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4 Key Responsibilities of a Property Manager

 

A property manager is someone hired to oversee the daily operations of a real estate investment for a landlord.  They play an integral role in the success of the investment because have control over most aspects of the property and its tenant(s).  With that control comes a great deal of responsibility.  The following is a list of 4 key aspects of a real estate investment a property manager is responsible for:

Rent

Property managers are in charge of handling rent for the landlord.  They should be experts in the real estate industry and as such, property managers are expected to do things like set the rent price and adjust it accordingly throughout the duration of their management.  They are then also expected to oversee the collection of rent from the tenant – this includes enforcing penalties for late rental payments.

Property Maintenance

In regards to property maintenance, the property manager must make sure that the property is in a good condition and fit for the tenant to live in.   While specific details are often outlined within the tenancy agreement, generally property managers are in charge of the following aspects:

  • Drains & gutters are clear
  • Some emergency repairs
  • Light bulbs
  • Smoke alarms
  • Building & Pest Inspections

If the property is vacant, it is up to the property manager to make sure it is secure and prevent any form of vandalism.

Tenants

Managing tenants is an especially important responsibility of a property manager.  They are responsible for finding, screening and managing tenants for the landlord.  They become the main point of contact for the tenant.  This means the property manager must handle things like emergencies, complaints, evictions, leases, move outs.

Budgets & Paperwork

Often, landlords set a spending budget for the property manager to use for maintenance and emergencies.  It is the duty of the property manager to use this budget judiciously and keep a detailed record of all property related matters.  This includes keeping accurate lists of inspections, repair & maintenance costs, rent collection, insurance costs and lease agreements.

If you think property management might be something you’re interested in, check out our courses that will help get you started in the real estate industry!

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Why you should become a real estate agent

An exciting career for those that have the drive to succeed

Being a real estate agent is a fantastic career.  It’s exciting, fast paced and can be very rewarding.  As an agent, you will play a critical role in the biggest decision of most peoples lives!

The great thing about a career in real estate is that it is accessible to anyone with a drive to succeed.  Our students come from backgrounds ranging anywhere from school leaver to retiree.  Our training courses also ensure that success is achievable for everyone who undertakes the course.  By grading our courses based on competency rather than points; everyone can pass once they demonstrate their understanding of the content – regardless of how many attempts this might take!

Once your initial training is complete, you’ll be able to get right to work from day one!  From the beginning, a real estate agent is in charge of their own success.  The rewards generated from the persistence, hard work and determination of the agent are second to none.

As an agent, the variety of work you experience will always keep you interested and challenged.  One day you could focus on handling tough negotiations while the next day could be focused fully on how best present your listings.

If this exciting and rewarding job sounds right for you, enrol with NREL to jump into your real estate career today!

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How Much Do Real Estate Agents Earn? | Salary and Commission

Real estate can provide a lucrative income, particularly during boom years. The most successful agents are not only experts in real estate property values but also laws, marketing techniques and social networking. The average real estate agent income varies considerably across Australia, but now is a great time to tap the unlimited potential of this career. According to the Real Estate Institute of Australia (REIA), “Australia’s property industry is emerging as the main driver of economic growth and increased employment.”

How Much Do Real Estate Agents Earn?

Real estate agent salaries vary widely based on experience, location, employer firm and whether they sell residential or commercial properties. Commissions and bonuses can earn some agents up to an additional $80,000 on their annual income.

One of the many benefits of becoming a real estate agent is the ability to work for yourself or seek employment with a firm. Those who are self-employed must pay for several high-priced overhead expenses and real estate agent fees, including licensing, insurance and supplies. Some people opt to work out of their homes or rent office spaces. Each option has its own tax implications and tax benefits, including the ability to claim deductions for mileage and marketing expenses.

About half of all agents choose to work for real estate firms, which often cover many of the associated costs, such as cell phone bills, car allowances and marketing budgets. They also generally provide traditional employment benefits, such as paid holidays, vacation and sick leave. Top-tier firms sometimes offer their most successful agents incentives, such as company automobiles or higher commissions. However, agents must share a portion of their commissions with the agency, which absorbs the up-front costs of selling the property.

Real Estate Agent Commission Rate

Commission rates and final earnings are also influenced by location. The latest data from LocalAgentFinder shows that Tasmania offers the highest rates at 3.26 percent. The lowest rates at 2.07 percent are charged for real estate sales in South Australia. Across the nation, the average commission is 2.22 percent.

The amount of income these commissions generate depends on the final sale price of the property, so it is important to know what real estate prices average in each market. REIA reports that the median home price for the eight capital cities hovered just below $685,000 during the first quarter of 2016. Sydney continues to have the most robust market with the median house price sitting at just under $1 million, providing around $20,000 in commission earnings.

