Are you good at multitasking and developing connections with diverse people? Do you like advising people on ways to protect their financial future and build Property wealth? Then, a career as a property manager could be best suited for you.
Property managers mediate between property owners and renters in rental contracts. Their main job is to assist in renting commercial, housing, retail, and industrial properties on behalf of their owners.
To legally work as a property manager, You must complete a Certificate IV in Real Estate Practice and get licensed by a Licensing Program. A Certificate of Registration (for all Australian states) or a Certificate IV (for Queensland and New South Wales).
This blog is an excellent guide for everyone wishing to become a property manager in Australia. Here we will discuss the essential skills, qualifications, certification, courses, what they do, job outlook and the steps to pursue this profession.
1. What Is A Property Manager?
Property managers work as an intermediary between property owners and tenants with a rental contract.
They know the property state laws and regulations and possess excellent people skills. They use these skills to deal with involved parties in the rental contract.
Property managers manage and supervise rental responsibilities of commercial spaces, residential houses/apartments, industrial spaces, offices, and retail premises on behalf of owners, landlords, and investors.
They usually work in real estate agencies or commercial property management with storefronts, retail complex leasing, and large offices.
The Australian Property Institute and the Royal Institution of Chartered Surveyors are the official bodies that govern the real estate and property industry.
2. Pros And Cons Of Working As A Property Manager In Australia
Every career has some positives and some not-so-appealing parts. A property manager is no different. Working as a middleman between landowners and renters can be challenging yet highly rewarding.
We have listed some pros and cons of a property management career to helping you make a well-informed decision.
Substantial growth in the Australian real-estate market translates to high demand and career opportunities for residential property managers.
Property management is a business. With experience and expertise, there is no limit to how much a certified property manager can make in this profession. Property managers can earn between $65,000 and $85,000 annually.
These figures can increase as you get more skilled and experienced and expand your property portfolio.
This is a perfect career for extroverts who love meeting people and helping them with their property needs. The profession allows you to showcase your exceptional communication and leadership qualities.
Property management skills such as organizing and managing multiple properties, time and priority management, investment assessment, communication etc., are universal in any marketing professional. Gaining expertise in these skills gives you a significant advantage over other professionals employed in the market.
You need to put constant attention and effort into managing a rental property. Whether you work alone or in a real-estate agency, this full-time job requires you to handle many responsibilities, including off-duty tasks and emergencies.
Only some clients you may come across are as cultured as you are. There can be times when you have to deal with bad clients. That is where it becomes necessary to study rental laws to limit the harm they can do to the property.
There is no set schedule and workplace in this profession. You may need to travel often to show the properties to the tenants and get the deal.
The nation's current economy can positively or negatively impact the real estate industry. Thus, you can't expect job stability when the economy is going through a rough phase.
3. Property Manager Job Description
A property manager takes care of all the stages in letting the property. They charge a fixed percentage of money as a commission from both parties in return for their services.
A property manager is liable for the following administrative and leasing duties in Australia:
Manage a portfolio of properties within a specified area
Advertise rental properties within their network and on housing-related websites
Search and qualify new tenants for rental properties
Assess the suitability of the applicants and shortlist them based on their criteria
Show rental properties to potential tenants
Perform a background check of references
Negotiate rental terms and conditions
Collect bond and rent from tenants
Manage documentation related to a rented property that includes bond and lease agreements
Organize necessary paperwork for rental lease agreement breaks
Help tenants move in and move out
Conduct periodic inspections of the properties and report damages (if any)
Make a condition report of the property
Arrange repair works as per the owner's instructions
Collect unpaid rent or other expenditures from the tenant
Represent landlords at tribunal hearings
Respond quickly to owner and tenant communications
4. Skills Required To Become A Property Manager In Australia
To become a good property manager, one must have diverse skills and attributes. They must be great multitaskers, have excellent communication skills, and are good problem-solvers.
In addition to the above, a property manager should also possess the following skills:
Good admin skills
Verbal and written communication
Great interpersonal skills
Knowledge of relevant legislation
Prompt and polite communication
A friendly nature
Customer service skills
Able to work independently
Sound real-estate knowledge of the local area
Willingness to travel to show sites to tenants
5. Qualifications To Become A Property Manager In Australia
A property manager must hold a valid license from the state to work legally as a property manager in Australia.
Here is the educational qualification needed to become a licensed property manager in Australia:
Complete Year 10 education
You can also undertake accredited property management courses such as Certificate IV in Property Services (Real Estate). A Licensing Program or a Certificate of Registration is needed to pursue this job.
6. Steps To Become A Property Manager In Australia
Interested candidates can follow the below step-by-step guide to becoming a qualified and licensed property manager in Australia:
Step 1: Get Qualified
Start your career by learning about your state's requirements for property managers. Mostly all Australian states require a licensing program, a registration program, or a property manager certificate at a tertiary institute for this role.
