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  • Property Management Profession - Education

    Considering getting into property management. (I am aware its a tough)

    I understand the profession is unregulated but where do property managers go to get educated? information on systems? help etc

    For the people that run their own companies do they just fudge their way through and learn from their mistakes?

    What is LPMNZ? Is it any good?
    Last edited by investorak; 19-09-2017, 10:50 AM.

  • #2
    Interesting question.

    How to break into it? Do you have your own properties? Maybe you could canvas some agencies to learn from them. You could go to Skills and get qualifications. However, that course needs a lot of practical experience.

    LPMNZ? I am with the IPMA. We tend to offer assistance in different ways. You would need to qualify, with existing managements under your belt, to join the IPMA but I am not sure about the LPMNZ
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    • #3
      See if Keys will take you on as an apprentice. Or Glenn. You are unlikely to do better than either of those as tutors.
      Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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      • #4
        Thanks Keys and Perry

        Is Ipma and lpmnz the same kind of thing?

        What type of assistance does ipma provide?

        Would you recommend own company or franchise?

        Own company sounds more ideal but could be tough trying to learn all the ins and outs or is it pretty easy to pick up.
        Last edited by investorak; 20-09-2017, 12:13 AM.

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        • #5
          Why not work for someone for a year?
          Free online Property Investment Course from iFindProperty, a residential investment property agency.

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          • #6
            Originally posted by Nick G View Post
            Why not work for someone for a year?
            Good point Nick G. Im getting inpatient, some stuff with partner means its now or never, plus i do want to buy ips sooner rather than later. That would push it out to 3 years instead of 2 years as i believe banks need to see 2 years of statements.
            Last edited by investorak; 20-09-2017, 09:04 AM.

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            • #7
              Ah. Remember. Those who are good at what they do make it look easy.

              It took me many years to glean what I know off my own rental stock. Then continual learning when working for others. I believe that it is true that one does not know totally what one knows until asked by someone else about things.
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              • #8
                Working for someone else means you should be able to buy, right? Chat with a broker? Per some industry contacts, more compliance and regulation is on the way for PM businesses and it will hit small solo operators the hardest.
                Free online Property Investment Course from iFindProperty, a residential investment property agency.

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                • #9
                  Originally posted by Nick G View Post
                  Working for someone else means you should be able to buy, right? Chat with a broker? Per some industry contacts, more compliance and regulation is on the way for PM businesses and it will hit small solo operators the hardest.
                  Buy IPs? Rent roll?
                  Im not to interested in working in a job for someone else.
                  Yes i have heard the same thing but im not going to let that hold me back. Who knows what exactly more regulation/compliance will actually mean. I see that as more opportunity and ability to buy a small rent roll to kick off.
                  Last edited by investorak; 20-09-2017, 01:03 PM.

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                  • #10
                    IPs, you'll be on a salary for an established business in the bank's eyes.

                    If you've owned your own business before then great, you'll have some idea of what you're getting into, otherwise I'd treat 12 months working for someone as a paid education with no commitments.

                    But that's just me. I run a small business and the business side of things is hard enough, so I just tought it would be simpler to first learn the work and then build the business as a skilled operator.

                    Actually what am I talking about, I winged it at the start so if you really want to go for it then good for you :-)
                    Last edited by Nick G; 20-09-2017, 01:59 PM.
                    Free online Property Investment Course from iFindProperty, a residential investment property agency.

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                    • #11
                      Investoark, how much experience have you got as a PM? I've managed my own two (use to be three) rentals for almost 10 years now. I have considered making it a full time business but looking down another track now. I would of thought by now I'd have a pretty good feel for the industry but reading this forum proves I've seen nothing in those 10 years.

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                      • #12
                        Originally posted by Learning View Post
                        Investoark, how much experience have you got as a PM? I've managed my own two (use to be three) rentals for almost 10 years now. I have considered making it a full time business but looking down another track now. I would of thought by now I'd have a pretty good feel for the industry but reading this forum proves I've seen nothing in those 10 years.
                        Have not been a PM before. Have managed own properties but i would think would be a bit different. What track are you going down now?

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                        • #13
                          How many years have you managed your own, how many TT wins, how many TT losses, how many wayward debts chased, contractors hired and fired? Doing that stuff a couple times every few years or so is fine but making it my day to day life with someone else's retirement fund would be a tad stressful. If you loose a $10k claim at TT with your own property you curse and get on with life, loosing it for a big client could cost you more. Though obviously some people here strive on it.
                          Last edited by Learning; 20-09-2017, 04:11 PM.

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                          • #14
                            Learning. Its been pretty smooth sailing for me. As mentioned in my original post i know its going to be a tough job/business but i have decided this is the path i would like to go down. I do appreciate your comments but I dont want this post to go off topic about if i should or shouldnt do PM.

                            Im more looking for help on where to get educated on the industry and some guidance around starting out.

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                            • #15
                              Many of the PM divisions of REAs would be a good place to learn what not to do.
                              Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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