November 16 2018
Property management is not the first profession that people may think about when it comes to career growth or development. Despite not being high on the radar for these aspects, however, choosing to get into property management actually leads to some significant career development in a lot of key areas. You can really grow yourself and your professional capabilities if you focus on these aspects of property management.
For anyone that is serious about getting into property investment, especially with profit potential that comes from residential properties for rent, this is a cornerstone of good business knowledge. There are a wealth of very specific laws pertaining to both tenant and landlord rights and privileges. It’s important to know how, where and why these laws may work for or against you. Being able to create and draft important contracts such as leases for tenants, or other legal documents go a long way towards letting you manage the property with con-fidence.
The foundation of any business is having an understanding of the taxes involved. For good career develop-ment, it’s always a good idea to be able to understand exactly how the tax situation works in property man-agement, where you can legitimately and safely make deductions, and where you are running risks that could put you afoul of the IRS. Property management is another area where you have an opportunity to brush up on this critical skill. If you’re weak on finance and tax law, you’re vulnerable to errors that could hurt your business.
Maintenance & Repairs
Just like with physical health, good maintenance habits are important for getting value out of the property. It’s better to learn how—and when—to invest in some routine maintenance, rather than save money by not doing so, only to pay for expensive replacements later down the line. Learning how to requisition and coordinate repairs is another area where career development can benefit. Understanding how to source and negotiate with contrac-tors for good property management can help you understand how to get good pricing and good work out of these industries so important to profitable properties.
Another important aspect of property management is setting and collecting rent. The rent amounts that are set will determine just how appealing—or not—your properties may be to potential tenants. It takes some learning and experience to eventually arrive at the “sweet spot” that strikes a balance between yielding good profit, while not being so high that units remain vacant for months. This will teach property managers important, real-world lessons about the state of the rental market in a particular area, and how best to work with it.
A final, very important skill for career development is the public relations characteristics that can be cultivated by working with tenants. Property managers can learn good client/customer management skills for everything from coordinating a repair, to the best way to handle an eviction. This ability to handle customers and clients in different situations is extremely useful in any business venture.