The Virginia Real Estate Board states that you need to hold a salesperson license or real estate broker license in order to act as a property manager in Virginia. Furthermore, you will need to be supervised by an employer broker. You must be at least 18 years old, complete 60 hours of pre-licensing coursework, and pass the real estate exam in order to obtain a salesperson license.
The Board's online services require you to submit an application, pay a $170 fee, and submit your information for a background check. In addition to issuing real estate licenses, the Virginia Real Estate Board is tasked with making sure that public interest is protected.
What Is a Property Manager?
If a property manager in Virginia wants to conduct things such as displaying properties, collecting rent, and processing lease applications, they must have a real estate license. Similar to license holders who sell homes or engage in other real estate operations, property managers must either hold a broker license or be under the supervision of a broker.
Property managers are also referred to as leasing agents.
If you want to become a licensed property manager in Virginia, you need to meet the following criteria:
- Have a valid Social Security Number
- Be a US citizen or lawfully admitted alien
- Have a high school diploma or higher education
- Be 18 years or older
On average, property managers in Virginia make approximately $53,338 per year (according to indeed.com). This amount varies based on a number of factors.
Furthermore, a highly experienced and licensed property manager will earn a higher salary than a newly appointed leasing agent.
Salaries also depend on the property management business you're working for. Some property management companies have higher commission rates or bonuses than others.
Property managers do all the things that landlords don't have the time or desire to handle themselves for their rental properties. While helping tenants fill vacancies and deal with problems, property managers are employed by property owners. Making sure that property owners are profitable is the main responsibility of a property manager.
That entails attending to issues such as tenant interactions, marketing, setting and collecting rent, lease contracts, security, risk management, and finances.
Property managers are responsible for overseeing a number of important duties. Furthermore, they must comply and act in accordance with the property management agreement signed. From ensuring the smooth operation of daily tasks to handling specific requests of property owners, property managers have the following responsibilities:
- Collecting rent payments.
- Setting rental rates.
- Finding prospective tenants for vacant rental units.
- Overseeing the entire application process - screening applicants, signing rental agreements, etc.
- Performing a property inspection.
- Arranging showings.
- Ensuring compliance with all relevant laws and regulations.
- Renewing lease contracts.
- Taking care of all necessary communication between landlords and tenants.
- Other financial, reporting, and accounting duties.
Property management companies look for certain skills in potential employees. This is over and above meeting the requirements and obtaining the necessary qualifications.
If you want a property management career, you need to develop the following skills:
- Good communication skills.
- You need to be able to pay attention to detail.
- Basic understanding of accounting concepts and principles.
These are only a few of the basic skills property managers are expected to have.
Currently, there are only six US states that don't require you to have a real estate license in the property management field. To become a property manager, however, requires both a minimal requirement and more in-depth training, just like in any other job. The fundamental requirements for property managers, as well as additional certifications and real estate license compliance, are covered below.
Although the minimum requirement is a high school diploma, there's so much more the becoming a property manager. Furthermore, the property management company you're interested in joining might also have further requirements. If you want to stand out in the property management industry, taking additional courses from a real estate school will be extremely beneficial.
Education Requirements for Real Estate Managers
There are pre-licensing education requirements that need to be met. When compared to other states, Virginia's curriculum requirements are not excessive. Real estate salesperson courses only require 60 hours of completion. The following subjects must be covered in the core curriculum:
- Ownership, valuation, and brokerages
- Virginia law
- Lending laws, mortgages, and other consumer-based themes
You must obtain these credentials from a recognized educational institution. However, be sure to look for one with a solid reputation and a proven history of success in aiding students.
Pass the Virginia Real Estate Salesperson Examination
Your knowledge and comprehension of real estate law, principles, and practices, as well as mathematics, will be put to the test in this exam. PSI is in charge of running it.
There are 120 questions on the Virginia Real Estate Salesperson Exam. You have 150 minutes to complete it, and a minimum score of 86 out of 120 is needed to pass.
You will be able to find out your score immediately after taking these online exams. After passing the exam, you can start the Virginia Real Estate Board registration procedure.
After receiving your real estate salesperson license, you must complete 30 hours of post-licensing education within 12 months.
This property management curriculum needs to include these nine courses:
- Contract Writing (6 hours)
- Agency Law (3 hours)
- Escrow Requirements (3 hours)
- Current Industry Issues and Trends (2 hours)
- Fair Housing, ADA, and Civil Rights (2 hours)
- Ethics and Standards of Conduct (3 hours)
- Risk Management (3 hours)
- Real Estate-related Finance (2 hours)
- Real Estate Law and Regulations (6 hours)
Property Manager Certifications
There are various certifications for property managers to choose from, including:
National Apartment Leasing Professional (NALP)
This accreditation teaches you the basic skills needed to do your job efficiently and effectively.
Certified Apartment Manager (CAM)
CAM training focuses on teaching onsite managers how to interact with tenants. It teaches property managers how to be proper representatives of the profession
Certified Property Manager (CPM)
This is a highly-regarded designation that teaches property managers how to manage residential, industrial, and commercial real estate.
Master Property Manager (MPM)
The MPM certification is the highest title in the property management field. Furthermore, the portfolio requirements are more demanding than the other certifications.
In order to get the necessary experience, those who are just starting out in the field will probably need to apply to and work with experienced property management companies or real estate brokers. However, enhancing that experience with the assistance of industry certifications and courses can position people for a lucrative career in a variety of areas.
In the real estate sector, skilled property managers are essential for property owners.
How Do You Get a Job as a Leasing Agent?
You need a Virginia real estate license to work in property management. Taking a 60-hour pre-licensing education course, paying the application fee, passing your state licensing exam, and clearing a background check are all requirements for obtaining a license.
Once you have the license, you can search for a sponsored broker who focuses on property management or submit applications for open positions with property management firms.
What Do You Need to Submit in Your Salesperson License Application?
The Salesperson License Application must be completed within 45 days after submitting the electronic fingerprints and within one year of your exam pass date.
Apart from the application, you need to submit the following:
- $170 application fee.
- Supporting legal documents.
- Transcripts of your pre-licensing education course completion certificates.
How Do Property Managers Get Paid?
There are two ways to pay a leasing agent.
The property owner and the sponsoring broker of the property management company may agree on a specific monthly payment schedule for them.
Secondly, the property manager also has the option of receiving a percentage commission or bonus based on the number of apartments they rent out, in addition to the total rental payment of the complex they're managing. The commission is distributed between the managing broker and property manager if the leasing agent isn't a broker.