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Are you considering a career in property management? If you want to be a real estate broker in Florida, you will need to get the proper license.
This confirms that you are competent and able to carry out the obligations of a property manager. However, Florida has a different licensing process for property management than other states.
In this article, we'll take a look at what a property manager does, their responsibilities, the qualifications you will need, and more.
What Is a Property Manager?
A property manager, also known as an estate manager, is an individual or company that is tasked with overseeing the day-to-day operations of rental properties. These professionals are given compensation for the role they play.
A property owner makes use of property management services if he or she is unable to attend to the demands of managing personally owned properties or simply lacks the desire to do so.
Requirements
According to current Florida real estate licensing regulations, two important aspects of property management (leasing and renting) are categorized as real estate activities. A real estate broker license is required if a property manager is compensated on commission and manages rentals and leases on behalf of others.
Here are some of the minimum requirements you must meet to pursue your Florida real estate license:
- You must be a citizen of the United States and have a Social Security Number.
- The minimum age requirement is 18 years.
- Candidates must have a GED or high school diploma.
- You must successfully complete a pre-licensing course that is approved by the Florida Real Estate Commission. This consists of 72 hours of classroom work. Keep in mind that your pre-licensing course is valid for two years.
Moreover, for administering properties that you own, no license is necessary. The Division of Hotels and Restaurants also requires a license for some rental establishments.
Keep in mind that landlords and property owners often use the Florida Department of Business and Professional Regulation to find a licensed real estate broker.
Salary
Florida property managers make more on average than many states in the US. According to Indeed, the average annual income of a property manager in Florida is $61,700.
The amount you can make will be influenced by your certifications, experience, and location. It will also depend on the property management companies you're working for. If you have less than one year of experience in the industry, you can expect an average income of $59,852 and $68,428 with over 10 years of experience working as a property manager.
Duties
Before pursuing a real estate broker's license in Florida, it's important to understand what property managers or companies do.
A Florida property management company or professional will liaise with the tenant and landlord and manage everyday operations. Property managers also screen potential tenants, negotiate the terms of the lease, and oversee home inspections.
They also collect monthly rent and ensure that both the tenant and landlord are notified in the event that any changes are made to the property.
Responsibilities
Here is a quick view of some of the responsibilities property management professionals have:
- Property listings, tenant screening, and arranging viewings of the property
- Communicating with the tenant and property owner
- Drawing up lease agreements and negotiating the terms
- Conducting maintenance, repairs, and clean up of common areas
- Handling evictions and attending court proceedings should the tenant take legal action
- Pursuing unpaid rent
- Managing lease renewals
- Performing basic accounting and reporting duties
- Ensuring that the rental property complies with state laws and building codes
Skills
To pursue a career in property management, you must have certain skills. This includes:
- Interpersonal skills. Because this job entails working with contractors, property owners, and renters, it's important that you have excellent interpersonal skills.
- Accounting. Although you can use DoorLoop's property management software to take care of your bookkeeping requirements, it's essential to have a good understanding of fundamental accounting practices.
- Organizational skills. It's also important to stay organized and ensure that you're able to keep track of important documents.
- Leadership skills. Although you may be working for a property management company in Florida, it's crucial to have leadership skills to ensure that you are able to manage contractors effectively and deal with difficult tenants.
Now that you understand what skills are necessary let’s talk about the different certifications available in Florida.
Qualifications
Florida state law requires managers working with rental units to obtain a real estate license. However, there are many additional certifications you can pursue to further your education and help you land a top-paying job at some of the finest property management companies in Florida.
In the section below, we'll talk about some of the certificates you can pursue.
What Education and Certification are Needed for a Rental Manager?
The truth is that there is no such thing as a "property management license." Instead of a property management license, you are required to obtain a Florida real estate broker's license from the Florida Real Estate Commission.
Property Manager Certifications
In addition to this real estate or "property management license," there are other qualifications you can obtain to become a property manager in Florida.
Certified Apartment Leasing Professional (CALP)
The Certified Apartment Leasing Professional (CALP), formally known as the National Apartment Leasing Professional (NALP), is the first industry credential you can obtain. It tells your employer that you are serious about a career in property management. Here are some of the requirements for this certificate:
- A minimum of six months experience in a leasing role
- Completing the seven CALP courses successfully
- Passing the CALP examination within six months
Certified Property Manager (CPM)
You will need a CPM certificate to hold a senior position in a Florida property management company. Here are some of the requirements for this qualification:
- You must possess a real estate broker's license
- Three years of experience in a leasing role is essential
- Successful completion of 19 of 36 prerequisite tasks is necessary
- Pass the exam within one year
Certified Apartment Manager (CAM)
After learning fundamental business concepts, a leasing professional can pursue a CAM qualification. This certification will assist on-site managers in dealing with tenants on a regular basis. It enables real estate managers in Florida to effectively represent local property owners. Requirements include the following:
- 12 months or more of industry experience
- Completing CAM modules successfully
- Passing the examination within one year
Although these certifications are not essential to be a real estate manager in Florida, they will certainly hold you in good stead and help employers, property owners, and tenants to take you seriously!
Master Property Manager (MPM)
This is the highest qualification for real estate managers n Florida. By obtaining this certificate, you can ensure that you are well-equipped to start your own business! Here are some of the requirements that you need to meet to qualify:
- 60 consecutive months working in the property management industry
- A CPM certificate
- Obtaining the qualification within 12 months
Final Thoughts
Being a property manager in Florida can be a fulfilling and rewarding career choice. It's important to obtain your Florida real estate broker's license from the Florida Real Estate Commission if you want to be a real estate manager. It would also help to further your education to boost your earnings.
Moreover, to ensure your success as a property manager in Florida, it is important to be organized and have the right tools for the job. With DoorLoop, you'll have access to incredible features like accounting, rent collection, and custom reporting to help you build a successful business.
Get in touch with us to find out more about our software, or try a free demo!
Frequently Asked Questions
Do you have more questions about how to become a property manager in Florida? We answer some of the most-asked questions in the section below.
1. Is there a property management license?
There is no such thing as a "Florida property management license." Property managers are required to obtain a real estate broker's license from the Florida Real Estate Commission.
2. What is the difference between a real estate manager and a community association manager?
A community association manager and a real estate manager are two different occupations in Florida. Community association managers works for a homeowner's association, while property managers work with residential rental units.
Furthermore, it is important to note that community association professionals should be licensed to carry out important duties like managing HOA funds, creating financial reports and budgets, supporting board meetings, and managing everyday operations.
3. Do community association managers have to have a real estate broker's license in Florida?
No, it is not mandatory for community association managers to have a real estate broker's license to manage rental properties in the state. However, according to Florida law, those who work with certain rental properties are required to have a real estate license. This includes the following types of associations:
- Those with a budget of $100,000 or more
- Associations with 10 or more rental units
It is generally recommended that community association professionals pursue their real estate license to ensure they are equipped to handle the pressures of this kind of work. You can learn more from the Florida Real Estate Commission here.
4. What certification do I need in addition to a real estate license to start my own property management company in Florida?
Although not required by law, it's a good idea to pursue a Master Property Management certification if you want to start your own company.
Frequently Asked Quesitons
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