As professionals who handle all aspects of running a property, property managers provide leadership, problem solving, and operational management. To retrain for this occupation, you should have knowledge of business, property logistics, and financial analysis. Today, online property manager training courses are a convenient way to acquire the necessary background and improve your skills to enter this field.
Exploring the Career Skills of Property Management
Property managers oversee the logistics of property rental so that the owners can rest easy. For instance, someone with a second home might use a property manager to make sure it is well-maintained and generating income when the owner isn't using it. Similarly, businesses may hire a property manager to attend to a cluster of cottages or condominiums.
Property managers need leadership, analytical, operational, and financial career skills. They should understand budgets and financial statements, as well as be able to hire and develop a staff. If problems occur, the property manager should be able to act quickly to solve the issue in a way that will keep the customer happy with the rental experience. In turn, communication skills are vital in this field as property managers not only work with customers, but with construction workers, plumbers and others to keep the property at its best.
Career Advice to Improve Your Skills
In today's economy, many employers prefer to hire job candidates with a bachelor's degree. Possible educational specialties include accounting, real estate, public administration, accounting, or business administration. Online property manager training courses could be one way to get started on a new degree path.
If you enjoy customer service and solving problems, then retraining for a career in property management may be for you. With a background in real estate or construction, customer service or accounting, you may want to consider enhancing your career skills through targeted retraining.
Although dependent on the health of the economy, the Bureau of Labor Statistics expects job growth to continue at a steady pace for property managers through 2016. In 2008, property managers earned a median annual salary of $46,130.
- Median Annual Salary: In May 2013, the Property, Real Estate, and Community Association Managers earned a median annual salary of $64,270 with top 10% making more than $114,240.
- Project Career Growth 2012-22: 12 Percent.
- States with Highest Employment: California, Florida, Texas, Illinois, Ohio.
- States with Highest Employment: New York, Virginia, Maryland, Colorado, Nebraska.
- Job Opportunities for Property Managers: The best opportunities for property management jobs should be for individuals who hold degrees in real estate, business administration, and other professionally related fields
- Elder Care Offers Opportunities: Property managers who have experience in managing housing for the elderly and health care units are expected to have much better opportunities for job openings
- Required Knowledge: Property managers should be well versed in local, Federal, and State regulations such as the Federal Fair Housing Act, the American Disabilities Act, and other fair housing laws and regulations
- Certification Needed: Property managers who are employed by the federal government to manage public housing typically must be certified
- Earning Professional Status: Most property managers earn professional status through official organizations in order to formally recognize their achievements and skills.
- Role of a Property Manager: Some property and real estate managers act as agents or advisors for the investors or owners of the property.
- Typical Duties: Duties incorporate buying and selling of property, long term investment strategies, and financial planning
Bureau of Labor Statistics, Property, Real Estate, and Community Association Managers
Bureau of Labor Statistics, Property, Real Estate, and Community Association Managers, May 2013 Wages
Institute of Real Estate Management
National Property Management Association