5 minute read
Property Management Council
Property Management as a Side Hustle
By: Julia Montei, Property Management Council Committee Member, Coldwell Banker Realty
There are three basic types of Property Managers; the individual property manager, the individual building manager, and the resident manager. All come with different roles, requirements, and responsibilities, but all require basic knowledge of property management.
It can be overwhelming thinking about the risk, liability, laws, costs, and responsibilities that property managers must deal with. For instance, will you manage it yourself, or will you outsource it to a property management company? If you outsource, will it be as profitable or more profitable than handling it yourself? How will you market your business to stand out amongst a sea of new property management companies, managers, and those competitors that are already dominating the business? And how do the economic changes that affect the industry affect your business? It is not for everyone. But for many Realtors®, it can be an extremely lucrative side hustle. But where does one start?
Florida REALTORS® is providing a course on Property Management in December in Flagler County. Sure, it is a bit of a hike. But why not learn, explore another area, AND make new connections? Earn four hr. continuing education credits by participating in Property Management for the Real Estate Practitioner, Tuesday, December 6, 2022, 12:30 - 4:30 p.m.
THE COURSE DESCRIPTION:
Want to know more about Property Management without jumping in head first? This is the course for a Realtor® that wants or needs to know enough about Property Management to get by, whether to manage a property or two now, or as an introduction to property management if they are considering possible investment down the road. Offered as a three or four CE hour course, this class will prepare the student for those times when they must act as a property manager. It will walk them through the reasons that they are needed, what they need to do, and what they can expect from a legal standpoint. For more information, visit their website at www.usamls.net/flagler.
EDUCATION IS A MUST
Before you think of purchasing your first investment property and the “Location, Location, Location” of that property... rather, think of your new business and the “Education, Education, Education” needed to make it a success! There are so many tools out there, and searching for the right information can also be timeconsuming. Start off on the right foot and begin at the 3 Home Plates for Realtors®... RASM, Florida REALTORS® and National Association of REALTORS®.
GET INVOLVED
At the local level, get involved! Become a member or committee member and participate in our Association’s Property Management Council (PMC). As a PMC member, you have access to specific tools, roundtables, and networking opportunities. As a committee member, be the first to know what is coming down from our legislators and how changes will affect property managers. And, you meet some of the best (and local) managers in the business. Having experienced professionals in your corner can save you a lot of time and a lot of money. Our committee discusses the latest happenings, trends, and concerns and provides timely educational opportunities to our Realtor® members.
CERTIFIED PROPERTY MANAGER (CPM®)
The National Association of REALTORS® (NAR) recognizes a designation specific to property management; the Certified Property Manager, (CPM®). CPM® designees are recognized as experts in real estate management. Holding this designation demonstrates expertise and integrity to employers, owners, and investors, and is presented by the Institute of Real Estate Management (IREM). Owners, investors, and employers know that if you hold an IREM Certified Property Manager® designation, you have the knowledge to maximize the value of any property, in any asset class. CPMs have the potential to make over two times more than the average property manager salary in the U.S. It can take up to 3 years to earn this designation and no less than 12 months, so plan to start as soon as you know you wish to earn this designation.
Whatever level of management you wish to achieve, whether it be to rent out a home here or there, or to create a growing and thriving property management business, do your homework. Contact legal advice when needed. Seek education from qualified resources. And, at the minimum, join RASM’s Property Management Council. Our next Roundtable Session will be held by both PMC and RAJC, Seasonal Rentals & Restrictions, Thursday, October 20, 2:30 - 4:00 p.m. at RASM South. It is the perfect time to prepare for the return of our snowbirds. See you there! •
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