So, you want to be a Property Manager? Are you crazy? Do you have any idea what it takes to do it and do it right? You don't just deposit checks and sit around, you know. It's WORK! Unless of course, you're not doing it right, then it's just sad -- and a lawsuit waiting to happen.
You really want to do it, huh? Okay, you're gutsy, I'll give you that.
There are a few things I'd like to suggest to you before you begin your journey.
Just because the State has given you a real estate license, it doesn't mean you are qualified to be a Property Manager. If you really want to do this, you need training. And I don't mean a bunch of letters after your name. They're all well and good, but what you really need is to apprentice with a Property Manager for at least 1 year. You need a chance to see as much as possible. And even after 30 years, you won't have seen it all!
You must learn to deal with Owners and Tenants. Let's start with Owners.
Owners can be a joy to work with. They want a quality tenant and they maintain the property. Then you have a few who will not want to do anything. They won't want to clean the carpets, paint the walls, do repairs. It will be up to you to see that they do these things. Think that's easy? Well, not always. You will need the work, so you might be tempted to let some of these things slide. DON'T!! This will ruin your reputation faster than you can blink.
You need to have a very strong and enforceable Management Agreement with the Owners you represent. Be certain they understand what is expected of them and of you. And then be sure to enforce what you have both signed. Have an Owner's Account which has enough funds in it to handle emergency repairs. You should not 
have to hunt-down the Owner to get approval to repair a leak in their rental home. And should you find yourself with an Owner who balks at making necessary repairs -- get rid of the rental. If you hold a Real Estate License, you'd better be aware of the liability you incur when you represent properties that are not maintained.
Now, Tenants. Ah, Tenants. Many of them are a joy. They pay the rent on time, they treat the property as if they themselves owned it, they notify you immediately of any repairs needed and they don't mind that you need to inspect the property every once in a while.
Yes, I said inspect the property AFTER it's rented. What, you thought all you had to do was find a Tenant and start collecting the rent? HA! You need to protect the Owner, yourself and the Tenant. This will require you to visit the property occasionally to be sure that all is well.
But that all comes AFTER you have found a Tenant. The vetting of Tenants is a very important part of your job. Doing so, and doing so properly, will help you and the Owner avoid many headaches down the road. Credit and background checks are important, but even more important -- TALK TO PREVIOUS LANDLORDS!!
Let's also remember that Tenants are people, too. I have seen Property Managers treat Tenants with a serious lack of respect. Do you think that just because they are renting instead of buying, they are less than . . . ? Better get over that! You can have all the properties in the world on your books, but without Tenants to live in them, you aren't doing your job.
Tenants have rights! You'd better learn what they are and act accordingly! In this day, when lawsuits are plentiful, if you want to keep that real estate license, you'd better follow the law. I've seen a couple of Property Managers cause entire brokerages to be closed down because of their actions. You don't want to be one of them!
Be prepared to work 24/7 on occasion -- and holidays. If your tenant has an emergency, they really don't care, and shouldn't have to care, that you just sat down 
to dinner. If you aren't working with a team, this can be very hard on you and your family. Be certain you can devote the the time, availability and resources needed to do the job.
Now, you'll have some Property Managers tell you they NEVER work 24/7. If that's the case, somebody is not doing their job and I'd propose they are not very good Property Managers. The good ones know that a burst pipe can, and often does, happen at 3 in the morning. And they'd better have someone taking the call and getting it resolved BEFORE 9AM! It's 24/7 folks, no way around it.
Property Management can be a very lucrative business. But as with anything which has great rewards, it comes with great responsibility and sacrifice. Be certain you can handle both before you jump into the waters. You need to always be mindful of two things: THE LAW AND THE GOLDEN RULE! If you can't remember, and follow, these two then please -- do us all a favor and find another line of work.
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