“Understanding Property Management Training” written by Mike Marko.
Are you looking to undergo property management training? To better your skills as a property manager?
There can be a lot of nuances to property management, and not everything is intuitive. There are things you can do to help make your business more profitable as well as help protect you from liability. That’s why it’s important to look at and evaluate property management training to help improve your skills.
In this blog post I’ll be covering property management training: what courses you should consider, and possible sources of the training.
What To Know About Property Management Training
Property management is the overseeing and management of rental units for landowners and real estate investors. The key purpose of property management from the property investment side, is to free up time for investors and and landowners while still making profits on rental property investments. However property management as a career or business has a more involved different purpose for the rental properties they manage.
The purpose or need for property management from the side of companies or individuals engaged in the business, is to manage rental properties, keeping them habitable while renting and producing profits for investors and landowners.
Understanding all the duties, responsibilities, and skills involved in running a property management company can be difficult and extensive. That is why it is important to understand and learn all the necessary information and skills to be a successful property manager before entering into the business of property management.
Property management involves learning and understanding what is needed to manage rental properties successfully. Since there is so many skills involved being a property manager, finding and completing the proper training is crucial for succeeding in a property management career. Since a degree may be required for your area (investigate local requirements), finding the best training in real estate management college courses can help you get all the skills needed in becoming a property manager.
Prior to reviewing the training needed to be successful in property management, let’s first start with discussing property management and why it is important part of the Real Estate investment model.
Overview Of Property Management
Property management is the operation, the control, and the oversight of real estate properties. In the Real Estate investment model property management is the key component in making sure that property is rented and producing profits for investors and property owners. Specifically, people in property management contain the job skills needed to take care, monitor, and take into account the uses, the life and the condition of the property.
Property management also involves the management of the real estate property equipment, tooling, and its physical capital assets. Managing a property efficiently and cost effectively involves developing the processes, the systems, and the manpower that is required to continue the life cycle and profitability of the property.
The skills required include:
– utilization of the real estate property
– disposition of the real estate property
To become a successful property manager knowing and understanding the needs and reasons for these management skills is substantial. Property management involves and takes into account how a property manager administers any type of real estate properties. Property management is management of a rental property in a way that it will help preserve the value of the property while generating a cash flow daily.
Reason For Training
Property management training is an efficient method to achieve all the necessary skills needed in property management. The training for property managers will give them the capacity to provide top quality service to their tenants. Training will also prepare them for the responsibilities and help to develop the skills that are needed once they started managing any property.
Training can also improve a property manager’s learning capacity in understanding why and how things are operated in a Real Estate business model. That way they are able to achieve the right skills of being a successful property manager. Property management training is a continuous learning process for property managers. No amount of schooling can prepare you for all the day to day things that are required of a property manager. This is why it is important for property managers to get proper training as a base of knowledge before starting to manage any property…
Courses In Property Management Training
Property management training offers a lot of courses that are related and are part of the Real Estate industry on a whole. Property management training requires a comprehensive understanding and knowledge base regarding Real Estate. This means that all the courses required will help in developing skills needed to tackling all the responsibilities a property manager will face when managing rental properties. The courses that are key to developing the skills needed to become a property manager will help them achieve the set of skills that are needed to be able to provide top quality management of a property.
Here are some of the courses that are included in property management training with a brief explanation of how they are important for your training in property management…
One of the basic courses that a property manager should learn and understand completely is property maintenance. A property maintenance course involves covering topics such as the structure, maintenance, and repair of the property.
Many of the courses and training will incorporate real life scenarios so that students can understand the concepts applied in real life settings. Property maintenance course will also inform and educate students on ways to restore a property and to cut costs while being successful in the management of property maintenance.
One of the most important responsibilities of property managers is to make sure that the rental properties they are managing are in top working condition. Property managers must have developed skills and have a good understanding of how to keep the property habitable and profitable.
Property maintenance also involves developing skills to keeping up with the property’s maintenance and repair and how to develop systems and schedules for repairs. Course will give a basic understanding of what the differences between good maintenance and unnecessary maintenance for a rental property. Students will learn how to find the correct individuals or contractual companies who can take care of any problems that may arise when it comes to the physical structure of the property. Understanding why and how maintenance of a property is done is helpful even in times of emergencies when there are damages that occur on the property.
Those who take a property management program must take a financial management course. Learning financial management helps property managers to gain the right knowledge and develop the right skills in financing, accounting, and profitability for the rental properties.
Financial management courses include the development of skills in the following areas:
- Maintaining financial data
- Rate of return on investments
- Skills to run a successful property management business
- Understanding of Taxes and other Government requirements
Financial management courses helps property managers learn the daily decisions when it comes to the financial aspect of the property. Information such as how to keep accurate financial statements and balance sheets will be provided in this course.
Commercial Property Management
Commercial property management courses involve training and acquiring information about financing, operations, and profitability regarding commercial properties. Courses also include financing and understanding of Real Estate commercial investment.
Commercial property management courses will introduce and train students on topics related to leasing, property maintenance, and accounting that will give a student a good understanding of what is needed to become a commercial property manager.
One of the most important skills need in commercial property management is understanding and implementing, and successful completion of leasing topics. Having complete knowledge and understanding of how leases work in a commercial property is essential for a property manager’s since most commercial tenants start by signing a lease for the commercial property. Understanding negotiations, terms, and other requirements needed for commercial tenants will educate students as to what they should do before, during, and after a lease term.
This will include topics like the following:
– Real estate tax
– Options provided to the tenants
– Cancellation of leases
– Lease negotiations
– Commercial property improvements
– Investment and profitability
General business management techniques that will apply to commercial properties will be provided as well.
