If you live in one of the many states that require a real estate license for property managers you’ll get a minimal amount of training from your real estate classes.
However, there are two additional sources of property management training I recommend you seriously consider:
- Take property management classes through an organization like NARPM. That organization offers a few different levels of certifications for property managers, and besides giving you very useful information and practical information, you’ll also end up with a certification that could give you a competitive advantage. NARPM has state and local chapters that provide classes that take your state and local laws.
- In addition to receiving certification training, there’s nothing like on-the-job training with a reputable property management company. To start your own property management company, you’ll probably need to have a real estate broker’s license, or it’s equivalent, which requires a few years of experience working in the real estate industry. If you need, but don’t yet have that experience, find a respected and well-organized property management company to work for, if you can.
Author of the Landlord Chronicles blog, Tracey March provides stories and “lessons learned” from her experience as a self-managed rental property owner. She helps owners decide if partnering with a property management company is beneficial.