Education to be a property manager comes in many forms; from a university degree, to an online or distance learning course, or a continuing education weekend seminar, training for property management can be shaped to fit anyone"s schedule and needs. Still, regardless of the type of program a candidate chooses, there are a number of subjects and skills that must be learned in order to be a successful property manager.
Most full property management education programs cover a variety of subjects generally including all of the following: how to evaluate and select real estate investments; the preparation of leasing terms and conditions; daily administrative processes; and in depth training in fiscal and operational duties. Indeed, whether from a four year program, online education course, or certification program, general areas of study include these subjects: financial and property analysis, marketing, leasing, tenant relations, human resources, legal forms, operations and procedures, and maintenance. In addition, a wide array of professional designations are also available from organizations like the Institute of Real Estate Management (IREM), the National Apartment Association (NAA), The Community Associations Institute (CAI), the Building Owners and Managers Association (BOMA), and the National Association of Residential Property Managers (NARPM).
The importance of focused education for property managers continues to grow as the industry expands. It is becoming more and more common for managers to have full training from a college, online program or similar, though there are also managers who transfer from related industries like real estate brokerage, business administration and finance.
In sum, property management education, whether as a basis of knowledge, or a continuing source of information for seasoned professionals, is an integral part of the management industry. With managers making anywhere from $20,000 to more than $95,0001 per year, a strong basis of knowledge and broad skill set is a must.