A Career in Property Management?

Millions of people wondering about changing careers, especially after the pandemic altered the employment landscape.

Many are searching for careers and roles that are in demand, leverage technology, allow professional networking, have above average salary, and lead to positions in great companies.

Enter Property Management

The prevailing view of landlords and property managers isn’t exactly Hollywood-inspired. The fact the industry has a laggard reputation just sweetens the opportunity for you. Because technology has entered property management in a big way.  It all centers on the SaaS powered property management software, however new job roles are appearing too.

Property management is 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

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:

1. personal meaning in their work (is the work significant to them, does it relate to their values and life goals)
2. contribution to the community, country and world
3. being environmentally conscious and creating a good world
4. working in a comfortable, friction-free, safe, workplace environment
5. career growth opportunities (upward mobility or sideways into new opportunities (e.g. tech and business models creating new types of jobs)
6. educational and skills development (further training to obtain highly marketable skills)
7. livable salary (see more on property manager salaries)
8. flexible hours, remote work, and some work autonomy
9. no commute to work, lower cost of working
10. 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 2023. Demand factors mean rent prices are high along with growing numbers of properties to be managed.

Construction is slowing this year as land, labor, materials are 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 are 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 resolving these tough tasks.  This is why landlords seek to hire modern, trained property managers to manage their properties.

Areas Of Property Management You Might Consider Working In

1. building maintenance – mechanically skilled, certifications needed, physical work, on the go, punctual, listening, problem solving
2. house maintenance and repairs – carpentry skills, plumbing, electrical, doors and window repair, floor repairs, cleaning
3. leasing and sales – business and marketing background, research, negotiation, interpersonal skills
4. administration – bookkeeping and accounting, tenant communication, interpersonal skills, renter screening, interviewing, software skills
5. finance – buying, selling, and assessing rental property performance
6. 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, and 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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