Careers in Property Management
Rental property management is among those industries listed as “recession proof.” And as the economy lags for a while, professionals here are enjoying worry-free, in-demand, high paying positions.
Demand for good professionals is high, with staffing shortages abounding. A well trained, creative talent, can help cut costs and raise revenues. They offer the kind of leadership that spawns continuous growth and profit.
Gaining Experience is Essential
Like any industry, opportunities abound at the entry level, yet as new managers gain experience and tech savviness, they become very productive. Salaries rise substantially making it the ideal career choice for those seeking a dynamic position, where they’re not sitting behind a desk.
If you’re interested, you can look for jobs listed in various employment portals, review property management job descriptions, review education and certification requirements, and get in touch with local property management companies to learn what their current staffing requirements outlook.
Conversations with insiders is critical to fast tracking your career in property management. Just as a side note, attending the major property management conferences in 2023 is another to inspire you to explore and master your career project.
Investors Value their Rental Income Assets
Property owners/investors take their assets and the equity seriously and want capable staff to help them maximize their earnings. This industry has an excellent salary and growth outlook.
Good managers are considered key assets themselves. This pushes up wages for those who take their careers seriously.
In 2023, property management is an in-demand career with high pay which is evolving via high tech software 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 as you seek a productive career, and not just a dead end job.
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 property management industry is exploding in new developments and business models that include Airbnb, coworking, work from home, coliving, and new types of mixed use residential buildings.
This evolution is driving demand for well-trained professionals in property management services. These positions include HOA managers, Community managers, mixed use building managers, apartment managers, and even Realtors who earn money via managing, renting, leasing, 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.
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 2023. And of course, adopt a good cloud based property management software solution to give you total command over your work.
Learn more about evaluating and purchasing ManageCassa Property Management software.
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