The phrase “jack of all trades” could have been coined simply to describe the profession of residential property manager. To succeed in this fast-paced business, a property manager has to master a wealth of information and skills. More importantly, they continuously have to cultivate those skill sets and pools of knowledge, keeping up with new legislation, new accounting rules, new technologies, software and much, much more. Which is why continuing education is such a must for today’s property managers. Luckily, there are a host of educational opportunities from which they can choose.
Keys to Success
“It’s always important to keep up with the field and to keep up with the new rules, regulations and technologies,” says Marolyn Davenport of the Real Estate Board of New York (REBNY). “It’s important to refresh what you already know.”
Sandy Frame, president of the Real Estate Education Center (REEC), a real estate education related school, agrees. “With the federal government, the city of New York and the state of New York regulations, it is to the benefit of the property manager to keep abreast of the laws that could be costly to their owners,” he says. “In addition, our industry is changing very rapidly as far as labor saving devices, which can keep the cost down [for buildings.]”
Adds Peter Grech, president of the New York Superintendents Technical Association (NYSTA) and director of educational services, and a current property manager, “The benefits [of continuing education] are endless and the courses are win-win,” he says. “The manager wins, and the building that he oversees wins. Keeping up with changes in codes as well as new technologies are only a few of the benefits.”
Continuing education is not a state or federal requirement for property managers unless they are also licensed brokers or salespeople. A certain number of continuing education hours are, however, required to maintain specific professional designations. Organizations such as the New York Association of Realty Managers (NYARM) and the Institute of Real Estate Management (IREM) are among two of the biggest offering designations and both provide educational opportunities.