Are you interested in becoming a property manager in Tennessee? You'll need to obtain a real estate license. In this article, we will provide all the information you need to start your career as a property management professional in the state.
What Is a Property Manager?
A property manager is a real estate professional in charge of managing a rental property. The property's upkeep and supervision are the property manager's responsibility. However, a property manager's responsibilities can change based on the client's needs.
Some landlords prefer that their managers take care of every element of the property. Other property owners might choose to handle certain aspects of the business themselves, such as settling utility bills.
The owners of properties dealing with management are frequently required to have certain real estate licenses. Homeowners must be at least 18 years of age to be eligible for such a license.
A real estate broker license is necessary in Tennessee to carry out a variety of managing tasks on rental properties. That's because a property manager's duties are similar to that of a real estate agent.
It is not necessary to have a license in order to receive security deposits and rental payments from tenants. Additionally, no license is required to oversee or monitor the rental unit.
While affiliate brokers only need 30 hours of training, licensing involves 120 hours. The Tennessee Real Estate Commission must approve the institution you choose. Moreover, you must pass the real estate broker exam after completing your training.
Tennessee property management laws require candidates to obtain a separate real estate salesperson license before pursuing a broker's license. If you do not have a real estate salesperson license, you will need to apply for this first.
Property management can be a fulfilling and lucrative profession, provided you put in the work, gain experience, and boost your qualifications with additional certifications. According to Indeed, the average annual earnings for those in the property management industry is $47,681.
Property managers with less than one year of experience earn $46,254 annually, and those with 10 or more years of experience earn $52,881 every year on average. Earnings also vary according to location. Here's what you can expect in different cities in Tennessee:
- Washington DC - $41,000 to $96,000
- Philadelphia - $38,000 to $90,000
- Baltimore - $40,000 to $95,000
- Richmond - $34,000 to $82,000
Many facets of property maintenance and management are the responsibility of Tennessee property managers. Rental and security deposit payments fall under this category. Finding tenants when the property is unoccupied is another responsibility.
The drafting and renewal of a lease for a specific property is another thing many property managers oversee. The manager likewise covers the execution of these leases after they are signed.
Evictions and Reporting
They are also in charge of financial reporting and tenant evictions. These documents contain information on monthly and yearly profit analyses.
Maintenance and Repairs
Managers are also responsible for the upkeep of the property and will need to hire the appropriate contractors to handle repairs or maintenance. They are also in charge of the aspects that directly surround the property, such as organizing the upkeep of the grass and removing snow.
If you have the following skills, property management is likely the right career choice for you:
- People skills
- Ability to manage time well
- Leadership skills
- Organizational skills
- Managerial skills
- Ability to work well in a team
Once you have your real estate broker's license, it doesn't have to stop there. You can further your career and aspire for greater things with additional certifications.
What Education and Certification are Needed for a Rental Manager?
Property managers in Tennessee must have a real estate broker's license to practice property management in the state. To obtain this license, you must meet the following criteria:
- You will need to be at least 18 years of age
- Be a citizen of the United States
- Have a high school diploma or GED
If you meet these criteria, you must complete the pre-licensing coursework before being issued a real estate broker's license and deemed fit to practice property management in the state.
Property Manager Certifications
In addition to this license, property managers in Tennessee can also obtain a number of different certifications to improve their chances of landing higher-paying positions. We'll take a look at them briefly in the section below to give you an idea of what to expect.
Certified Apartment Leasing Professional (CALP)
If you want to show the property management company you're working for that you're serious about your role in real estate, then this qualification is a must. Here, you will learn some of the fundamentals of property management, such as marketing strategies and how to conduct inspections.
Certified Property Manager (CPM)
This certificate is important if you want to become a property manager in a senior position. During this course, you will learn accounting practices, how to lead a team, asset analysis, ethics, and more.
Certified Apartment Manager (CAM)
Do you want to work for some of the leading property management companies? In that case, you'll need a CAM certification. Here, you'll learn about tenant retention, apartment regulations, apartment management, and more.
Master Property Manager (MPM)
As the highest qualification for property management, this certificate will hold you in good stead if you want to start your own real estate business. Keep in mind that you need to have worked as a property manager for 60 consecutive months and have a CPM certificate.
Now that you understand how to become a property manager, it is important to ensure that you have the right tools for the job. With the right property management software, you will have all you need to be successful on one intuitive interface.
Fortunately, you don't have to look very far if you need an exceptional software application. You can list rental properties, collect rent and security deposits, manage finances, generate reports, and more with DoorLoop!
Contact us today to request a free demo or learn more about what DoorLoop can do for you!
Frequently Asked Questions
Still have questions about property management? Here are a few commonly asked questions on how to become a property manager in Tennessee.
1. Do I need a real estate broker's license to be a property manager in Tennessee?
Yes, you will have to obtain a broker's license if you want to practice property management in Tennessee. According to Tennessee real estate licensing laws, renting or leasing a property and collecting rent payments are viewed as real estate activities, which is why it is mandatory to obtain a license.
2. Are there any exceptions to this rule?
Yes. You will not need a real estate license if you simply collect security deposits and monthly rent. Moreover, no license is required to oversee the rental property.
3. What do property managers charge for their services?
Most managers charge clients about 10 percent of the net rental earnings. However, this is generally determined on a case-by-case basis. If you do the math, you'll soon realize that property management is a lucrative career choice in Tennessee.