Many people probably think that a career in real estate is limited to making money by brokering transactions. One thing you will learn from taking classes at Brooklyn Real Estate Institute is that there are many career paths in the real estate industry that don’t involve brokering—a great example is property management.
If you decide to go for a career in property management, you will work closely with real estate owners to help maximize the return on their investment. As a property manager, you will do everything from finding tenants to calculating budgets and expenses. You will likely have a large portfolio of properties, each with unique needs. In order to be effective, you will need to develop a network of experts to handle repairs, construction, and a variety of other tasks.
Tenant-related Tasks
One of the primary functions you will have as a property manager is to find and maintain good tenants. Property managers are typically tasked with advertising and showing the property to prospective tenants. They screen tenants by performing background, financial, and employment checks. Property managers also prepare and execute lease agreements, coordinate any necessary modifications or build-outs, and help tenants while they are getting situated in the property.
Once the property is occupied, you will handle the timely collection of rent and the eviction of non-paying tenants. You will also receive and address tenants’ complaints, enforce rules and regulations, and follow up with tenants to ensure that they are satisfied with the property.
Classes at Brooklyn Real Estate Institute can give you the tools needed to identify good tenants and teach you the techniques that you can use to keep those tenants happy.
Administrative Responsibilities
Beyond finding and keeping good tenants, your work in property management will involve a significant amount of administrative tasks. You will be charged with managing expenses and setting a budget to cover costs such as repairs, landscaping, improvements, advertising, and more. Your ability to find cost-effective solutions to everyday problems will make you a valuable asset to real estate owners trying to maximize profit on their investment.
In addition to budgeting, you will also be tasked with record keeping and risk management. You will need to monitor and ensure compliance with government regulations and avoid potential legal and tax-related problems. In order to do this, you will need to stay updated on regulatory and legal changes and be effective at continually implementing new practices to ensure compliance. You will also need to maintain accurate and up-to-date records on everything from income and expenses to tenant interactions.
Property management might seem overwhelming, but it can be a great career if you are creative and enjoy staying busy. Classes at Brooklyn Real Estate Institute can help you prepare to be a successful property manager.
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