How To Build A Successful Career In Property Management

As the real estate market in Ghana continues to grow, the demand for property management skills increases, providing a lucrative opportunity for property managers to explore, as more and more property owners seek professional assistance to manage their assets.

Property management companies provide a range of services to property owners, including rent collection, tenant screening, property maintenance, and financial reporting. These services can be especially valuable for diaspora property owners or better still those who need more expertise to manage their properties themselves.

To succeed in the property management industry in Ghana, property managers must have a strong understanding of the local real estate market and knowledge of the relevant laws and regulations. They must also build strong relationships with tenants, property owners, and other stakeholders.

Who Is A Property Manager?

A property manager is a professional responsible for the day-to-day operations and maintenance of residential, commercial, or industrial real estate properties. The role involves a wide range of duties and responsibilities, including Property Maintenance, Tenant Management, Financial Management, Marketing, and Leasing.

According to market research from Statista, the Ghanaian residential estate market is worth $389 billion. There are barely 10 functional rental management businesses in Ghana and this calls for more property management skills in the market. Though the industry is small, it is expected to continue growing for the foreseeable future. 

What Does A Property Manager Do?

Whenever people think of a property manager, they always think of the person who collects property rent. However, the profession is so much more demanding than that. Property managers virtually do everything associated with operating a rental property. Some of the primary responsibilities of property managers include;

Property Maintenance

Property managers ensure that rental properties are in good condition and well-maintained. This is done by arranging periodic repairs, renovations, and improvements as needed and also complying with local building codes and regulations.

Tenant Management

The most crucial part of a property manager's duty involves screening and selecting tenants. Negotiating and executing lease agreements, collecting rent and late fees, and handling tenant complaints and requests are other things property managers will focus on.

Financial Management

Preparing and managing the property's budget under management has always been the basic responsibility of every property manager. All financial transactions including managing the property's cash flow, paying bills, and taxes, and preparing financial reports and statements are part of the property manager's work.

Marketing and Leasing

Another extra work you will expect in your role as a property manager in Ghana has to do with advertising the property to potential tenants. You will have to schedule time at all times just for showing the property to prospective tenants and negotiating new lease terms and conditions.

Communication and Customer Service

If there are any skills you must not lack in your role as a property then that will be communication skills for property management. As a property manager, you’ll be the sole communication line between tenants, owners, and other stakeholders. This is done to respond to tenant inquiries and complaints in a timely and professional manner.

Record Keeping:

Finally, maintaining accurate records of all financial transactions and keeping records of maintenance requests, repairs, and inspections are things every property must do. Also maintaining tenant files and lease agreements is very crucial in this regard.

What Is The Salary Of A Property Manager?

The Ghanaian property market is on fire. According to the Bank of Ghana, house prices soared by 22% in 2021, fueled by urbanization and a growing middle class. This translates to increased demand for property management professionals, making it an opportune time to enter the field.

Property managers earn competitive salaries depending on their degree and experience and a strong demand for their services. However, it is important to note that the property management industry is also highly competitive, and property managers must have the skills and experience to meet the needs of their clients.

Property managers in Ghana can make anywhere from GHC3,000 to GHC5,000 per month depending on the level of qualification and experience. Like everything else in real estate, location also plays a significant role in determining how much a property manager can make. 

How To Become A Property Manager In Ghana

If by now you are convinced of a career in property management in Ghana, then you'll probably be wondering how to become a property manager in Ghana. there are several things you can do to prepare yourself going forward.

1. Get The Right Education

First, you should obtain a bachelor's degree in a related field, such as business, real estate, or property management. You should also gain experience working in the property management industry, either through an internship or entry-level position. You can also take online courses in property management, real estate law, finance, and accounting to equip yourself with more knowledge in the profession.

2. Legal and Ethical Considerations

It’s a good idea to familiarize yourself with any legal compliance. This is especially true in real estate in Ghana. First, you’ll need to stay up-to-date with the local laws governing property management in Ghana. As a property manager, you’re expected to understand the Rent Act, of 1963 (Act 220) and its regulations on property leasing and tenant-landlord rights. 

3. Skills Development

To become a successful property manager you must develop excellent communication and interpersonal skills. This will help you to effectively interact with tenants, landlords, and vendors. Again, you should demonstrate strong problem-solving skills to handle maintenance issues and resolve tenant conflicts.

Master financial management skills, including budgeting, rent collection, and financial reporting. Gain knowledge of property maintenance, including repairs, renovations, and preventive maintenance. These skills are essential for a successful career in property management in Ghana.

4. Experience and Networking

Start your career in property management by taking entry-level positions like property manager assistant or leasing agent. Work under experienced property managers to learn the ropes of property management. Make sure to attend industry events and seminars to network with professionals and build relationships.

5. Start Your Own Business

Once you have the necessary education and experience, you can consider starting your own property management company. With hard work and dedication, you can build a successful career in the property management industry in Ghana. Take on leadership roles in professional organizations or volunteer positions.

Top Skills For Becoming A Property Manager

The success of your property management company comes down to mastering the right sets of skills. These skills are developed over time, and many will argue that individuals are inherently better at some skills than others.

Here are some examples of the skills you must master while you pursue a career in Property management.

• Clear communication
• Excellent customer service
• Strong organizational skills
• Problem-solving skills
• Resourcefulness
• Business skills such as basic marketing and accounting

If you need to improve the health of your operations in these six skill areas, a property management coach can help you develop training programs and bring you and your team up to speed to compete well in the Ghanaian market! 

Conclusion 

As a property manager, you know that running rental properties means keeping track of several moving parts. But prioritizing maintenance, resident satisfaction, staff retention, and more don’t have to be overwhelming. To become a successful property manager in Ghana, you need to place the client at the heart of every professional action.