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Understand the legal requirements for building manager training

If you want to work for property management firms, you should have the right type of training. Legal requirements vary by state. Some states require you to hold a real estate broker's license if you want to work in property management.

I recommend: Look up the requirements for your state at All Property Management. If your state requires you to have a real estate broker's license, check out the online courses at Allied Real Estate School.

Study to get property management certification or degrees

A degree or certification program allows you to learn about the business from many different angles. This widespread exposure helps you to succeed in the property management industry.

I recommend: The National Property Management Association recommends a degree program in management, accounting and property management through Stevens-Henager College. The Institute of Real Estate Management offers a course program that culminates in a Certified Property Management designation.

Stay up to date with property management seminars

Property management consultants and building managers alike can benefit from periodically attending seminars. This allows you to refresh your knowledge and learn about any new trends or legal requirements.

I recommend: David Tilney offers a seminar on "Hassle Free Property Management" that is ideal for beginners. Escapia holds periodic seminars on property management for vacation rentals.

Helpful advice for making the most of this Guide

• •  Using technology in your property management company is a great way to save time. If you are unfamiliar with how to use the software options available to you, look for a computer training seminar that will teach you want you need to know.

Guide to Property Management

Find property management firms to optimize your real estate investments

By LaRita Heet

Action Steps
The best contacts and resources to help you get it done

Take advantage of experienced property management companies

Property management firms are specialists in marketing to, finding and screening potential tenants. Tenant screening includes background and credit checks, verification of employment and finances as well as contacting previous landlords.

I recommend: Search the comprehensive directory at All Property Management to find property management companies by area and property type. Find rental applications and lease agreements at LawDepot. Check out the directory of Tenant Screening Services at Business.com.

Follow the law with the help of property management software

A property owner or property manager must follow the legal standards set forth in landlord/tenant laws, plus Fair Housing laws, the Fair Credit Reporting Act and the U.S. Patriot Act. Find a property management company or property management software to track, manage and give reminders about ongoing compliance issues.

I recommend: Screen tenants (and follow the law) at Intelius. ZipReports offers fast, secure, legally compliant screening. Visit NOLO for a state-by-state chart of landlord-tenant statutes.

Choose a property manager for residential property management help

Depending on the site of your residential property, consider hiring an onsite or offsite property manager - or property management company - with experience in residential property management.

I recommend: Visit Akam Associates, a property management company that specializes in residential property management. Just So Software’s The Property Manager is a property management software system that comes in three versions — from the smallest property management needs up to the enterprise level.

Turn to property management companies or software to keep accurate financial records

The best property management solution is one that offers top-notch accounting features, including bookkeeping, expense tracking, vacancies and income tax.

I recommend: Mdansby.com’s Landlord Report property management software (for Mac or PC) provides a full range of property management options for an unlimited number of properties. Check into additional property management software programs, such as TOPS accounting-based software for condo and homeowner’s association management or Spectra Computer Services’ Domin-8 Enterprise Solutions.

Perform ongoing property management maintenance and upkeep

As a property manager, it's a good idea to handle preventative maintenance regularly. It will save a bundle (and big headaches) by avoiding major repair bills later. Set clear standards in the lease agreement regarding which duties (such as yard work, snow removal, etc.) tenants are responsible for, and which the property manager will handle.

I recommend: Find the property management software that fits your specific needs at Capterra’s Real Estate Property Management Software Directory. Brink Property Management offers a multitude of property management solutions, including property maintenance.

Helpful advice for making the most of this Guide

• •  Use property management software or property management firms to maintain your records, including lease applications, leases, payment history and tenant communications.
• •  Look for property management software with customizable letters, forms and report templates for easy communications.
• •  Decide among property management firms that specialize in commercial, residential and additional types of property management.
• •  Find property management firms that specialize in managing the type of real estate you own.

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Join industry associations for the latest apartment management news

Whether you are an independent building manager or belong to a property management consulting firm, membership to industry associations has its benefits. You can receive newsletters, attend seminars or visit local trade shows. You'll also have the opportunity to network with others in the property management business.

I recommend: Consider joining the National Property Management Association, which has local chapters by state. The Building Owners and Managers Association (BOMA) offers a magazine to its members, detailing the latest legal news.

Attend trade shows to network and learn about property management

Trade shows are another excellent way to learn about the latest news and trends in the industry. Many companies introduce new products at trade shows, which gives you the opportunity to see the latest products before they hit the shelves.

I recommend: The PM Expo offers training seminars and over 1000 displays from vendors. The Hawaii Buildings, Facilities & Property Management Expo aims to connect vendors with property management companies.

Subscribe to magazines to stay up to date on property management trends

If you worry that you are too busy to actively go out and seek the latest news, you can have it delivered right to your door. Magazines that focus on the property management industry offer an excellent way to learn about the latest tools and techniques.

I recommend: Property Management is an industry leading journal that addresses the needs of property managers. CIRE Magazine offers smart property management strategies and more when you subscribe.

Helpful advice for making the most of this Guide

• •  If you own a large property management company, make sure that all employees have access to the same news sources. This helps improve everyone's skills and form a more cohesive unit.

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Property manager

A property manager is responsible for maintaining the grounds of the complex, overseeing repairs and upgrades, signing new tenants and acting as a medium between the property owner and the tenants. Property managers seeking employment in subsidized federal housing complexes must pass a certification test administered by the Institute of Real Estate Management or the National Organization of Home Builders.

I recommend: Refer to the Princeton Review for more information about the duties and responsibilities of a property manager.

Property management company

A property management company offers services such as landscaping, snow and waste removal, obtaining contractors to complete maintenance, and accounting services such as rent collection and bill payment.

I recommend: Refer to MEM Property for more information as to what services a property management company provides.

Property management software

Property management software allows one to administer the accounts of rental property. Features of property management software include the ability to generate billing reports and receipts, maintain tenant information, and record income and incurred expenses for repairs and maintenance.

I recommend: For more information on the features offered by property management software, refer to Quicken.

Landlord/tenant laws

Landlord/tenant laws are important for any property manager to know. These include laws pertaining to housing rights, rental agreements, rent increases, termination of tenancy, security deposit requirements, and landlord/tenant obligations.

I recommend: Refer to the Washington State Bar Association for landlord/tenant laws in Washington. Laws very by state.

Fair Housing Act

The Fair Housing Act forbids discrimination because of race, color, religion, sex, disability and national origin. In addition, the Fair Housing Act requires new construction with four or more housing units to be handicap accessible.

I recommend: For more information on the Fair Housing Act refer to the DBTAC Southwest ADA Center.

Renters insurance

Renters insurance covers the loss of one's personal property, property damage to the rental unit for which the renter is responsible, and individuals who suffer injury while in the rental housing unit. The building's property insurance does not cover a renter's personal property in cases of damage or theft.

I recommend: For more information on rental insurance, refer to RentLaw.