Wednesday, April 11, 2012
Apartment Property Management
Apartment Property Management
By Olivia Thomas
With rampant foreclosures and high unemployment rates it has become difficult for people to make ends meet. The stress of a high mortgage payment each month has caused many people to go from owning a home to renting. This is property managers come in. Now is the perfect time to become an apartment property manager.
According to occupation outlook handbook (OOH) property managers ensure rents are paid on time, handle payroll, advertise properties, handle property staffing, and make sure bills are paid on time (Bureau). Clearly, property management is a dynamic field. Property management involves in-depth knowledge of state and local housing laws. In their webpage on property management the OOH states that, “Know and comply with relevant laws such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws; not discriminate when renting or advertising” (Bureau). Managers can own the properties they manage or they may manage the other’s property. There are no formal educational requirements to be a property manager, but there are various certifications that make managers more competitive.
It is recommended that property managers obtain certification through a recognized professional institution and in some cases have a bachelor’s degree in real estate. Managers should get certified as a property manager. There are also other certifications that managers can pursue. The Institute of Real Estate Management offers certification in residential and commercial management as well. According to the OOH, “Many employers prefer to hire college graduates for property management positions, particularly for offsite positions dealing with a property’s finances or contract management” (Bureau). Managers need as much education as they can so that they can capitalize on the current market conditions.
Multifamily real estate is currently booming. The Economic Development Corporation Serving Fresno County wrote in their 2012 Real Estate Forecast that, “Apartments are the hottest CRE [commercial real estate] sector today” (Real 27). They also state that, in Fresno, Apartment sales have increased 50% yr/yr (Real 27). The RCK Organization of Fresno wrote in their First Quarter 2012 RCK Insight that due to a unique mix of market conditions it is, “[…] a great time to own and/or acquire apartments” (3). For these reasons, now is the time to get into the apartment property management industry in Fresno.
The apartment property management industry in Fresno, CA is ideal for anyone looking to break into the property management field. There is opportunity for growth and acquisition of new properties. Various sources have stated the promise that Fresno market holds. In order to be successful in the field one must possess the skills to do a multitude of tasks and wherewithal to get things done.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, Property, Real Estate, and Community Association Managers. 2012. Web.
Economic Development Corporation Serving Fresno County, Real Estate Forecast 2012, 2012. Print.
“RCK Insights: First Quarter 2012.” RCK Organization. 2012: 2. Print.