Real estate Management is a great business to be in and you might be considering a career in real estate management (or looking for a professional real estate manager). It can be a very rewarding and fulfilling career choice for you if you are passionate about helping people with their properties. Many property owners don’t really enjoy the management aspect of owning a property. They may live very far away from their owned property or they simply don’t enjoy the stress of having to constantly deal with tenants and managing their property.
As a property manager, you will have various responsibilities that include: making sure that the owner of the property gets their ideal tenants, collecting rent, making sure the property is well-maintained and offering suggestions to the property owner on how they can maximize the property for the most rental income.
Homeowners that look to property management companies often like to have a property manager with lots of experience in the field so when property managers are just getting started they will have to rack up some experience before they land their ideal property owner clients. This is true in any field and not just property managers. Experience will allow you to be able to handle any situation when it comes to managing and maintaining properties for the owners.
We will go over everything that you need to know about property management denver in this article so you will be equipped with all the necessary knowledge about property management. Some questions you might have are: how much does a property manager earn? Is there computer software that can help me with property management? We will answer all these important questions so keep reading this article.
What is the main job of a real estate manager?
The main job of a property manager is to help the property owner manage their property in a more passive way. The owner of the home may not enjoy or have the time to screen tenants or find new tenants when their property becomes vacant. A property manager will be able to help with that and interview tenants on behalf of the owner and make sure the potential tenant is a good fit for the property.
Another very important job as a property manager is the collection of rent. They will be able to collect the rent every month on behalf of the owner and a more important aspect is to make sure the tenant pays the rent on time each month. This job alone takes a lot of stress off the property owner as most people renting out their property don’t enjoy this monthly task.
A property manager may also manage a portfolio of properties for a single client and help the owner of those properties (2-3 for example) manage their homes in a streamlined and efficient manner. If a manager does take on a portfolio of properties from a client their job will have to include traveling to all these properties to collect rent and maintain the property, among other duties.
As a property manager, the tenant/tenants may run into some problems like a water leak or just general maintenance of the property. If the tenant has an emergency such as a water leak, the job of the property manager is to resolve this issue in the shortest time possible. So a property manager will have maintenance companies as partners that they can call in a situation where maintenance needs to be done or something needs to get fixed as soon as possible. The property owner doesn’t want calls in the middle of the night with a frantic tenant telling them that something is wrong at the home. The real estate manager can take this call and take the necessary action to be able to resolve the emergency in the quickest time possible.
How much does a real estate manager earn?
This is an important question that you might be dying to know the answer to so we will answer it for you right now. The salary for a property manager can vary quite a bit depending on a number of important factors like education, certifications, additional skills and the number of years you have been working as a real estate manager.
As an example, let’s say you live in Colorado and you have 3-4 years of experience working as a real estate manager and you manage a team of 1-5 and you report to a manager and also have excellent performance. You can expect a salary of around $2500 per month. This number goes up the more experience you have, your performance and how many people you manage and who you report too. If you are working pretty independently and have over five years of experience you can expect your monthly salary to increase quite a bit.
So as a real estate manager, you really have to think of it as a long term career. This will enable you to get many years of experience, work your way up in the industry and potentially earn a very healthy monthly income.
The median for a very experienced real estate manager with a good track record is around $8000 per month. So as you can see it is a very lucrative career choice compared to other jobs. But it is experience-based so the more experience you can get by actively working as a real estate manager the more you will eventually earn.
What is the best real estate management company?
Many people looking to get into real estate management/property management ask this question and the answer varies quite a bit. There is no concrete answer like “X” real estate management company is the best, it will all depend on where you live and where you seek to find work as a real estate manager.
You can find real estate management companies in every city/state all across the world, some may be better than others but your location plays a very important role in this decision. If there is an industry-leading property management company in a certain State but you live 1,000 miles away from that company, it is going to be of very little use to you. You have to find out what the best real estate management company is in your specific area and work from there. Unless you are really serious about that specific company and are willing to relocate to that state to work there.
One of the ways you can find out which real estate management companies are the best in your area is to look online for all the real estate management companies in your area and then seek out client reviews of these different companies. If you find constant negative reviews about a specific company repeatedly on different review websites then that company is probably not going to be ideal to work for.
On the other hand, if you see a lot of positive feedback from clients about a specific company and there are lots of positive reviews then that is a green light for you to go ahead with that company. You can also ask family and friends that own property and have them managed what company they use and get their honest unbiased experience and recommendation for that company.
What are some software programs that can help with real estate management?
A simple Google search for “real estate management software” will reveal pages and pages of results for that query. But the one that you choose will depend on your budget and what exactly you want to get out of the software. We will outline one good one for you to help you make a better, more informed decision.
An example of a very good real estate management software is Zoho CRM. It can do everything you need it to do as a real estate manager. It will help you streamline your workflow and get more done in a much more organized manner. Zoho CRM can do everything you can think of as a real estate manager. Things such as:
- Easy invoices and bills
- Capture and convert leads
- Automate your follow up emails
- Manage your complete sales cycle
- Scan business cards in 17 different languages
And much more…
As you can see it is a great solution for your property management needs and is ranked #1 in the top 10 real estate management software by Software World
If you would like to try out Zoho CRM they do offer a 15-day free trial and you will not need to give them your credit card details to take up the trial offer.
If Zoho CRM is not something you are looking for or you are looking for a more intuitive software for real estate management then Appfolio might be something to consider. Also an industry leader in the CRM software industry, we are pretty sure it will help you streamline your real estate management workflow and make your job so much easier.
There is no specific real estate management software that is the best, it will all depend on the preferences of the user. Some users might love a certain software and how it works while others will not enjoy the experience with that exact same real estate management software. Most software programs do offer a free trial so you can sign up and try a wide variety of real estate management software before you make your final decision on the one that you are going to continue to use and pay for.
One thing we would like to mention is that we don’t recommend that you try and seek out and use free software for the main reason that often they do not have all the features that you might need as a real estate manager. A very frustrating situation you might find yourself in is that you do a whole bunch of work on the software and then you find out that it doesn’t have a feature that you really need.
You then have to start from scratch again on a new piece of real estate management software and you may lose days, weeks or even months of work. You will want to test out as many pieces of software as possible, give them a good trial run and then make your final decision as to the one you are going to continue to use.
Tell me about the Institute of Real Estate Management
The Institute of Real Estate Management has become a household name when it comes to high quality, ethical real estate management. It was founded in 1933 in Chicago and at the beginning of 2014 the Institute of Real Estate Management consisted of 19,000 individual and 580 corporate members.
They are dedicated to ethical real estate management practices. Institute of Real Estate Management believes that good management matters, and that well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants, and customers.
We have covered a lot about real estate/property management in this article. We tried to cover the most important questions and concerns that you may have as a property manager or someone looking to get into real estate management as a future career choice. It is a wonderful industry to be in and as a real estate manager you really are doing the world a good service by helping out the owners with all their real estate management needs.
Just like any industry, it is always advised to do your research before getting involved with real estate management. Simple research can save you a lot of frustration and headache in the future and we hope this article served you well in your search for real estate management information.
If we did not answer your real estate management question in this article, feel free to get in contact with us here and we will be more than happy to answer any and all questions that you might have. Consider taking a look at the rest of our website too with lots of useful real estate information that will help you out.