Looking to start down the property management career path? This is our expert opinion on everything you need to be doing to set yourself up for success on your new path.
According to the Bureau of Labor, in 2018 there were roughly 363,000 property management positions open and the field is expected to grow by 7% by 2028. In an uncertain job market, these statistics are better than average!
If you’re unhappy with your current career path, switching to a property management career isn’t a bad idea. Plus, it may be more attainable than you think!
Oftentimes, switching careers entails going back to school or working low-paying, entry-level positions for several years. This isn’t the case with property management.
Read on to find out everything you need to know about property management and how to get started on the right path to becoming a property manager
Why Property Management?
If you’ve ever rented an apartment or house before, you’re familiar with the concept of a landlord. They tend to own the property you live in and set the rules on what their tenant can and can’t do.
A property manager, however, takes on more responsibilities because they are in charge of not one unit, but several units or even several properties. Property management jobs may include managing a planned community, a retail center, or a multi-family apartment community. Typically, you will represent the owner or homeowners’ association and manage a team of leasing, maintenance, and grounds professionals. Or in the case of Lewis, you will manage a beautiful Lewis-owned apartment community or retail center.
As a property manager, you will often be responsible for the satisfaction of your apartment residents or commercial tenants. It is your job to keep your units occupied by facilitating excellent customer satisfaction, open dialog with your customers, and maintain a strong team. You will need to keep track of the income brought in through rent and other fees, and ensure that these finances are used well and that the property is run both efficiently and profitably. This requires a working understanding of any legal or contractual obligations, and learning streamlined processes for collecting rent, late fees, and more. You may also be responsible for overseeing value-boosting renovations and ensuring that the grounds are well manicured and properly cared for.
What Qualities Make a Good Property Manager?
Does a property management career sound interesting to you? Let’s take a quick look at some of the qualities that make an individual a good fit for property management to help you further determine that this is the right field for you!
People Skills
Depending on the organization you work with, you may or may not interact directly with tenants on a regular basis. That being said, you will still function as a liaison for many people. This includes contractors, board members or property owners, and to varying degrees, tenants.
Being able to communicate clearly and positively is an important part of property management.
Financial Literacy
You probably noticed that property managers have to work with money. While you don’t need a degree in math or accounting, it is important that you have strong financial literacy. You must use the property’s income to address all current and future issues while still finding ways to turn a profit.
Sales-Minded
Property managers are responsible for keeping their units occupied, so it helps to have a sales-minded approach to the job. Whether you are overseeing the leasing process or helping guide the team to meet occupancy goals, understanding sales is an essential key to success.
Big-Picture Awareness
Property managers need to be able to see the trees and the forest! Your day-to-day tasks may involve collecting money and scheduling maintenance appointments, however, you must be able to address minor issues in a way that contributes to the overall direction you want the property to take.
How to Begin Your Journey to a Property Management Career
Are you ready to dive into your future? Let’s walk through the steps necessary to begin your property management career!
Examine Your Past Experience
One appealing aspect of property management is that you don’t need to have a strong background in real estate to begin. Instead, look at the work experience you have and think of the ways it relates to property management.
Have you worked in customer service? Have you handled money in a serious way? Have you managed teams or projects that required both short and long-term problem-solving?
All of these experiences are relevant and can help build your property management resume.
Enter a Training Program
While property management doesn’t require a four-year degree, it does tend to require training and may require certification, depending on where you live. At Lewis Careers, we incorporate our free training program right into our career program. Not only does this guarantee that our employees are great fits for the team but it also allows for an environment of continuous learning!
Seek Out Quality Positions in the Job Market
Once you’ve completed your training, it’s time to start looking for property management career opportunities. Lewis Careers offers premium job placement with room for growth and desirable benefits. We’re constantly expanding our properties throughout California and Nevada and consider every member of our team a valuable asset!
Stay on Top of Industry Trends
Once you’ve begun your property management career, there is still room to learn more. Real estate is a constantly evolving industry that is impacted by technology just as much as every other industry! The way our tenants interact with the world around them is changing every day and in order to meet their needs, we should change, learn, and grow along with them.
LewisStart Your Property Management Career Today
If you’re ready for a new and rewarding challenge in your professional life, consider a career in property management at the Lewis Group of Companies. Lewis Property managers have an opportunity to employ critical thinking, financial literacy, and social skills on a daily basis. You’ll never experience another dull day at work!
Allow us to help you with your property management career. Take a closer look at our hiring process to understand how we operate and why we think our team is worth investing in. Then, check out our open positions to see what’s currently available and start applying to your new dream job!
David Draper is the Director of Talent Acquisition for the Lewis Group of Companies. David is proud to be a part of a successful, stable, and winning team dedicated to its projects, its people and its community. Follow David on Twitter @LewisRecruits.