How to Get Started as a Rental Manager?

In recent years, we’ve seen the rise of the’sharing economy’ – a term used to describe businesses that allow individuals to rent out their assets (e.g., cars, homes, etc.) to others via platforms like Airbnb and Homeaway. As these platforms continue to grow, so does the demand for rental property managers.

With over 2 billion listings worldwide, Airbnb alone hosts nearly half a million rentals per day. And according to a study conducted by CBRE Research, the global sharing economy is expected to reach $335 billion by 2025.

So, what exactly is a rental manager? They’re responsible for managing the daily operations of a home/apartment, including maintenance, repairs, and ensuring that the unit meets local laws and regulations.

But, before you jump right into the job, here are some things to think about first:

  1. What Are My Skills & Experience?
    It’s important to understand what kind of experience you’ll need to succeed in this position. For starters, you’ll need to be able to communicate effectively with both landlords and renters. Additionally, you’ll need to possess strong organizational skills and be able to manage multiple tasks simultaneously.
  2. Do I Have Any Special Qualifications?
    While having previous management experience is certainly helpful, it’s not required. However, being familiar with the industry and having a solid understanding of the rules and regulations governing the sharing economy is essential.
  3. How Much Will I Be Paid?
    This varies depending on the company and location. But, generally speaking, the median salary for a rental manager ranges from $20-$40k annually.
  4. Is There Training Provided?
    Yes! Many companies offer training programs to help you become a successful rental manager. Some also provide ongoing support throughout your career.
  5. Can I Start Immediately?
    Not necessarily. While it may seem appealing to begin immediately, it’s best to give yourself plenty of time to learn everything you need to know.
  6. Am I Ready To Take On More Responsibility?
    Absolutely! Rental managers typically oversee several units at once, meaning you’ll be handling a lot of responsibilities. Plus, you’ll likely be dealing with different personalities and situations every single day. So, make sure you’re ready to handle whatever comes your way.
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