Job Opportunities in Property Management
The 2022/2023 economic rebound will power the rental property sector and generate sizable demand for trained, certified professionals who will manage large portfolios, large budgets, and will need to staff their own firms.
An unaffordable housing market, with low housing supply combined with rising employment and wages, along with people needing a place of their own after their pandemic situation eases, translates to big demand for rental housing.
And given business challenges such as rising inflation, larger rental property portfolios, new software technology, increasing regulation, and renter and owner expectations, a demand for professional property managers is growing. These new professionals will be depending on a software platform and those who master it will be in big demand.
The Problem: A Shortage of Accommodation Everywhere
It’s not just a shortage of rental properties that is the big issue. A lack of trained property management staff is putting severe pressures on property owners. It’s driving faster adoption of streamlining platforms, yet, property management involves a wide range of responsibilities that ultimately come to the property manager’s desk.
Positive economic trends in the last 10 years have created a huge demand for rental apartments, marina slip rentals, parking lots, storage lockers, and other space products that can be rented.
And it seems there is too much demand now for single family homes as places to live and work. This is driving rent prices up. And with those rent price rises, is an opportunity for investors to make money. Investors/landlords are on the hunt for good property managers. This is a career with a good outlook.
Investors Value their Rental Income Assets
Property owners/investors take their assets and the equity seriously and want good staff to help them maximize their earnings. There’s money in the industry and good managers are considered assets themselves. This pushes up wages.
I’d like to suggest that property management is an interesting, connection building, respected, in demand career with high pay which is evolving with high tech tools. Many of the positions, as you can see below, are in beautiful US cities. The positions are dynamic, people oriented, tech enabled, and interesting.
That might make it a winning opportunity in every respect for you.
Property Management Job Description
Property managers plan, direct, or coordinate the selling, buying, leasing, or governance activities of commercial, industrial, or residential real estate properties. — BLS.gov
Finding a Good Property Management Job
There’s a variety of job sites such as Indeed.com, Monster.com, and Linkedin. Where you hunt for a position is important to the quality of jobs and companies you’ll find.
The National Association of Property Managers (NARPM) is another good source of job openings. Sharpening up your Linkedin profile and networking strongly on that social platform is wise. Review other property manager profiles on Linkedin. Read the job descriptions used by successful property managers and you’ll discover the key points that need to be in yours.
You can run Linkedin ad campaigns to showcase yourself and your skills. Write some posts and begin establishing your brand as a new property management professional.
Rents Are Rising and New Property Managers are Needed
The residential sector around the world is unique in that construction of units is not keeping up with the pace of demand. From Berlin to London and Los Angeles to Sydney, the result is a severe housing shortage and an affordability crisis. No matter how you feel about this situation, there is a huge business opportunity in rental housing.
This trend is growing demand for everything from property management software solutions to resident services to co-ownership opportunities. No end to the profit opportunities for business people and startups.
And it’s driving a demand for trained professionals in property management. These positions include HOA managers, apartment managers, and even Realtors who earn money via managing, renting, buying, and selling rentals.
BLS has a less optimistic view, is depicted in this pre-pandemic forecast below. They did not foresee the incredible rise in housing prices nor the huge migration of South Americans across the southern border, nor the migration of Americans to new states and cities.
All of those factors will increase demand for capable, trained, tech enabled property managers since software platforms will be doing more of the mundane property management work (formerly performed by low paid workers).
The property ownership and management business models are growing in complexity as are the types of worker roles needed to manage rental property. Complicating this situation is the number of older landlords and property managers retiring or leaving the business.
We’re left with a shortage of trainable, competent people to replace them. Despite the support of property management organizations such as NARPM and IREM to encourage new trainees and provide that training, it appears there is a shortage. That makes the opportunity even more promising for you.
Salaries for Property Managers
The employment growth outlook is better than average and as these graphics reveal, the salaries and locations are desirable.
According to the Bureau of Labor Statistics in its occupational outlook handbook, the median pay for the real estate management sectors is $58,000 per year. Of course, experienced managers have earnings above $100,000 per year.
The job growth outlook for the next ten years for all occupations is 5%, however it is 7% for the real estate management sector. The typical entry level education is a high school diploma and a real estate or property management license is increasingly preferred. The number of jobs in the field in 2018 was 363,000.
Specific cities are meccas for property management.
Most property management staff work out of an office, however due to technology and tight office space, more are becoming mobile workers.
Property Manager Aptitude Test
You can take an aptitude test (as a guide) online. It will uncover basic strengths and weaknesses and whether you might fulfill the role well.
Enter Cloud Based Property Management Software
You can’t mention jobs now without a corresponding technology. The key technologies now are wifi, cellular, cloud hosting, and property management apps.
Property management software can be used anywhere, on any device, any time of day. The quality of service is the same as via a physical office location.
Rental ads, rental applications, tenant screening, virtual move ins, online lease signing, tenant communication portals, virtual customer support, online rent payment, paper receipt digitization, and online accounting means almost the entire business is virtual.
Of course, managers and contractors must deal with maintenance, cleaning, and repairs to units and buildings. If you’re the hands on type who likes to see things get accomplished through people, the property management profession might be right for you.
Look into property management training and certification courses, as they can accelerate your career. Attend the closest property management conventions in 2020. And of course, adopt a good cloud based property management software solution to give you total command over your work.
Learn more about why simplicity in Property Management is so important today.
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