Are you looking for a new career? How about becoming a property manager? Due to the currently high mortgage rates and home prices, many people choose to rent over buy, increasing the demand for property managers. In fact, the Bureau of Labor Statistics projects that the number of property manager jobs will grow five percent through 2032, faster than the average three percent for all other occupations.
So, if a good salary, job security, and a desire to work with people are high on your career wish list, property management may be a good fit for you. In this guide, we’ll review everything you need to know to launch a successful North Carolina property management career.
Key Takeaways
- The demand for rental property managers is growing due to an increasing number of people choosing to rent, with an expected industry employment growth of 8% through 2024.
- Property management offers decent salary, steady employment, and job security, and requires a strong desire to work with people.
- Legal requirements, such as licensing, vary by state, with North Carolina requiring a real estate broker license and possibly additional certifications for managing government-subsidized housing.
- Educational qualifications range from a high school diploma to a bachelor’s degree in fields like business administration and real estate; vocational training and real estate licenses are also valued.
- Obtaining certifications, such as Certified Manager of Community Associations or Certified Property Manager, can enhance credibility and career opportunities in property management.
Understanding the Role of a Property Manager
If you’ve ever rented, you’ve probably interacted with a property manager–but you may not know the full extent of their roles and responsibilities. Here’s a brief overview of what property managers do on a daily basis.
Overview of property management duties
Property managers conduct a variety of duties, including:
- Collect rent
- Source maintenance requests
- Ensure the property is up-to-code and safe for residents
- Screen new tenant applications
- Market and showcase vacant units
- Supervise other employees (i.e., maintenance workers, security guards, etc.)
- Track expenses
Clearly, if you’re looking for a job where no two days are the same, property management is a great choice.
Differences between residential and commercial property management
While most property managers manage residential buildings, some manage commercial buildings, such as office complexes, retail spaces, and hotels. Many of the tasks associated with commercial property management are similar to those related to residential property management, but there are some key differences.
In general, commercial properties have:
- Longer lease periods
- More complex lease agreements
- More employees to manage
- Greater ongoing maintenance and security needs
- More building codes and zoning regulations to adhere to
- Higher risk profile for incidents that occur on property grounds
- Greater potential for unit vacancies as a result of economic downturns
Due to the complex nature of managing commercial properties, one property manager is typically designated for one commercial property, while residential property managers usually manage more than one property.
Educational Requirements to Be a Property Manager
Having a high school diploma or equivalent education is essential for property managers as it is one of the requirements for getting your real estate broker license.
Recommended higher education degrees
While a high school diploma can be enough to get hired as a property manager, more companies are looking for someone with a bachelor’s degree in business administration, real estate, accounting, public administration, finance, or a related field. So, if you don’t already have one, you may want to consider getting an associate’s or bachelor’s degree. Some real estate companies seek candidates with vocational real estate training or a real estate license. Coursework in real estate development, management, finance, urban planning, affordable housing administration, property management, and senior housing are especially sought-after specialties.
Licensing Requirements in North Carolina
To become a property manager in North Carolina, you must obtain your real estate broker license. While you won’t buy or sell real estate as a property manager, you will represent a client (i.e., the property owner) in real estate transactions (e.g., collecting rent), which requires a broker’s license.
In this section, we’ll review what you need to know about getting your North Carolina real estate broker license.
Overview of North Carolina Real Estate Commission (NCREC) regulations
Property management is one of a select group of occupations that require a license. In North Carolina, the North Carolina Real Estate Commission (NCREC) is the governing authority that oversees real estate-related licenses. As such, NCREC sets the licensure requirements, writes the real estate license exam, and processes real estate license applications.
Steps to obtain a real estate broker license
To apply for your real estate license in North Carolina, you must be at least 18 years old and have a high school diploma or equivalent education. Once you’ve met those two requirements, you can proceed to the next steps for getting your license.
Pre-licensing courses and exam
First, you must complete the 75-hour pre-licensing course, which you can do online or in person. Once you’ve completed your pre-licensing education, you must send your real estate license application, background check, and application fee to NCREC.
Additionally, you need to take and pass the national and state portions of the real estate license exam. While your pre-licensing education will prepare you for what’s on the exam, you may want to take an exam prep course to increase your chances of passing on the first attempt.
Post-licensing education
You will receive a provisional license once you pass the real estate exam and NCREC approves your application. This license allows you to practice real estate under the supervision of a broker-in-charge. To remove this provision, you must complete 90 hours of post-licensing education within 18 months of receiving your provisional license.
Continuing education requirements
Finally, you must keep your broker’s license active by completing 8 hours of continuing education each year.
Gaining Relevant Experience
It can be challenging to start a new career without any prior experience. However, it is possible to gain relevant work experience before landing your first job as a property manager. Here are some tips.
Start in entry-level property management positions
There are a variety of entry-level property management jobs available that don’t require a broker’s license, including:
- Property manager assistant: Helps the property manager with administrative tasks and showing vacant units
- Marketing assistant: Helps promote the property management business and market vacant units to prospective tenants
- Facilities assistant: Assist the facilities manager with maintenance requests and general upkeep (i.e., gardening, cleaning, fixing equipment, etc.)