A Certificate IV in Property Services is the ideal course to develop a solid knowledge base in the property segment and an on-the-job learning experience. Training institutions usually offer it as an apprenticeship with varying durations.
Step 2: Pursue Further Studies
A university degree in Bachelor of Property and Real Estate (3 to 4 years) is an excellent way to deepen your knowledge and progress further in the real estate and property business.
Step 3: Get Licensed
Only those property managers who are licensed are allowed to work in Australia. Presently, there are three categories of licenses to work in this industry, real estate agent, strata, and stock and station agent.
Complete a Certificate of Registration (of 1-year duration) followed by a class 2 agent work experience requirement as specified by your state.
Step 4: Apply For Jobs
After completing the relevant property manager qualification based on your state's requirements, you can start applying for job roles either online or by directly contacting real estate agencies.
7. How To Become A Property Manager In NSW?
Those aspiring to become property managers in NSW must apply for a certificate of registration to work as an assistant real estate agent by completing a Certificate IV in Property Services (Real Estate).
Next, you must obtain a property manager license in NSW to work legally as a real estate agent.
You will have to complete the remaining sections of Certificate IV in Real Estate Practice and fulfil 12 months of work experience, including the class II work experience requirement specified by NSW Fair Trading.
8. Related Courses For Property Managers Profession In Australia
Real estate is a highly regulated field wherein you must have the necessary qualification and licenses to legally work as a property manager in different states of Australia.
Certificate IV in Real Estate Practice is a nationally accredited real estate license course teaching how to advise tenants, buyers, vendors, and lessors, on the purchase, lease, or sale of residential and commercial property.
The Diploma of Property Services (Agency Management) meets the academic requisites for a Class 1 Real Estate License. The course teaches the effective administration of a real estate firm and its budgets, payroll, and finances. The course also trains students on controlling tenancy agreements and trust accounts.
The Bachelor's degree courses in Property and Real Estate equip the student with the essential skills to build a successful career in real estate. The course is per the requirements of the emerging property industry.
The course takes students through the different property and real estate subjects, such as property economics, property development, property investment, legislative valuation, property regulation and practice. These help students become the best property professional in Australia.
Short courses are another way to acquire fundamental property and real estate management knowledge. However, you need to supplement them with the licensing program to become legally eligible to work as a property manager in Australia.
Certificate IV in Real Estate Practice
Diploma of Property Services (Agency Management)
Graduate Diploma of Property
Graduate Certificate of Property
Diploma of Business
9. How Much Does A Property Manager Earn In Australia?
Based on the last three months' data, the property manager's salary is between $65k and $85k.
The average national property manager's salary is $77,749 per year. Their actual wage depends on the existing client base, the type of property they manage, the employer, the area of employment, current market conditions, and their marketing abilities.
The primary source of their income is the commission (a percentage of money) they get from the landlord and tenants to execute the rental deal.
Here are the city-wise estimated earnings of property managers in Australia:
10. Working Conditions For Property Managers In Australia
A typical workday of a property manager involves visiting properties, looking after multiple properties, and communicating promptly with their clients.
With adequate time management and execution skills, this complex and busy job can become rewarding.
The ideal place of employment for property managers are corporations, housing sectors, and financial institutions that operate in the industrial and retail sectors.
Property managers usually work regular hours but sometimes have to work in the evening and on weekends to show properties or perform an inspection. Better planning and organization help make the task more straightforward and more manageable.
11. Employment Opportunities For A Property Manager In Australia
A property manager position is a lucrative career for self-motivated, charismatic and communicative people. Good growth potential, comfortable work conditions and a decent salary make it an attractive profession for many.
Property managers generally work in a real-estate agency but can also work as self-employed contractors in Australia.
Property managers often work in the residential sector for corporations, and financial institutions also employ them in retail and industrial property areas.
Real estate is a dynamic industry that fluctuates based on the nation's economic state, federal policy, and interest rates. Thus, the job opportunities for this profession depend on the industry's current state.
Exciting career options are available for qualified real estate agents, such as:
Property portfolio officers
Experienced property managers can further progress their careers by specializing in any of the following fields such as:
Residential property manager
Commercial property manager
Body corporate manager
12. Job Outlook For Property Managers In Australia
With a career in property management, you can help people make significant decisions in their lives. You guide people while purchasing a home, investing in property for a safe financial future, renting a property to obtain monthly income, and assisting in securing these investments.
The continuous growth of the Australian real estate market indicates strong demand and a promising future for skilled property managers to ensure the smooth operation of a real estate office.
Property management is a significant segment of the real estate industry.
A career as a property manager gives you an excellent opportunity to learn how this industry works. You can make a rewarding career in this challenging, diverse, and exciting only if you have the appropriate qualifications and skills.
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