If you’re looking for a dynamic career in real estate but don’t want to be a real estate broker, consider property management. Property managers play a crucial role in the industry by overseeing rental properties, maintaining tenant relationships, and ensuring the financial success of property investments. Here’s how to become a property manager in Washington.
Key Takeaways
- Property managers oversee rental properties, manage tenant relations, and ensure financial and operational success. Key skills include effective communication, organization, problem-solving, and financial management, supported by tools and software to streamline tasks.
- To become a property manager, candidates must complete 90 hours of pre-licensing coursework, pass the real estate exam, and obtain a real estate broker license. Employers increasingly prefer a bachelor’s degree in a related field.
- Property management offers flexibility, career advancement, and competitive salaries. Washington is the top-paying state for property managers, with an average annual earnings of $118,360.
- Starting with entry-level roles or internships helps gain hands-on experience. Networking through professional organizations, events, and online platforms is essential for career growth.
What Does a Property Manager Do?
If you’ve ever rented a home or apartment, chances are you’ve interacted with a property manager. Here’s a quick snapshot of their day-to-day responsibilities.
Do you need a license to be a property manager in Washington?
Yes, a real estate license is often required for certain property management activities.
Overview of a property manager’s daily responsibilities
Property managers wear many hats, performing tasks such as the following:
- Collecting rent from tenants
- Handling maintenance requests
- Ensuring the property meets safety codes and regulations
- Reviewing and approving tenant applications
- Marketing and showing vacant units to potential renters
- Managing other staff members (e.g., maintenance teams, security personnel)
- Monitoring and managing property expenses
Of course, many of these tasks are related to residential property management. However, commercial or industrial property managers have similar and additional tasks.
Skills required by a property manager
Key skills for excelling in this role include effective communication, organization, problem-solving, and familiarity with property management tools.
Communication and interpersonal skills
As a property manager, a significant portion of your work involves interacting with tenants, property owners, and team members. Strong communication and interpersonal abilities are vital for success in this role. If this is an area where you’d like to improve, there are numerous resources to help you develop these skills.
Organizational and time management skills
Effective organization and time management are crucial for property managers. From reviewing tenant applications to coordinating maintenance requests, staying on top of tasks is critical to maintaining smooth operations. Fortunately, a variety of tools and software solutions are available to simplify tracking and managing the many aspects of property management.
Problem solving and conflict resolution skills
Problem-solving and conflict resolution are essential components of property management. Whether mediating tenant disputes, addressing maintenance emergencies, or handling late rent payments, these skills help property managers navigate challenges effectively and maintain positive relationships.
Financial and budgeting skills
With rising labor and materials costs, a solid grasp of budgeting is more important than ever. Property managers need to create and adhere to budgets to ensure financial success. Property management software and tools make it easier to monitor expenses and revenues effectively.
Why Choose a Career in Property Management?
A career in property management in Washington offers several benefits.
- Flexibility and variety: Not only can you work in many different industries as a property manager (residential, government, industrial, commercial), but your day-to-day job will also offer a lot of variety. Some property management positions also offer flexible schedules.
- Career growth: After gaining experience, property managers often have opportunities to advance to senior roles or higher-paying jobs within the industry.
- Job outlook in Washington: The growing housing market and demand for rental properties make it a promising career choice.
- Income: The Bureau of Labor Statistics (BLS) names Washington the top-paying state for property managers. According to BLS statistics, property managers in Washington make an average mean wage of $56.90 per hour—or $118,360 per year.
Educational Requirements for Property Managers in Washington
To work as a property manager in Washington, you must have a high school diploma and a real estate license. Many employers increasingly prefer candidates with a bachelor’s degree in fields like business administration, real estate, accounting, public administration, finance, or similar areas.
Licensing Requirements in Washington
In Washington, property managers are required to have a real estate broker license. (A real estate broker is an entry-level agent in this state; managing brokers are more experienced agents.)
Here are the steps for earning your real estate broker license in WA.
- Step 1: Complete your pre-licensing education, which includes 90 hours of coursework. Choose between in-person, online, or livestream formats.
- Step 2: Pass your real estate exam. The exam covers state and national topics that are covered in your coursework.
- Step 3: Submit your fingerprints for a background check.
- Step 4: Submit your application to the Washington Department of Licensing and pay the necessary fees to finalize your business.
How long does it take to become a property manager in Washington?
It takes approximately one to two months to earn your real estate license in Washington, which allows you to work as a property manager. However, the length of time depends on several factors. Completing this education can range from two weeks with a self-paced online course to three to eight weeks for in-person or livestream classes. Additional time is needed to schedule and take the licensing exam, which can vary based on testing center availability. If a retake is necessary, this will extend the timeline. Finally, the application and background check process typically takes five to ten business days.
Gaining Experience in Property Management
Once you are a licensed broker in Washington, you’re ready to start your journey as a property manager. Gaining relevant experience is essential for building your career and establishing yourself in the industry. Here are actionable tips to help you get started and grow.
Start with entry-level positions and internships
The best way to break into property management is by starting with entry-level roles, such as leasing agent, assistant property manager, or administrative assistant in a property management firm. These roles allow you to learn the basics of the job, such as tenant relations, lease administration, and maintenance coordination while gaining valuable industry exposure.
Internships can also provide hands-on experience in the field. Many real estate firms and property management companies offer internship programs that let you shadow experienced property managers, participate in daily operations, and develop practical skills. Internships are also an excellent way to determine whether property management aligns with your long-term career goals.
Build a network
Networking is a cornerstone of success in the property management industry. Establishing connections with industry professionals can open doors to new opportunities, mentorship, and valuable insights. Here are some ways to network.
- Join professional organizations: Joining groups like the National Association of Residential Property Managers (NARPM) or the Institute of Real Estate Management (IREM) can help you stay updated on industry trends and connect with other professionals.
- Attend industry events: Local conferences, seminars, and workshops provide opportunities to meet property owners, fellow property managers, and other stakeholders.
- Utilize social media and online communities: Platforms like LinkedIn and specialized property management forums are great for building your online presence and connecting with professionals.
Complete continuing education and professional development
Consider pursuing advanced certifications or specialized training to stay competitive and advance your career. Certifications such as the Certified Property Manager (CPM) or the Residential Management Professional (RMP) demonstrate expertise and commitment to the profession. Specialized training in commercial property management, affordable housing, or real estate law can also position you for higher-level roles.
Becoming a property manager in Washington requires a mix of education, licensing, and practical experience, along with a commitment to continual skill development. It’s a fulfilling career that offers flexibility, growth, and the opportunity to make a meaningful impact on the properties and communities you manage.
If you’re ready to take the first step, explore real estate broker courses today with Rockwell Institute. With the right foundation, you can build a thriving career in this dynamic field.
