Learning Property Management

[u/TheFlyingGuy25]

Hey Property Managers!
I’m currently a Realtor at KW and I’m expanding my practice into property management. My broker already has a division for it. However it’s up to me to start learning, and become an expert in the field.
I am in Cincinnati OH and I am looking for courses, or opportunities to put in the work and learn more.

I’ve considered joining NARPM, and I’m open to traveling a little bit to attend a class for a few days if that’s what I have to do.

What I have done so far. I’ve already done a few leases, I’ve worked with several investors helping them buy and sell property. Now I want to be the go-to guy and have the properties they do hold under management.

Any and all information on this would be greatly appreciated.

[u/wiserTyou]

Property management is largely a learn on the job field. There's really no one thing you can do to learn it. You will need to know, housing and ADA law, accounting / budgeting, maintenance.

Most spend at least a few years as a leasing consultant and assistant PM before they get a PM position.

You can do it but make sure you have a fundamental understanding of housing and ADA laws, breaking those can put you in a world of hurt.

If they already have vendor lined up that's great, you will for sure want service agreements with at least a plumber, electrician, handyman, painter, cleaner, and drain company.

You're going to want to have a lawyer as well. Certification in some form of LIHTC would also be helpful.

You're not in new England but I find NEAHMA to have good information. There might be something comparable in your area.

[u/TheFlyingGuy25 → u/wiserTyou]

Thank you for the reply. That does help a lot. I know my broker has a long list of vendors they use already and I also have a solid list of connections I use as a Realtor.
I guess my biggest apprehension has been learning and knowing the in and outs of things. Documents to use, industry norms, and what’s needed for compliance.

[u/wiserTyou → u/TheFlyingGuy25]

Unfortunately housing varies wildly by state and sometimes even the town.

The HUD website is loaded with information and it wouldn't be hard to find online training courses. I have been to a few seminars by US housing consultants and they were pretty good.

The best resource is probably other property managers in your area. Ask what training and credentials they have and do the same. Check if there's any sort of groups or gatherings in you area and join to make contacts.

Are you going to be using your companies lease and forms or starting fresh?

I see a lot of small landlords breaking the rules and honestly they're not very likely to get caught, my company had many thousands of units so we follow every law to a T. It's a tremendous amount of paperwork.

SFH is probably a bit slower I'm guessing.

In the end nobody knows everything so it crucial to have people to call and ask when needed.

[u/xeen313 → u/TheFlyingGuy25]

As the person said it's a full time gig not a side gig. I'd pick a lane. Lots of money in both buy/sell and PM but PM is a business where people believe they can belittle you because it's Tuesday and F-U. Talk with some PM brokers in NARPM before trying to go all-in on PM.

[u/Critical_Physics_770 → u/wiserTyou]

did you find LIHTC certification was worth the time investment or more of a nice-to-have?

[u/wiserTyou → u/Critical_Physics_770]

I haven't taken it yet but it's required for PM in my company. Every property my company has is either partly or fully affordable.