to help you gain the industry certifications, licenses, and good old-fashioned know-how to help get you started. But does your education end there? Well, let’s go back to the car analogy.
Just as a car needs regular oil changes, tire rotations, and tune-ups to keep it running smoothly, property managers need to stay up-to-date with industry regulations, technology, and best practices to keep their skills and knowledge current.
Without regular maintenance, a car can break down or become obsolete, just as a property manager who doesn’t continue their education can fall behind and struggle to manage properties effectively. Additionally, just as a well-maintained car can run more efficiently and save money on gas, a property manager who invests in ongoing education can increase their efficiency and effectiveness in managing properties, leading to higher returns on investment for property owners.
So now that you know why education is important, let us share some helpful resources that can benefit you as you plot out your career path in property management.
Initial Education for Property Managers
Just like the first step to driving a car is getting your permit, the first step to becoming a property manager is to obtain a relevant degree or certification. A degree in business administration, real estate, or property management can provide a solid foundation for a career in this field. Some property management companies require a specific degree or certification, while others may be more flexible, looking for individuals who possess relevant experience and skills.
Many colleges and universities offer undergraduate and graduate programs in property management or real estate. These programs provide a comprehensive education in property management principles, finance, marketing, law, and ethics. In addition to traditional classroom instruction, many programs also offer experiential learning opportunities, such as internships or co-op programs, that allow students to gain practical experience in the field.
In addition to formal education, property managers also need to develop a range of skills to be successful. These include:
- Communication skills: Property managers need to communicate effectively with residents, property owners, contractors, employees, and other stakeholders. They should be able to listen actively, speak clearly and concisely, and write effectively.
- Customer service skills: Working with residents can prove to be challenging. Having excellent customer service skills is critical to ensuring that residents are happy and feel well taken care of.
- Financial skills: Part of your daily responsibilities as a property manager will be to create and manage budgets, analyze financial reports, and negotiate contracts with vendors.
- Leadership skills: Your team can make or break you. Honing your leadership skills will help not just you to succeed, but every person on your team, as well as building that perfect symbiotic relationship.
Once you have completed this initial step in your education, you need to move forward and think about how just like that car, you will need to maintain it.
Additional Ongoing Education Options for Property Managers
Continuing education is critical for property managers to stay up-to-date with changes in the industry and to maintain their professional certifications. Property management companies may require their employees to complete a certain number of continuing education units (CEUs) each year to ensure that they remain current with best practices and regulations.
Some examples of ongoing education opportunities for property managers include:
- Professional certifications: There are several professional certifications available for property managers, including the Certified Property Manager (CPM) and the Accredited Residential Manager (ARM) designations. These certifications require ongoing education and training to maintain.
- Industry conferences: Property managers can attend conferences and events to learn about new trends and developments in the industry, network with other professionals, and earn CEUs.
- Industry publications: Property managers can stay up-to-date on industry news and trends by reading industry publications such as the Journal of Property Management or Multifamily Executive.
As you can see, ongoing education can take many different forms. Another growing and very popular format is taking online courses. Keep reading to see the benefits of choosing this learning path.
Benefits of Online Property Management Courses
Online courses are becoming an increasingly popular option for property managers who want to advance their knowledge and skills. Here are some of the benefits and perks of taking online property management courses:
- Convenience and Flexibility: One of the biggest advantages of online courses is that they offer flexibility in terms of scheduling. Property managers can take online courses at their own pace and at a time that is convenient for them, whether that’s during the day, in the evening, or on weekends. This allows them to fit their education around their busy schedules and work commitments.
- Cost-Effective: Online courses are generally more affordable than traditional in-person courses, which can be a major consideration for property managers who are trying to manage their budgets. They also eliminate the cost of travel and lodging that is typically associated with attending in-person courses or conferences.
- Access to Expert Instructors: Many online property management courses are taught by experienced professionals in the industry who can provide valuable insights and perspectives on best practices and industry trends. This can be particularly valuable for property managers who are looking to learn from the experiences of others in the field.
- Increased Knowledge and Skill Set: Online courses offer a wide range of topics and materials, from basic property management principles to advanced topics such as commercial property management or real estate law. This allows property managers to expand their knowledge and skills in areas that are relevant to their work, which can lead to better job performance and career advancement.
- Access to Resources: Many online courses offer additional resources such as e-books, videos, and case studies that property managers can access to further their learning. These resources can be particularly helpful for property managers who are looking to deepen their knowledge in specific areas or gain additional insights into industry trends and practices.
