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If you are interested in pursuing a career in real estate, you might have heard of property management. Property managers oversee rental properties and communicate with landlords and tenants.
However, to become a real estate manager, you'll need to first obtain an Ohio real estate license.
To help you decide whether this is the right choice, let's explore what the job entails and which qualifications you will need to enjoy a lasting career as a property manager in Ohio.
What Is a Property Manager?
A property manager is a professional that manages a rental property. They oversee the day-to-day operation of real estate and are often involved in finding a tenant for the unit, interviewing candidates, and conducting background checks.
Property managers assume the role of the property owner for a fee if he or she cannot perform these duties or simply refuses to do it themselves.
Requirements
To be a property manager, you must have a real estate license. There are two types of real estate licenses that you can obtain if you want to be a property management professional:
1. Salesperson's License
You must register for a salesperson license if you are without one in any state. To qualify for this license, you must:
- Be 18 or older and have a high school diploma or equivalent.
- Have at least two years of experience working as a salesperson or broker and have completed at least 20 transactions.
- Pass a background check.
- Complete the 120 hours of instruction necessary at authorized schools.
- Have passed both the state and national exams.
- Apply with the Ohio Department of Commerce Division of Real Estate & Professional Licensing.
- Submit your fingerprints for a thorough background check.
- Look for a sponsoring broker.
2. Real Estate Broker's License
Suppose you are already a licensed salesperson. In that case, you can apply for a broker's license. However, the following conditions must be met for you to qualify:
- Candidate must possess a high school diploma and be at least 18 years old.
- A background check should show excellent moral character, and fingerprints should be submitted for this check.
- You should have a minimum of two years of experience working as a salesperson or real estate broker and have completed no less than 20 property sales.
- To qualify, you will also have to complete the necessary coursework at recognized schools and pass the state and national exams.
- Send a request to the Ohio Department of Commerce Division of Real Estate & Professional Licensing.
If you are a licensed salesperson and would like to manage rental units, you must do so under the guidance of a licensed real estate broker.
Salary
According to Indeed, property managers in Ohio make an average of $48,470 annually. However, several factors will affect earnings. This includes the following:
- Location
- The property management company you work for
- What qualifications you have
The average annual earnings in Ohio for property management professionals that have been in the business for less than a year is $47,019, and those with more than 10 years earn $53,756 on average.
Duties
In general, property managers are responsible for overseeing property rentals. They may be required to find tenants for a property and conduct tenant screenings, viewings, inspections, and more.
They will also communicate with the tenant and landlord about any issues or changes to the rental property.
Certified property managers also collect rental payments and security deposits and conduct basic accounting to produce financial reports.
Responsibilities
Here is a quick overview of the responsibilities that come with the job:
- Screening tenants and setting up property viewings.
- Conducting property inspections when necessary.
- Notifying landlords and tenants about potential issues or changes to the property.
- Managing the repair, maintenance, and cleanup of common areas.
- Negotiating terms and preparing the lease agreement.
- Attending court hearings and handling tenant evictions.
- Making sure that the property complies with building codes.
- Conducting basic accounting practices and producing financial reports.
Skills
If you want to work in the property management industry, there are certain skills you will need. This includes the following:
- Leadership skills
- Team building skills
- People skills
- Managerial skills
- Time management
- Organizational skills
- Financial reporting skills
- Detail-oriented
Qualifications
Suppose you are serious about your property management career. In that case, it's important to pursue additional qualifications to prove to property owners and property management companies you'd like to work with that you take your job seriously.
These certifications don't just add to your resume, but they can also provide valuable insight into the ins and outs of property leasing.
What Education and Certification are Needed for a Rental Manager?
To become a property manager in Ohio, you must obtain a real estate broker's license. To do this, you must meet the abovementioned requirements and complete the pre-licensing education.
Property Manager Certifications
Once you are a licensed property manager, you can obtain additional certifications to further your career. Here are some of your options:
Certified Apartment Leasing Professional (CALP)
The first professional certification you can get is the Certified Apartment Leasing Professional (CALP), previously known as the National Apartment Leasing Professional (NALP).
It demonstrates to your employer your commitment to a profession in property management. Keep in mind that to pursue this qualification, you would have had to work six months as a licensed property manager.
Certified Property Manager (CPM)
If you intend to hold a managerial position in the real estate industry, you'll need to obtain this certification. To enroll, you will need to have three years of experience.
Certified Apartment Manager (CAM)
This qualification assists property managers in dealing with on-site operations and liaising with tenants. To qualify, you will need to have been in the industry for a minimum of 12 months.
Master Property Manager (MPM)
We recommend obtaining this qualification if your goal is to start your own property management business. You’ll need a CPM certificate and 60 months or more of experience to be eligible.
Final Thoughts
Property management can offer a rewarding career. However, if you want to be an Ohio property manager, it is important to obtain a real estate broker's license. Once you have received this license, you can further your education to enjoy more benefits!
Suppose you're looking for reliable property management software to help with day-to-day activities. In that case, look no further than DoorLoop! With a comprehensive list of features, you'll have everything you need in one place!
Frequently Asked Questions
Here are some of the most-asked questions on how to become a property manager in Ohio:
1. Is a licensed real estate broker and a property manager the same thing?
Because property management professionals must pursue a real estate broker's license, you might think they are the same thing. While managers and brokers both deal in real estate, property managers do not deal with the buying and selling of properties as brokers do.
2. When is a real estate license not mandatory?
According to Ohio real estate law, you will not be obligated to hold a license in the following cases:
- You own the rental property.
- A government entity leases the unit.
- You provide property management services without receiving a commission.
3. Can I be a property manager without a real estate broker license?
If you have a salesperson's license, you can work as a property manager, provided you're working under a licensed real estate broker.
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