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Arizona is well known for its breathtaking scenery, which is why a lot of great pieces of property can be found all over the state.
This means the demand for excellent property management services is quite high and if you have a real estate license there are lots of opportunities for you there.
With the many commercial and residential rental properties in Arizona, real estate agents have been making a killing for quite some time now.
However, if you want to manage residential or commercial property in the Grand Canyon State, you have to be licensed as a real estate broker by the Arizona department of real estate.
Whether you want to manage a huge commercial property in Phoenix or you are considering running a couple of contiguous nonresidential income properties, this article will give you all the information you need to become a fully licensed property manager.
What Is a Property Manager?
Property management involves the day-to-day running and maintenance of a piece of property on behalf of the owner.
This means that as the property owner's licensed management agent, a property manager is a link between the owner and the tenants.
In a way, property managers can be thought of as on-site managers that allow property owners to dedicate their time elsewhere knowing that their source of passive rental income is being safely managed by a licensed real estate manager.
A property manager's Arizona real estate license only allows them to manage residential and commercial properties but not oversee the buying or selling of them. This would be the responsibility of a licensed real estate salesperson.
Requirements
The most important requirement for a property manager that wants to be recognized by the Arizona department of real estate is to have a real estate broker license.
Whether a property manager intends to work as an individual agent or as part of a larger property management company, the following are the basic requirements:
- A property manager cannot be under 18 years old
- They must be a permanent resident or a citizen of the USA
- At least have a high school diploma or GED
Salary
The property management business is highly dependent on the individual property manager's skills when it comes to determining how much money they make.
Having a real estate license is certainly the first step in becoming a trusted property manager but there is a lot more that can be done.
In Arizona, property managers can expect to earn an average salary of about $45,919 per year.
With some additional pre-licensing education, post-certification qualifications, and great marketing attributes, you can charge higher property management fees for your services.
Duties
According to the property management agreement signed between commercial and residential property managers and property owners, the manager is the focal point of all the things related to managing a property.
The job begins even before the prospective tenants move into the property with the manager running a background check and credit score check to make sure that the tenant will be suitable.
A property manager is also responsible for conducting an inspection when the tenancies start and another one at the end of the tenancy period.
In cases where the owner lives very far away from the property. then property management becomes more about communication and accountability than anything else.
It will be the real estate manager's duty to inform the owner of any changes in the real estate property.
When a property manager does their job well, property owners can enjoy significant profits even from just one nonresidential income property.
Responsibilities of a Property Management Company
The first responsibility of a property manager is to make sure they meet any real estate license requirement and the state laws of the place they wish to practice, in this case, Arizona.
After that, a real estate salesperson/manager/agent has the following responsibilities:
- Compliance with the Arizona department of real estate regulations, state laws, and building codes
- Communicating with tenants and the property owner
- Tenant screening and background checks
- Routine maintenance and repairs
- Overseeing the payment of rentals
- Marketing and showing available rental units to prospective tenants
- Reporting, accounting, and budgeting duties
- Addressing concerns from the tenants
- Conducting inspections of the property
- Preparation and signing of lease terms and agreements
- Attending court eviction proceedings
- Coordinating the turnover process for incoming and outgoing tenants
- Ensuring the health and safety of tenants
- Processing lease renewals
What Skills Do I Need?
Property management requires the same basic skills as those in other similar real estate professions, such as the skills needed by residential leasing agents.
In that regard, a real estate property manager requires the following skills and attributes:
- Strong communication skills to handle tenants and effectively report to the property owner
- Organization skills, especially when not managing only one location but multiple properties belonging to different individual property owners
- Knowledge of important landlord/tenant state laws of Arizona
- Marketing skills when trying to fill each dwelling unit in a commercial or residential building
- Technical knowledge of how buildings are built to help when it comes to maintenance and repair issues
- Accounting and bookkeeping skills for use when collecting rentals and paying for the general upkeep of the buildings
Education
In addition to having a high school diploma, there are other educational requirements that property managers are expected to meet if they are to successfully manage multiple properties.
We will look at some of the pre-license education a property manager can invest in to improve how they conduct their business.
Education Requirements for Real Estate Managers
While a real estate license is one of the key requirements for property management for Arizona realtors, there are also other areas where one can improve.
Many real estate management companies now expect a property manager to have something more to offer.
There are a lot of tertiary education qualifications that can be very useful in property management, such as a bachelor's degree in any of the following:
- Finance
- Public safety and administration
- Accounting or bookkeeping
- Real estate management
- Risk management
- Business administration
- Marketing and sales
Property Manager Certifications
While local recognition, such as being a member of the homeowners association is certainly helpful in property management, one needs to think further afield and look at certification by a national association.
The following certifications are absolute gems for anyone with a real estate license who wants to make significant progress in property management:
- National Apartment Leasing Professional (NALP)
- Certified Property Manager (CPM)
- Certified Apartment Manager (CAM)
- Master Property Manager (MPM)
Final Word
Being a property manager in Arizona has the potential to become a very rewarding career choice. Armed with just a high school diploma and the right attitude, you can develop a very successful career in property management.
FAQs
Is a Property Manager the Same as a Licensed Real Estate Broker?
No, there are some key differences between the two. While a licensed real estate broker usually handles the buying and selling of properties, property management is mainly concerned with all management aspects of the property on behalf of the property owner.
Which Certification Is Recognized by Arizona Property Management Laws?
Besides a normal real estate license, the following certifications are recognized in Arizona:
- National Apartment Leasing Professional (NALP)
- Certified Property Manager (CPM)
- Certified Apartment Manager (CAM)
- Master Property Manager (MPM)
What Are the Four Types of Real Estate in the Property Management Business?
As a property manager, you will often be tasked with managing a wide range of real estate. However, all these properties can be divided into four categories, which are:
- Virgin land
- Residential property
- Commercial property
- Industrial property
A property manager needs to be familiar with the unique requirements of managing each of these four types of real estate.
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