Starting in one of these entry-level positions can give you a leg up on becoming a property manager. Your employer may even help you get your broker’s license!
Volunteer or acquire an internship in property management
If you want to see if property management is right for you before getting your broker’s license, you may want to seek internship opportunities with local property management companies. Simply reach out to some local property management companies (a quick Google search will do) and see if they are looking for interns. Who knows, they may even have a job opening!
An established property management company can provide more support, benefits, and reliable pay than a typical DIY job posting. Plus, established property management companies are more likely to have designated opportunities for career advancement, enabling you to climb up the ranks more quickly.
Developing Essential Skills
Part of building a successful career is developing the skills you use daily. Luckily, resources and tools are available to help you improve your property management skills.
Key skills for successful property management
The following are just some of the key skills needed for property management.
Communication and interpersonal skills
Much of your job as a property manager involves communicating with tenants, other employees, and the property owner. As such, strong communication and interpersonal skills are essential. If you could improve in this area, there are resources available that can help. As with most skills, the more you practice, the better you become.
Organizational and time management skills
Property managers need excellent organizational and time management skills. Whether tracking new tenant applications or sourcing maintenance requests, staying organized is integral to the job. Luckily, many tools and software make tracking all the moving parts of managing a property much more manageable.
Financial and budgeting skills
With the rising costs of labor and construction materials, it is essential to be able to create and stick to a budget. Fortunately, affordable bookkeeping resources (such as QuickBooks) make keeping track of expenses and revenue easier than ever.
Problem-solving and conflict-resolution skills
Finally, solving problems and resolving conflicts is critical to successfully managing a property. Resolving disputes between tenants, fixing maintenance issues, and dealing with tenants who are late on rent are some examples of when these skills come in handy.
Networking and Professional Associations
Networking and participating in industry-related associations and events can be crucial to your career advancement. In this section, we’ll discuss how to identify and take advantage of networking opportunities and professional associations for property managers.
Importance of networking in the property management industry
While it may not be everyone’s cup of tea, networking can be highly beneficial for various reasons. By attending networking events, you can:
- Discover new job opportunities
- Find a mentor
- Learn industry insights
- Get support from others in the industry
- Explore new areas of interest
To find networking events in your area, check networking sites such as LinkedIn, Meetup, Facebook, and Glassdoor. Even if some of these sites only have a national group to join, it can be an excellent opportunity to learn what challenges and opportunities property managers face nationwide. Plus, joining these groups can help you find job opportunities quicker and more easily if you move states.
Joining professional organizations
While not required, joining professional organizations is a great way to network with other industry professionals, enhance your skills, and market yourself to future employers.
Here are a couple of national and international property management-related organizations you may want to consider joining.
National Association of Residential Property Managers (NARPM)
Similar to how real estate agents and brokers can belong to the National Association of REALTORS® (NAR), the National Association of Residential Property Managers (NARPM) provides members access to educational resources, conferences, and a network of property managers nationwide.
Institute of Real Estate Management (IREM)
The Institute of Real Estate Management (IREM) provides professional development and education to property managers worldwide. Members can also access certification and accreditation opportunities and attend their annual global summit.
Continuing Education and Certifications
Continuing education and professional development are essential to fast-tracking your property management career. Here’s why.
Benefits of continuing education
While completing eight hours of continuing education each year is a requirement for licensed brokers, there are other benefits, too. For instance, continuing education helps keep you up-to-date on the latest industry trends and best practices and may even introduce you to new areas of interest.
Advanced certifications in property management
A broker’s license is the only license requirement for North Carolina property managers. But, if you want to stand out from the competition or specialize in a specific area, getting an advanced certification may be right for you.
Here are a few property management certifications you may want to consider.
Certified Property Manager (CPM®)
The certified property manager certification is one of the most recognized and valued designations for property managers. However, to be considered for this certification, you must have a total of three years (or 36 months) of experience.
The average cost of getting your CPM® ranges between $7,600 and $8,600. However, those who earn their CPM® have much higher earning potential, with an average total compensation of $160,000 per year, 144% more than the average property manager. So, your return on investment for getting your CPM® is quite high.
Residential Management Professional (RMP®)
If you’re interested in specializing in managing residential properties, you may want to consider getting the Residential Management Professional (RMP®) designation from the National Association of Residential Property Managers (NARPM). However, to qualify for RMP® designation, you must have managed at least 100 units over two years and pay an annual membership fee of $295.
Certified Apartment Manager (CAM)
Those interested in managing apartments and apartment buildings may consider earning the certified apartment manager (CAM) credential from the National Apartment Association (NAA). This credential requires proof of one year of onsite property management experience, an annual membership fee ($125), successful course completion ($900), and passing the CAM exam.