Many of the courses will also involve skills and knowledge for the physical management functions of a commercial property. These skills may include building upkeep, tenant relations, knowledge about commercial property sale, and some marketing techniques that are needed to be a successful commercial property manager.
Residential Property Management
When it comes to residential property management courses, the property manager will learn housing laws, tax, and legal requirements in what it takes to make sure that the building is maintained for top quality. Tenant leasing topics and rental contracts will be addressed completely.
Property management students will also learn about how to build tenant relations.
The following are some of the topics that will be included in this course:
– Regulations for subsidized housing
– Management of cooperative housing
– Government-sponsored housing
– Contracts and law requirements
– Differences between Leases and Rental contracts
Tenant Relationships And Leasing Laws
Both commercial or residential property management involves property managers to build relationships with the tenants. In tenant relationship courses students will learn how to protect tenants and themselves through the laws created specifically for property management. Property managers should be familiar with contract and leasing laws so that they will be guided on how they should treat their tenants.
Property managers will also learn:
- How to provide the best customer service to their tenants.
- How to become an accommodating property manager.
- How you can establish a relationship built on trust with your tenants.
Some of the topics involved in leasing laws are the following:
- Lease agreements
- Security deposits
- Rent control
Topics that will tackle fair housing laws and state laws that the property must follow will also be covered.
Where To Get Property Management Training
There are many options for completing property management training. You can apply for online programs and you can also enroll in specific classes offered by real estate management colleges. Most training programs will cover a variety of interrelated subjects on Real Estate and the management of rental properties.
Online programs and specific classes from different organizations and colleges offer almost all the courses needed for property management training.
For online programs, you can choose what type of courses you want and the length or number of hours you’ll take each course. In most cases, training modules will take anywhere from one day and may last for over a year to complete depending on the topics covered and the person taking the course.
Most online courses require testing to confirm knowledge and understanding of course material…
Property Management Training at Colleges
Here are some colleges that offer online property management training courses.
Ashworth College delivers content via online lessons. They also provide comprehensive property management textbook and study guides. You can learn at your own pace and on your own schedule. They will provide you academic support via phone, email or online.
You won’t need any prerequisite to enroll. You can graduate in as early as 4 months. you can also participate in their live commencement ceremony where you can get your own career diploma.
Penn Foster Career School provides a property management training program with customized payment plans. These are offered with 0% interest so you get to have low monthly payments. They provide books and learning aids along with goal-setting and progress-tracking tools. You can also have additional resources like their online library and career guidance from their Career Cruising.
You’ll get instructional support from their experienced faculty. There is also a 24/7 access to Penn Foster’s online community and a personalized online student homepage and learning portal. You will also get an immediate membership in their Property Management Certificate academic group.
Cornell University offers real estate programs for graduate level students. They offer it through the Baker Program in Real Estate. There is also a minor program in real estate for undergraduates.
The Baker Program in Real Estate offers its students the option to focus their studies in a variety of areas. These areas include property, asset, and portfolio management. The property management area concentrates on courses that include facility management, workplace planning, and resort development.
The University of Georgia offers bachelor’s degree program in housing. This program is partnered with a residential property management emphasis. You can enroll in this program under the University’s Department of Housing and Consumer Economics.
It’s a major program that will help you prepare for work in the real estate management and housing industries. It includes courses that have topics in development, human resources, social issues, and mortgages. All of which are related to property management.
The University of Wisconsin offers a program that includes a Bachelor of Science in Property Management. This program helps the student develop the skills in tenant and employee relations, financing and accounting, and an understanding of the legal matters that affects properties.
The University’s program has also developed their own property management plans. This helps students become more familiar with house leasing and marketing techniques needed for property management.
Property Management Training From Organizations
There are also organizations which offers property management training programs. Here are 4 organizations where you can enroll in specific classes for your property management training.
IREM offers Certified Property Manager (CPM) and Accredited Property Manager Certification (ARM). You will be required to prepare your own sample management plan for a designated property. You will also need a specified number of years of experience as a property manager for you to be eligible for their CPM certification. You will need to take 7 courses that include…
– Investment Real Estate
– Financial Tools
NARPM offers Master Property Manager (MPM) certification. This is available to those that have already been licensed real estate agents (for at least 5 years). You will need to complete a 24-hour required course work.
NARPM also offers Residential Management Professional (RMP)certificate. In this case, real estate agents are required to be licensed for at least 2 years. You will then need to complete 18 hours or required course work.
NPMA offers Certified Professional Property Specialist (CPPS) for those who are new to the property management industry. Those who are applying for CPPS are also eligible for Certified Professional Property Administrator (CPPA) as well as Certified Professional Property Manager (CPPM).
Work experiences will be documented prior to testing. You will also need experience in certain areas like:
– Property Accounting
– Risk Management Audits
– Contracts & Agreements
If you are working with HUD properties, NCHM offers Certified Occupancy Specialist (COS) certificate program. Their course typically lasts for 3 days. The final exam for the certification will take place on the final day of the course.
They cover topics like:
-How to determine HUD eligibility
– How to spot fraud
– Regulatory reporting procedures
– Annual and interim recertification
– Determining allowances and adjustments
– Fair Housing
Final Thoughts On What To Know About Property Management Training
In this blog post we covered property management training and how it can help you. We also went over the different courses you should consider taking, and where you can take these courses.
When you take property management training it can not only help you run your business more efficiently, but it can also help protect you from potential liability (and how not to break the law). You’ll learn not only what to do, but equally as important you’ll also learn what not to do.
If you have any questions or feedback about property management training please add them to the comments below.
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