Taking online property management courses can be a valuable way for property managers to advance their careers and gain new knowledge and skills. With the convenience and flexibility of online learning, property managers can fit their education around their busy schedules and work commitments while also building their network, expanding their knowledge, and staying up-to-date on industry trends and best practices.
In conclusion, property management is a challenging and rewarding profession. Remember the car, how you saved up and invested in training to properly operate and maintain it? Again, the same is true for property managers. You need to invest in your education to ensure you have a solid understanding of property management principles, laws, and regulations and continue to maintain your expertise through the many different avenues available for ongoing education. Only by following these steps can you unlock your potential for success.
Resources
College and University Programs:
- New York University – NYU offers a Bachelor of Science in Real Estate, which includes courses in property management, real estate finance, and real estate development.
- University of Georgia – The University of Georgia offers a Bachelor of Business Administration in Real Estate, which includes courses in property management, real estate appraisal, and real estate law.
- University of San Francisco – The University of San Francisco has a School of Management that offers undergraduate and graduate programs in management, as well as executive education which offers certificate programs.
- University of North Texas – The University of North Texas offers a Residential Property Management Program which is one of only a handful of university programs specializing in residential property management in the United States and the only one operated by a business college granting a BBA degree.
- University of Denver – The University of Denver offers a Master of Science in Real Estate and the Built Environment, which includes courses in property management, real estate finance, and real estate law.
- Temple University – Temple University offers a Bachelor of Business Administration in Real Estate, which includes courses in property management, real estate appraisal, and real estate law.
Ongoing Education Resource List:
- Institute of Real Estate Management (IREM) – IREM is a professional organization that offers a range of educational courses and resources for property managers. Their courses cover topics such as asset management, marketing and leasing, and property maintenance.
- National Association of Residential Property Managers (NARPM) – NARPM offers a range of courses and certifications for property managers, including courses on tenant relations, property maintenance, and fair housing laws.
- Community Associations Institute (CAI) – CAI offers educational courses and resources for property managers who specialize in managing homeowner associations and community associations. Their courses cover topics such as budgeting, reserve studies, and community governance.
- American Apartment Owners Association (AAOA) – AAOA offers online courses for property managers, including courses on tenant screening, leasing, and property maintenance.
- National Property Management Association (NPMA) – NPMA offers a range of certification programs for property managers, including the Certified Professional Property Specialist (CPPS) and the Certified Professional Property Administrator (CPPA) designations.
- Rent Manager Certification – Rent Manager offers an online certification program for property managers that covers topics such as accounting, leasing, and marketing.
Property Management Podcasts and Videos
- The JuvoHub Podcast: The JuvoHub podcast hosted by Jonathan Saar is the virtual connection between professionals in the property management industry and industry experts.
- Fair Housing Insiders: This YouTube video series educates on all things fair housing. Now featuring a new series called Case Files which spotlights current fair housing cases on the docket and what can be learned from them.
- The Property Management Show: This podcast by Fourandhalf features interviews with experts and industry leaders on a range of topics related to property management.
- Property Management Mastermind Show: Hosted by Brad Larsen, this podcast focuses on providing actionable advice and strategies for property managers to grow their businesses.
- RentPrep For Landlords: Hosted by Andrew Schultz, this podcast provides tips and advice for landlords on topics such as tenant screening, lease agreements, and property maintenance.
- The Property Management Brainstorm Show: This podcast by Bob Preston features interviews with property management experts and provides insights and strategies for growing and improving a property management business.
- Modern Multifamily: Modern Multifamily is an interview-style podcast where they talk with leaders across the Multifamily industry about ways the industry can keep moving it forward.
- Multifamily Collective: Join Mike Brewer for industry news and personal insights about our rapidly changing industry.
- Building Better Communities: TruAmerica has assembled a national portfolio of multifamily communities across the United States, and share industry-specific resources.
- Multifamily Streamlined: Streamline is a specialized consulting group that focuses on multifamily operations and training.
- Boss Talks – A Multifamily Live Podcast: Community Boss desires to help property managers “manage like a boss”.
- Multi Housing News – The Lease Up: The Lease-Up is a podcast series that explores issues within the multifamily housing industry, including trends, legislation impacting the market and insights from leading industry figures.
- The Multifamily Innovation Show: Known for their innovative summit they share industry insights and trends through there podcast.