Risk Versus Reward

Real estate agents invest a considerable amount of time into prepping, showing and closing the sale of a property. There is a huge potential for Agents to make a comfortable living. Sometimes, real estate agents offer clients lowered commission rates in order to attract business in a highly competitive market. New regulations were implemented in Australia in December 2014 allowing real estate agents to set their own commission fees. This rate is largely determined by competitors and the current supply and demand of the market. While most agents are paid based on the sale price, some agree to a fixed rate term that allows the client to pay a set dollar amount regardless of the property’s final price. Others offer tiered percentage options that go up if the home sells for more than expected.

How To Become A Real Estate Agent?

This Blog article titled How To Become A Real Estate Agent, is very helpful.

The first step of a career in real estate is obtaining the required qualifications to work in the position you want to apply for. This is a quick summary of what qualifications you need for Coronis positions.

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Can You Take a Course to Get Your Real Estate License Online?

To assess if it’s truly worth getting your real estate agent license online, you need to first understand several important points about the real-estate industry in Australia. Here we’ll examine the traditional career paths, job perks and what it really takes to work in this field. While classes to prepare you for this line of work do matter, you can get a good position in real estate without a college diploma if you get the right training.

First, what benefits can you expect if you become a real estate agent?

Typically, real-estate sales agents sell a variety range of properties and land. They also manage leasing deals for properties. According to recent statistics, Australia has more than 8,000 job openings in real estate; and the average salary in this field exceeds $74,000 annually. Better still, the Australian Government’s Department of Employment optimistically reported that the number of jobs in real estate could increase to 15,000 openings by 2018. Naturally, taking online classes in real estate with an accredited Australian company lets you study at your own pace and definitely boosts your chances of receiving a job.

How do you become a real estate agent?

Now that you’re typing in searches for “how to get my real estate license,” let’s first tackle the biggest point: In Australian real estate, relevant experience often matters more than education. Furthermore, every state in the country has slightly different laws about real-estate licensing procedures and practises; so you must ideally study and “apprentice yourself” in the same state in which you plan to work for your career.
It is worth getting your real estate license online because those with the right training are more likely to qualify for jobs at big agencies. However, sometimes highly motivated people do get lucky and find entry-level positions at boutique agencies where they provide full training; helping you get the right certifications and gradually get better positions within their company. Nevertheless, while starting jobs as a sales assistant in a real-estate agency are excellent opportunities, they aren’t very commonplace.

What kind of education do you need to become a real estate agent?

If you want to work selling real estate or managing properties, then you generally need an official certificate of registration. This is also referred to as an agent’s representative certificate, and only the state licensing authority issues these documents. Therefore, make sure that you choose a certification program that will provide you with these particular credentials; that will satisfy the requirements to work in real estate within your state.
In New South Wales and Queensland, you’ll need a certificate of registration course; and in Victoria, you need a course for the Agent’s Representative Certificate. Additionally, real-estate agents in New South Wales and Australian Capital Territory requires you to complete annual classes in the official Australian Continuing Professional Development program; which you can only attend after receiving your certificate of registration and license.

Can you get a real estate license online?

It’s common these days to often hear the question “Can you take real estate courses online?” when we now have so many more increasing opportunities to take distance-learning courses; which are popular since this kind of education is easier to take when you have a full-time job or other responsibilities you can’t drop to go away to school. The good news is that, yes, several organisations have the proper qualifications that make learning online possible so that you can become certified at a cheaper cost. However, you may still need to attend certain workshops in person. We made a post on the advantages and disadvantages of online learning here.

What else do you need to start working in real estate after passing a certification program?

Check with the Business Licensing Authority in your state. For example, in Victoria, you need to be at least 18-years-old and show proof of your registered home address within Victoria state. Then after passing the Agent’s Representative Certificate course, you have to pass a police background check. Once a registered real-estate agency agrees to hire you; then they’ll give you an official “authority to act” form and a formal declaration of eligibility. These final steps happen after your employer registers you at the Business Licensing Authority.

What other skills or assets do real-estate employers look for when hiring?

  • Own a car registered under your name because you’ll need to commute quickly, sometimes with clients.
  • Demonstrate strong communication skills.
  • Dress well; your image must always appear fresh and professional.
  • Show high-level organisational skills.
  • Reference experiences working well on a team while also taking initiative when necessary.

After you have between two to four years of experience and have a portfolio of more than 100 properties; then top agencies will happily consider you for a promotion to the role of a Senior Property Manager, which pays significantly more.

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