Will a Property Management Career Give you what you Need?
There are millions of people wondering about changing careers, especially after the pandemic altered the employment landscape.
The Great Resignation trend gave everyone pause to think about their jobs, careers and future direction. Generations just entering the workforce want more than money. In this post we look at what workers are looking for, and it might help you revise how you hire in your property management firm.
Job hunters hear the stories of people earning more that $100k per year and barely getting by. With the cost of living so high, they realize they need to build a career they’ll enjoy and which pays well. But why a job in property management?
It’s a high growth industry with rising revenues. And property management jobs are dynamic, working in the field, leveraging software technology, managing people and money, and too, workers are in high demand. Those with technology skills will enjoy better negotiating power and wages. The property management software development field has also seen big growth.
Jobs that Fulfill Workers Personally and Professionally
The Generation Z and Millennials are asking which careers are rewarding and they’re getting all sorts of answers. Job hunters today are looking for more than money and perks:
- personal meaning in their work (is the work significant to them, does it relate to their values and life goals)
- contribution to the community, country and world
- being environmentally conscious and creating a good world
- working in a comfortable, friction-free, safe, workplace environment
- career growth opportunities (upward mobility or sideways into new opportunities (e.g. tech and business models creating new types of jobs)
- educational and skills development (further training to obtain highly marketable skills)
- livable salary (see more on property manager salaries)
- flexible hours, remote work, and some work autonomy
- no commute to work, lower cost of working
- work life balance and time to relax and live/recreate
If young people are looking for a great career to check all the boxes on their must have list, then a career in property management might be ideal. Small independent rental property companies and property management startups allow greater exposure to all facets of property management. Larger companies offer opportunities to specialize. Big or small, the property management sector might have a good fit for you.
The Property Management Sector is Growing
Construction in single family and multifamily development had been strong in 2021. Demand factors mean rent prices are high and there is a demand for property management services.
Construction is slowing and construction, land, labor, materials is expensive. Property owners would rather refurbish and maintain existing properties, especially with grants and tax write offs.
Research company ARC says the Global Property Management Market will reach USD $25 billion by 2025. And the Global Real Estate Management Software Market is expected to grow from USD $8.97 billion in 2017 to US $12.9 billion at a CAGR of 4.7% by 2025.
Before leaping into some aspect of property management, job hunters might want to answer other questions such as: what is modern property management? Because old definitions are insufficient and don’t indicate what opportunities, trends and challenges might be just ahead. You may have seen a job description for property manager roles online, but are they outdated and represent the industry poorly?
Managing aging properties and stressed tenants can be challenging. Landlord-tenant laws are complex, accounts receivables are hard to collect, and tenants have high expectations. Technology of course is focused on solving these tough tasks. This is why landlords seek to hire professional property managers to manage their properties. They are willing to pay well and it’s encouraging entrepreneurs to launch property management startups who may eventually own their own rental property.
Areas Of Property Management You Might Consider Working In
- building maintenance – mechanically skilled, certifications needed, physical work, on the go, punctual, listening, problem solving
- house maintenance and repairs – carpentry skills, plumbing, electrical, doors and window repair, floor repairs, cleaning
- leasing and sales – business and marketing background, research, negotiation, interpersonal skills
- administration – bookkeeping and accounting, tenant communication, interpersonal skills, renter screening, interviewing, software skills
- finance – buying, selling, and assessing rental property performance
- HOA – outdoors, temperature extremes, machinery operation, mechanical skills, communication skills, listening to community association members and board members.
Entry Barriers are Surprisingly Low
While many industries have extensive barriers to entry, property management is surprisingly open.
There are work and educational prerequisites in most states to be a property manager (UK and Australia too), but often only a real estate broker’s license is required in the office (see more from IREM and NARPM).
Software technology is having a profound impact on work roles, educational requirements. The industry is progressing, and change creates opportunities. This is why it’s important to read posts like this so you see the trends and challenges, and how Proptech is evolving to capitalize on opportunities in residential real estate.
If this is an industry you feel has the kind of potential you’re looking for, contact some property management firms and ask about experience and credentials needed. See more about what landlords look for when hiring a property management company. Also, be sure to attend property management events and national conferences.
You may discover that property management is more promising than you imagined.
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