In today's fast and frenzied job market, people are changing jobs—even careers—like never before. With the average worker holding 12 jobs before they’re 55, endless opportunities await anyone who wants to seize them.
For those pursuing side jobs for real estate agents or the best jobs for former real estate agents, you may want to look into property management as a viable opportunity. Already equipped with industry expertise and experience, a property management business is one of the best jobs for those with your skills and track record.
So, if you’re asking yourself, “Can a real estate agent be a property manager?” read on and see how the transition is possible as a new career or to supplement your income.
From Real Estate Agent to Business Owner
Real estate agents looking to be business owners already possess many of the necessary skills and experience that can make for great property managers. You could essentially become a real estate agent property management specialist—a jack of all trades. Putting you at a strategic advantage over your competition, having your own property management business can help increase your opportunity for success in the housing market.
Since more than one-third of American households rent their homes, property management can open up a new client base. Property management provides recurring income from monthly management fees, leasing commissions, and other ancillary services.
Additionally, the compensation structure tends to be more consistent. As a real estate agent, your income is largely tied to sales commissions. Branching out into the rental market can be a great side job for real estate agents, diversifying your real estate business and adding more financial predictability and consistency.
Those who work in the housing market are people people. Managing properties and becoming a business owner will help to synergize your efforts and widen your contacts for those looking to rent or buy properties. Either way, you can help homeowners or renters obtain the house they need. Some clients may even have needs for both.
Transferable Skills and Experience from Realty to Property Management
If you're a real estate agent, you are no stranger to hard work and you're likely to be well-versed in buying and/or selling homes, including marketing, showing, contract negotiations, and much more. As you pursue property management, not only will your industry knowledge be of benefit to you, but the skills that make you an effective agent will assist you in business ownership responsibilities.
You are a superior communicator. Communication is at the heart of real estate and property management. Agents excel at building rapport with clients, understanding their needs, and facilitating seamless transactions daily. These same communication skills translate seamlessly to property management, where effective relationships with tenants, vendors, and property owners are essential for fostering positive relationships, resolving conflicts, and ensuring tenant satisfaction.
You have a client-centric approach. Real estate agents are inherently client-focused, prioritizing the needs, goals, and preferences of your clients above all else. This extends to property management, where property managers act as trusted advisors, advocating for property owners and doing all they can to help their investments thrive.
Marketing is your middle name. From crafting beautiful listings to promoting them, real estate agents know their way around marketing platforms and social media. This marketing knowledge and savvy are equally valuable in property management because effective marketing strategies are essential for minimizing vacancies, attracting quality tenants, and maximizing rental income.
Property Management Experience Requirements
If you are a hard worker, a superior communicator, possess strong organizational skills, and have marketing experience, you probably have what it takes to become a property manager. Real estate agents possess a deep understanding of local market trends, property values, and neighborhood dynamics. This knowledge is invaluable in property management, where informed decision-making is crucial for maximizing rental income and property value.
The main difference between being an agent and a business owner is that instead of helping clients sell or buy properties, you are helping them rent properties and ensuring that the rental process goes smoothly from start to finish. Key property management responsibilities also include property maintenance, screening and managing tenants, handling disputes, and negotiating lease term agreements.
Why a Property Management Franchise?
Starting from scratch with any business is tough, especially if you don’t have a business plan or prior management success. Learning how to become a business owner in the property management world can be much easier within the framework of a franchise.
Investing in a Real Property Management franchise could be the next logical step. If you work with a franchise company, you’ll have an experienced business adviser from the beginning. And with a ready-made business model, proven strategies for success, and an established brand reputation, you could significantly increase your chance at success. The people, plans, and procedures have already been proven. Follow the instructions and local requirements, and don’t hesitate to ask for help.
The Switch to Property Management Franchisee
How do you become a property manager in the competitive housing market? It’s quite a task, but as a real estate agent, you already know the ins and outs of the industry. Working with a successful and reputable franchise gives you the added advantage that could open the doors to building something truly special.
To learn more about what it takes to succeed in franchise ownership, download your free franchise guide. Call today and find out how transitioning from being a real estate agent to property manager can set you on a possible and purposeful journey.
