Career Facts in Property Management
If you are interested in making a career in property management then here are some important facts that you should know before reading this article.
- $55,380 a year is the median wage (Bureau of Labor Statistics, 2014)
- 313,800 jobs are available (Bureau of Labor Statistics, 2014)
- There will be 25,300 new job creations in the next ten years (Bureau of Labor Statistics, 2014)
- One of the 20 happiest jobs in the U.S. in terms of work satisfaction (CareerBliss, 2014)
Who is a property manager?
Property managers are in charge of managing real estate on behalf of someone else. These assets could be modest residences, significant multi-family structures, or sizable shopping centers.
They are in charge of several duties, such as tax filing, tenant screening and administration, rent collecting, and management. They frequently work odd hours.
Property managers must have exceptional customer service, marketing, and communication skills and a thorough understanding of the local real estate rules and regulations.
Property managers frequently oversee the office’s leasing, administrative, and accounting responsibilities. However, they may also be in charge of other staff members or outside contractors who handle these responsibilities.
The Responsibilities of a Property Manager
Property managers have a variety of administrative and leasing responsibilities, including:
- Submitting requests for maintenance services for a property
- Rent collection
- Giving prospective tenants tours of the unit
- Inspection of the apartments after the tenants leave to check for damage
- Advertise unoccupied properties on the company website and post ads on syndication websites
- Eviction of renters who have broken the conditions of their lease
Because a property manager’s duties are so varied, it is crucial to understand every component of the rental market.
The Perfect Time To Make A Career in Property Management Sector
Adults choose to rent because the cost of purchasing a home is rising. The availability of empty properties is declining as renters grow and home ownership numbers fall. The need for property managers increases in a competitive rental market.
Reference: U.S. Census Bureau
Career Paths for Beginners in Property Management
#1: Leasing Assistant/Assistant Property Manager
The leasing assistant helps with general office duties to keep things operating smoothly. Their responsibilities are:
- Taking care of the business’s external relations
- Advertising the properties
- Talking to the residents
- Data entry
- Handling rent payments
- Handling maintenance requests
- Monitoring business expenses
An assistant property manager should possess excellent customer service abilities, much like a property manager, to maintain the satisfaction of both present and future tenants.
Although many businesses employ extra staff members, such as bookkeepers and administrative assistants, the assistant property manager may be in charge of these duties.
#2: Administrative Assistant/Office Coordinator
Many businesses employ administrative assistants to handle routine office tasks so the property manager can concentrate on maintenance, tenant relations, and advertising. Their regular duties could include the following:
- Answering phone calls
- Helping walk-in clients
- Setting up appointments to view apartments
- Collecting maintenance requests
- Dealing with suppliers
- Receiving and processing data
Administrative assistants frequently serve as the company’s spokesperson, so they must be professional even under pressure and thoroughly understand the organization’s policies and processes.
Some leasing companies employ a bookkeeper to take care of specific financial duties. Their regular duties could involve:
- Processing rent payments after receiving them
- Penalizing homeowners for late payments
- Tax filing
- Keeping track of income and expenses
- Creating yearly or quarterly financial reports for the owner and property manager
Skills, Training & Qualifications in the Property Management Career
Education & Certifications in Property Management
While many property management positions do not demand a college degree, a specific certification demonstrates your dedication to and expertise in your field. Some employers favor candidates with real estate, business, or accounting degrees from college.
Thanks to these degrees, property managers may be confident that applicants have the skills necessary for this industry. Relevant work experience always aids a job search, and internships demonstrate commitment and a foundational understanding of the field.
Consider acquiring a credential to advance your career if you’re sure about a career in property management. You benefit greatly from becoming a CPM (Certified Property Manager) or an ARM (Accredited Residential Manager).
An ARM certification demonstrates a person’s ability to perform and surpass employer and client standards. Although they are an investment, the job prospects they open up often make them worthwhile.
Please read our article about property management certification to learn more about whether you should pursue the training.
Skills in Customer Service
The property manager is responsible for filling vacant properties and maintaining them occupied. This skill implies that they must represent the organization in a way that encourages customers to interact with the staff.
Information spreads quickly in the technology era; thus, it is in the property manager’s best interest to establish a good name for the business.
At each step of the renting process, relationship management is crucial:
- Before the lease is signed: The rent should be set at a price that covers property maintenance expenses but isn’t excessive enough to turn away potential tenants.
- When a lease is signed: Every formality should be explained, so the tenant knows what to expect.
- Throughout the lease term: The property manager must balance being prompt, cordial, professional, and stern. This skill is crucial in dealing with maintenance difficulties and when the tenant breaks the lease or the rent is past due.
- When the lease is over: The property management will have to look through the unit and give sufficient reasons for not returning the security deposit to the renter.
Skills in Administration
An effective property manager should be able to manage every facet of the company. Management entails obtaining and processing rent payments, paying business expenses, entering data and producing reports, and generally keeping the office atmosphere productive.
As was already noted, customer service abilities are essential because a firm cannot exist without tenants to occupy each unit. The firm gains a lot by keeping open contact with tenants, maintenance workers, and the community.
Career Development & Earnings in Property Management
The Bureau of Labor Statistics states that the median pay was $55,380 in May 2015 for the community association, property, and real estate managers. The top 10% made more than $123,790, while the bottom 10% made less than $28,490. For comparison, in May 2015, the median pay for all U.S. jobs was $36,200.
Experts predict between 2014 and 2024, employment in this industry will increase at a pace of 8%, comparable to the average job growth rate across most industries. The return on time and financial commitment in these careers are pretty good as they do not require substantial training and education.
Local government, excluding institutions of higher learning and hospitals, is currently the area of the economy where property management is most profitable.
Career Trends in Property Management by State
Reference: Bureau of Labor of Statistics
Resources in the Property Management Career
(NARPM): The National Association of Residential Property Managers acts as the industry’s hub, providing a place where people can exchange tips, connect with other experts in the sector, go to conferences, and take measures to become certified.
(NAR): The National Association of Realtors is a more inclusive resource that covers all real estate perspectives and provides news about market trends.
Property managers and those in charge of their respective organizations can use the National Property Management Association (NPMA) services. It offers networking possibilities as well as education.
IREM: The Institute of Real Estate Management offers a wide range of services, including job resources, blogs from industry insiders, real estate trends, and education.
- Forums for Real Estate and Property Law
- Real Estate Laws Affecting Transactions
- 23 Laws that Apply to Real Estate Sales
- Real Estate Laws in Your State (U.S. Department of Justice)
- Glassdoor’s Property Manager Jobs
- Indeed’s Property Management Jobs
- Monster’s Property Management Listings
- Career Builder’s Property Management Jobs
Additional Interview and Career Advice for Property Management
Before you take any action toward pursuing a career in property management, it’s crucial to be sure that it is the one you genuinely desire. Being in a customer-driven, 24/7 profession can be demanding, so it’s not for everyone.
However, if you’re prepared to advance in property management, the following advice might be helpful:
- If concentrating on one property management task implies ignoring the others, don’t do it. Employers value knowing that a potential worker has diverse talents because property managers frequently handle every part of the business.
- Demonstrate your decision-making skills by making logical choices. You might need to make decisions on your own more frequently than you would have liked.
- Be ready to commit to the industry entirely. If you approach it halfheartedly, you won’t perform to your full capacity in a property management profession, and the company will suffer.
- Pose questions! Although it is Interviewing 101, people often disregard this advice. Employers value candidates interested in the property management industry since it signals dedication and commitment over the long run.