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Maryland property managers can oversee different real estate tasks, such as vetting potential tenants for a rental unit, collecting rent payments, and negotiating lease terms. In addition, among other responsibilities, they may maintain security deposits, set contract terms, and communicate with the lessee and the property owner.
While Maryland has not imposed a real estate license requirement to become a property manager, those working in this field must comply with related regulations.
Additionally, state property managers are required to receive appropriate training and education, work for an established property management company, and join industry associations.
Becoming a property manager in Maryland can bring professional growth opportunities for many. However, you should know all the certification requirements and eligibility criteria.
What Is a Property Manager?
A property manager is a professional trained to manage the leasing of commercial and residential units and other real estate activities.
Some managers take over when the property owner is unable or unwilling to oversee their rental units themselves. Thus, they're also known as:
- Property administrators
- Real estate managers
- Investment managers
- Asset managers
Although these professionals are not required to obtain a specific real estate broker's license, real estate agents performing property management activities must comply with licensing laws.
Property managers who are not certified as real estate agents can oversee dwellings through a real estate broker. However, they must obtain permission from the broker to use the information when managing rental units.
Requirements
If you want to serve as a property manager in Maryland, you must get educated in the field and stay up-to-date with real estate laws. It's essential to know which activities you can perform in the role.
Therefore, reviewing local regulations can help you know if you should charge an application fee, take care of the unit maintenance, or do background checks when screening tenants.
Furthermore, real estate managers in Maryland should work with a property management company, especially if they plan to get training and mentorship to start their own firm in the future.
In this state, property managers are also encouraged to join associations, such as the National Association of Residential Property Managers (NARPM).
If you want to obtain a real estate license in Maryland to work as a property manager, you must meet the requirements set by the Maryland Department of Labor. These are:
- Be at least 18 years old
- Complete a 60-hour preapproved real estate course
- Get a passing score on the Maryland real exam for real estate license
- Have a good reputation and character
Salary
On average, property managers in Maryland make just over $104,566 a year, ranging between $90,700 and $120,000. However, these earnings depend on different factors, such as the professional's experience in the industry, skills, and knowledge.
The amount a Maryland property manager can earn each year can also be influenced by the number and type of real estate units they have in their portfolios.
Some property managers may also have higher incomes if they know how to operate real estate technology systems, such as Realpage, Propertyware, and Yardi.
Duties
A property manager can handle different tasks, from screening prospective tenants to contracting services for rental property maintenance and repair. Moreover, they can oversee finances and accounting.
Real estate managers also serve as middlemen between property owners and tenants, notifying both parties of any issues or changes. Most are also in charge of marketing activities, such as organizing showings or tours throughout the unit.
Responsibilities
Here's a quick breakdown of the common responsibilities of a property manager:
- Perform inspections in the rental unit
- Maintain communication between the property owner and the tenant
- Report to property owners
- Schedule rental property tours
- Market vacant rental properties
- Pay general expenses
- Collect rent payments and the security deposit
- Track late payments
- Coordinate turnover proceedings
- Facilitate rental agreements preparation and signing
- Make sure the rental unit complies with building codes and regulations
- Attend court proceedings in case of eviction
- Hire maintenance and repair services
- Process lease renewals
- Provide customers service to property owners, vendors, and tenants
- Handle accounting tasks
Skills
If you want to boost your property management career in Maryland or another US state, you should have these skills:
- Organization: Property managers must handle different activities and operations. Therefore, organizational and multitasking skills are essential.
- Communication: Since you must communicate regularly with property owners and tenants, you should also have strong verbal and written communication skills to become a successful property manager.
- Patience: Besides serving as a middleman between both parties, you must also resolve conflicts and deal with issues that may arise. Therefore, you must also be patient.
- Basic accounting: Real estate managers often collect rent payments or set prices for rental units. Such responsibilities require accounting knowledge and experience.
- Attention to detail: A property manager must also be careful when handling the documentation related to their work to avoid errors in contracts or notices and problems due to non-compliance with local regulations.
Qualifications
If you want to get certified to work in the Maryland real estate management field, you need the following qualifications:
What Education and Certification are Needed for a Rental Manager?
Do you plan to work in a property management company or open your own? You must meet some educational and certification requirements.
Education Requirements for Real Estate Managers
While you don't need a college degree to work in the Maryland property management sector, it gives you more opportunities to succeed.
If you want to stand out among other property managers, you can also consider completing some courses. These are the ones that most real estate management firms often recommend:
- Finance
- Real estate principles
- Risk management
- Property management
- Business administration
Property Manager Certifications
Although real estate licenses are issued by the state government, certifications are related to national property management accreditations.
Therefore, if you want to work as a property manager, you should consider the following certifications:
National Apartment Leasing Professional (NALP)
This certification enables people with entry-level employment in the property management sector to develop the skills they need to become more proficient. If you want to obtain NALP accreditation, you must meet these requirements:
- Have at least six months in a property management position
- Obtain a provisional certificate for the 6-month experience requirement
- Complete 25 total credit hours through seven NALP courses
- Meet all requirements within one year of enrollment
Certified Apartment Manager (CAM)
If you already have basic real estate knowledge, the next step is to gain experience in the property management field. Through a CAM certification, you can develop skills to interact with tenants and become a reliable representative for property owners. These are the requirements you must meet for this accreditation:
- Have at least 12 months in a property management position
- Obtain a provisional certificate for the 12-month experience requirement
- Complete 40 total credit hours through seven CAM courses
- Meet all requirements within one year of enrollment
Certified Property Manager (CPM)
A CPM certification is a high designation that real estate managers can earn if they meet the following requirements:
- Work in a qualifying property management position for at least three years
- Meet 19 of the 36 CPM Function Requirement activities
- Have a real estate license if the role requires it
- Meet all requirements within one year of enrollment
Master Property Manager (MPM)
The highest designation that a property manager can obtain is MPM accreditation. These are the requirements to get it:
- Work in the property management sector for at least 60 months
- Have a portfolio with the right number of units
- Meet all CPM certification requirements
The Bottom Line
Over the years, many of the complaints filed with the Maryland Real Estate Commission have been related to property management. However, obtaining a license and certification can help professionals understand local regulations to ensure their practices are legal.
Furthermore, becoming a property manager is the last step on the career path for many Maryland realtors and other real estate experts hoping to succeed in the industry. Although the process can be tedious, it can bring many rewards.
Frequently Asked Questions
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