Property Management: Steady Work with a Solid Future

Property management is a well defined profession with solid growth prospects. Over the next ten years, experts predict that jobs will increase between 8% and 18%. At the same time, it is also rated as one of the best jobs in America. According to a recent story on CNN, commercial property management is one the 50 best jobs to have with median salaries around $75,000. The rating further states that our industry has a personal satisfaction rating of “A” and a job security rating of “B.”

This is great news for current property managers and job seekers alike. Job growth, security and job satisfaction are all ingredients of a promising career. However, to win the best jobs, you need to stand out from the crowd…

I think training and certification(s) are the keys to get noticed. So, here I present my top 5 tips for building a successful career as a property manager.

1. Education and Training are Crucial. Property owners know the best method for securing consistent revenue and maintaining expenses is to have well trained people; they know this is a solid investment.

With education you are creating a transferable skill set. For maximum opportunities, a four-year college degree or industry training is the right place to start. A major in real estate, business or communications compliments a career in property management.

The real decision-making time happens before you enter the profession. You need to consider your personal career objectives. Real estate, like law, has many career tracks. Finding one you enjoy is important for job satisfaction. First, identify those specializations that are in high demand, and match these with your area of interest. By doing this, you are providing yourself with maximum flexibility in the job market.

2. Professional Designations. Adding to your credentials sets you apart from the competition and confirms your commitment to the profession. Beyond a college degree, advanced training affirms your willingness to devote time, energy and effort to becoming a knowledgeable professional.

The best time to gain credentials is early in your career. This allows for greater responsibility, like having a greater number of assets under your management (i.e. more people reporting to you). This level of responsibility leads to greater salary increases.

When considering designations, the right one depends on the size and type of property managed, and whether or not your interest is in site management or asset management. Here are a few to consider:

• Certified Property Manager (CPM) is a professional designation awarded by the Institute of Real Estate Management (IREM) and recognized by the National Association of Realtors (NAR). This designation is the most established and takes the longest to acquire. It is well known and has a high level of acceptance industry-wide.
• Accredited Resident Manager (ARM) is a professional designation awarded by Institute of Real Estate Management (IREM).
• Certified Apartment Manager (CAM) is a professional designation awarded by the National Apartment Association (NAA).
• Certified Apartment Portfolio Supervisor (CAPS) is a professional designation awarded by the National Apartment Association (NAA).
• Registered in Apartment Management (RAM) is a professional designation awarded by the National Association of Home Builders (NAHB).

3. Become a Thought Leader. As your career and experience advance, your knowledge, skills and abilities become a valuable resource. With time and age, people expand their knowledge from learning to doing to teaching. People want to connect with you when you’re in a leadership role. Embrace this.

With experience, consider sharing your knowledge with the talented up and coming professionals following in your footsteps. Sharing your intelligence can sometimes change the perspective and enhance outputs throughout an entire organization.

4. Incorporate New Technology. Stay current. Be an early adopter. Be well read. The technology cycle continues to shorten. Seldom is there a full twelve months between new releases of anything technology based. For example, most property management software vendors offer updates on an annual if not quarterly basis. You cannot ignore this.

Today we discuss social media and tablets, tomorrow these forms of communications will have adapted to the next cycle of technological rendition. Right now transitioning tenants to secure electronic rent payments is all the rage. This is not to say that technology should rule your professional life, but it is the life blood of making certain your skills are relevant in the marketplace.

5. PM is a Global Business. Property management has a presence around the world. With quality training and language skills, the world is your oyster. If you are mobile, consider taking the best opportunity that can be identified in any location that fits your fancy; London, Athens, Bahrain.

Borders are meant to be crossed. Get a passport and expand the job search to companies and countries that desire your services. As a subject matter expert in property management, your potential employers are coast-to-coast and internationally.

Career choice is very much like taking a road trip; no matter where you start, it’s always easier to get to the destination when the trip is mapped out first. Choosing a career in property management requires interacting with people of every stripe. Remember to think twice and speak once. It is an engaging and rewarding profession. Once you have decided to make property management your profession… jump in with both feet!