People have misconceptions about what it means to be a property manager. If you have heard or believe that a property manager finds a tenant, collects rent, pockets a commission and sends the owner money or evicts, the account is only a dim description of a property manager, not the essence of the profession.
In the state of Texas it is a law that one has to be at minimum a licensed realtor working for a broker to list, lease, negotiate and manage property. The exception is if a manager is a direct employee of an owner of property where the acts of listing and leasing property occur for the employer, only.
To be a property management broker, the following must take place:
Education: To become a property management broker, one must have 270 classroom hours of core real estate courses, 30 of which must be a Real Estate Brokerage course. In addition, 630 classroom hours in related courses acceptable to the Texas Real Estate Commission (TREC) must be completed. A bachelor’s degree or higher from an accredited college or university satisfies all of the “related” education requirements for a broker’s license.
Experience: To become a property management broker one must have at least four years active experience in Texas as a licensed real estate property manager or salesperson during a 60-month period immediately preceding the filing for a broker’s license; if licensed as a broker in another state, not less than four years active experience as a licensed real estate property manager or salesperson or broker during the 60-month period immediately preceding the filing of the application, and an applicant must demonstrate not less than 3600 points of qualifying practical experience obtained during four out of five years as required by the Rules of the TREC.
To become a good property manager broker, all of the above and the following must occur:
Education: Join property management associations like NARPM (National Association of Residential Property Managers). Go to every leasing and property management committee and participate in the discussions, and become a leader. Keep abreast of changing laws. Join the realtors associations such as NAR (National Association of Realtors) and TAR (Texas Association of Realtors). Make friends with other managers.
Experience: Get a job working for a good property management company for a few years before going it on your own. A requirement for becoming a broker says that you work under a broker. Don’t work for a broker who only sells houses. Sales and Property Management have surprisingly very little in common.
As you are completing your requirements of becoming a good property manager, you are no doubt doing the many hours of hard work that have only just begun. That’s what it takes. If you have any questions about property management, please leave a comment, or pick up the phone and call. I will answer or call you back. It is a promise!
Until next time,