Job Opportunities and Career Advancement
Now that you know the education and skills required to become a property manager, do you know how to land your first job and scale your career? In this section, we’ll discuss how to find local job and career advancement opportunities.
Finding property management job opportunities in North Carolina
It’s easy to find open property management jobs in North Carolina by browsing online job boards such as Indeed.com, Ziprecruiter.com, and LinkedIn.com. Simply search for “property manager” and filter by location to find available jobs near you.
You can also look on property management company websites for current job listings. If you don’t find what you’re looking for, don’t hesitate to contact these companies to let them know you are interested in working for them. They may have some availability in the near future.
Career advancement paths
It can be difficult to advance to the next career stage if you don’t know the next phase. Below, we outline a potential career path for a property manager. It’s essential to remember that everyone’s career path differs and can vary based on job location, prior experience or education, and other variables.
Moving from assistant property manager to senior property manager
The first position you land as a property manager will likely be as an assistant property manager. In this position, you will assist the property manager with administrative tasks, such as reviewing new tenant applications and flagging urgent maintenance requests. This is an excellent opportunity to learn the ropes of property management from an experienced professional.
Once you’ve gained some experience (usually a year or two) as an assistant property manager, the next likely promotion you can attain is a property manager. In this position, you’ll have more responsibility and be in more direct communication with the property owner or property management company. Depending on the number of units or properties you manage, you may have an assistant property manager to support you.
After you’ve proven yourself as a capable and trustworthy property manager, you may be eligible for a promotion to head property manager. In this position, you likely manage other property managers and oversee more business operations.
Finally, after years of experience, you could be promoted to senior property manager. In this position, you’ll have more responsibilities and influence over significant business decisions with a salary to match (see table below).
The table below outlines the median salary for each property management position in North Carolina.
| Position | Median Salary in North Carolina |
| Assistant property manager | $42,000 |
| Property manager | $56,000 |
| Head property manager | $72,000 |
| Senior property manager | $114,000 |
Source: Glassdoor.com
Opportunities in property management specialization
Many career professionals become more marketable to employers if they specialize in a specific niche or area. Here are some potential specializations for property managers that make it easier for them to climb the ladder of an organization or company.
- Affordable housing
- Student housing
- Senior living
- Commercial real estate
- Luxury apartments
- Vacation rentals
Frequently Asked Questions (FAQs)
Although we’ve covered a lot of information, you may still have some outstanding questions regarding a career in property management. Here are some of the most frequently asked questions.
Common questions about becoming a property manager in North Carolina
The following are some commonly asked questions about becoming a property manager in North Carolina.
Do you need a real estate license to be a property manager in North Carolina?
Yes, you need a real estate broker license to be a property manager in North Carolina.
How long does it take to become a property manager?
How long it takes to become a property manager depends on how quickly you can obtain your broker’s license. The most time-consuming aspect of getting your broker’s license is completing the 75-hour pre-licensing course, which takes about eight weeks to complete in an in-person or livestream classroom setting. However, if you take your pre-licensing in a self-paced, online format, you could conceivably complete your pre-licensing education requirement in a week. However, you may want to take the time to digest the information to be well-prepared to pass the real estate license exam.
You’ll also need to account for the time it takes to schedule and pass your real estate license exam, complete a background check, and wait for your application to be processed. The time it takes to complete these steps can vary, but if everything goes smoothly, they can typically be completed within a month.
Finally, you must complete the 90 hours of post-licensing education required to remove the provisional status on your broker’s license. Again, the amount of time this takes depends on the learning format you choose. If you select an in-person format, you could complete your 90 hours in three weeks, but that requires you to take classes during the day. If you choose an evenings-only class schedule, it will take approximately six weeks to complete.
If you want to complete the 90 hours quickly, the asynchronous online format is your best bet. This format lets you complete your education in a few weeks or less.
In all, you could get your broker’s license in as little as seven weeks, but that may be faster than usual.
What are the costs associated with becoming a property manager?
The costs associated with becoming a property manager vary, but here are some estimates:
Pre-licensing education: $430 – 760
Application fee: $100
Exam fee: $60
Background check fee: $20
Post-licensing education: $645
Continuing education: $110 – 160 (annually)
License renewal fee: $45 (annually)
One-time cost: $1,255 – 1,585
Recurring cost: $155 – 205 (annually)
Additionally, you should consider supplemental costs such as an exam prep course ($90 – 160) and potentially having to retake the real estate exam if you don’t pass on the first attempt ($60 per attempt).
Overall, property management is a secure and profitable career with a low barrier to entry. The first step is getting your North Carolina real estate broker’s license. Once you have your broker’s license, you can land your first job as an assistant property manager (or property manager if you already have some prior experience or skills). With intentional skill development and industry networking, you can quickly move up the ranks to become a senior property manager in a matter of years.
If you have any questions about property management, getting your real estate license, or real estate in general, Superior School of Real Estate is here to help. With more Distinguished Real Estate Instructors than any other North Carolina real estate school, Superior School of Real Estate has the expert guidance you need to launch a successful career in real estate!
