What to study to manage my real estate investments (12 doors+)?

I used to live next door to a block of flats that were owned by the family across the road. They were always doing something or other in the flats - probably 12 -18 of them. I doubt very much if they had any qualifiacations what-so-ever. You have found a gap in the market, for sure.

 

Unless your properties are significantly CF positive, I don't know on what cash you will live if you quit your job.

 

With maintenance i mean everything needed in order to maintain a building and have a business functioning. If you own a huge building with 100 apartments for example, you can't just have real estate agent renting it out, but someone who takes actual time to make sure finances and everything else is in order of the building? The agents tiny job is just to make sure the apartments are full with people.

I think I'm giving up, people seems not get this concept. The only advice i get is to get agents to rent out my apartments... nothing about being the owner and manager of the whole building...

Anyway,, theres a huge gap in the market, might start this course once I've studied it overseas.

Appreciate the effort though people!

 

Yeah we dunno. Sounds like a good course though!

 

Google translated 1 course from back in sweden taking 2,5 years to complete and to get a diploma:

Upon completion of the course, the student should have knowledge, skills and competencies to be able to:

Responsible for operation, maintenance, maintenance and real estate issues
Responsible for rental of housing and premises
Responsible for financial outcomes, in the short and long term
Take a managerial staff and occupational responsibility
Responsible for procurement of goods, services and contracts
Be responsible for managing the requirements and expectations of different stakeholders
Take a commercial responsibility for long-term property development, investment and refinement
Responsible for professional communication with tenants, employees and other stakeholders
Manage and assess legal issues in property management.

 

The thing to do would be to set ut up with the differing laws and regulations of the different states.

 

B Property Economics

Course aims
This course develops a broad base of knowledge of many aspects of the property industry including central concepts of law, economics, finance and valuation, and related fields of property management, construction, development, urban planning and accounting. This provides students with a broad and coherent understanding of property alongside a deeper understanding of valuation and the legal, economic and financial concepts that underpin valuation.

Nothing new, been around since Noah was an uncle.

 

Thats more like it i think. Thank you Scott, will check that out!

 

Could overlap with a strata manager?

 

Bachelor of Property Economics sounds good, personally its maybe a little too deep and long since Im working full time and just finished a bachelor in design 2 years ago and have a huge dept already.. but its in the right direction

 

That looks interesting. Shame it can't be done by distance.

 

Perhaps not thru UTS but other unis may offer more flexible approaches.

 

I wonder if you can enroll in certain units only. Personally I really question whether you need to study formally for what you want to do and if its even worth it. Just my feeling.

 

Every state has an Institute of real estate services ( professional body for advocacy for sales and leasing). In NSW its REINSW ( stand to be corrected). Have a look on thier website and there should be a course for property management. However i believe the content of the course is heavily skewed to residential, and less on commercial leasing, and is no more than 1-2 weeks to complete the course.
Unless you want to go the university route (like me) and gain knowledge and insight on the ins and out of every aspect of property from valuations, development, asset management, property law, analysis and much more but your looking at around 4 years... or you can try self educations.
Just depends on what skill set your looking to get out of it. Since you mentioned that you want to self manage your own IPs, have a look online at the property management courses and see if thats what your looking for.

 

Hi @broel by the sounds of your post you haven't purchased a complex yet? Much will depend on the title of the building that you end up buying ie: whether or not it's on one title or is already split into strata. Are you in negotiations yet or at the commencement of your search?

Re: suitable courses. Depending on how involved you want to be, you will still need to adhere to state legislation when it comes to managing both tenants and buildings. The role of a residential PM is quite different to that of a more specialised strata manager, so you may want to engage in study in both fields: residential property management and strata management.

Here in NSW you will require two qualifications for basic property management. The first is mandatory for any type of RE licence and is the Certificate of Registration. This is an online or 5 day face to face basic entry level training requirement eg: Certificate of Registration | Training - Real Estate Institute of NSW

Following this you can then obtain your RE licence via clusters of learning topics and electives. In order to obtain your actual Licence, you must complete the education program as prescribed by NSW Fair Trading. The CPP40307 Certificate IV in Property Services (Real Estate) is the qualification required by NSW Fair Trading to issue a Real Estate Licence. Applying for the licence isn't mandatory however and there is nothing to stop you from simply doing the study and not applying for a licence. It's really up to you. I believe the following clusters would be of most benefit to you here:
Property management
Risk Management
Keeping the Books
Present at Tribunals (elective unit)
https://www.reinsw.com.au/Web/Train...e_Licence_qualification_blended_learning.aspx

If you were to also (or alternatively) require strata management training then you'd need the
CPP40611 Certificate IV in Property Services (Operations) - Strata Managing Agent License course in NSW Just do a search online as there's several RTOs that offer this. It is certainly more detailed and specialised though is still at certificate level. One organisation that offers it (though I can't comment on the training quality) is realestatetrainingnsw.com.au

Good luck with it all

 

Found this, only downside is that even though its online, they don't have intake until 2018

Course Details

Content
1. Property Management:

• Principles and practice of property management
• Property management plan
• Maintenance management
• Energy conservation
• Life cycle management
• Lease and tenant management
• Accounting and budgeting
• Rental reviews
• Risk and insurance

2. Facilities Management:

• Theories and practice of facilities management
• Property asset management
• Functional and economic performance of asset
• Maintenance and refurbishment implications
• Life cycle costing and cost benefit analysis

 

Yeah how in the hell are you suppose to learn everything needed in 2 weeks when other courses are like 3 years

 

Thanks for taking your time Jacque,

So i'm out to study before i purchase a building. I can't buy when i don't know what I'm doing
And my first building or buildings will be in Sweden because I'm joining finances with my sister and brother to purchase it. And there, theres no strata, the owner ist the strata so to speak.

All the licences seems just a way for someone to make money and gives very little real skills to the person paying, but yes thats an option.

Could you please specify where i can study Property management which you recommend?

 

@broel you don't need to do a fully fledged diploma or degree to learn what it is that you aren't aware of yet.

Google the relevant laws and intricacies of rentals in Sweden:

Here's a few I found quickly on the fly:

Rules and Regulations for rentals in Sweden - Residensportalen

Strictly regulated rental market

11.6 Rental of an apartment or a house

http://www.tenlaw.uni-bremen.de/Brochures/SwedenBrochure_09052014.pdf

After you have gained a little knowledge (presuming you haven't seen these sites already) maybe buy a couple of books on Amazon or similar on Swedish property management and maybe PM in the US too so you can learn process and strategies that may be tailored to Sweden.

Don't even think about a course here in Aus (whether you desire a qualification or not) until you have bedded your first deal in Sweden.

Bottom line is you don't need a degree or diploma before you've bough even a single door. Gain some knowledge.....formulate your strategy and then take action.

Merely my 0.02...................

Good luck