Property Management Courses & Careers

1) What Is Property Management?

According to the Dictionary of Business Terms, property management is the operation of a property as a business, including rental, rent collection, maintenance, etc. In other words, property managers oversee all of the logistics that go along with renting or leasing property for profit.

Property management tasks fall into two broad categories; property management and investment management. Here is how they break down:

Property management tasks

• accounting and reporting
• leasing and renting
• maintenance and repair
• utilities
• rent collection
• remodeling/refurbishing
• insurance

Investment management tasks

• property purchasing and selling
• development
• financing
• paying property taxes
• income tax accounting

2) Property Management Courses and Degree Programs

Property management is a component of many on-campus and online real estate degree programs. Bachelor's and master's degrees in real estate property management are currently available from a variety of institutions. If you are interested in a property management career, read below to research and determine which programs are best for you. If you are already working, the flexibility of an online property management courses can help you pursue a degree with minimum disruption to your work and family life.

Bachelor's Degrees in Property Management: A bachelor's degree in property management will give you the tools to become an effective property manager. Included are career-relevant courses in finance, accounting, communications, management and leadership, negotiation, data analysis, fair market value assessment, and project management. These courses are designed to enable you to handle all the aspects of property management including tenant relations, accounting, maintenance, and other managerial duties. A property management bachelor's degree may prepare you for career opportunities as:

• Commercial Property Manager
• Residential Property Manager
• Commercial Facilities Manager
• Residential Facilities Manager
• Community Property Manager
• Lodging Manager

Master's Degrees in Property Management: A master's degree in property management takes a broader approach to how property management fits into the real estate industry as a whole. A master's degree program in property management concentrates on the following:

• management skills in organizational management and leadership
• strategic planning and policy
• project management
• finance for leadership

Earning this degree enables doors to open to career opportunities at a higher level that the bachelor's degree. For example, individuals with master's degrees in property management may work in corporate and residential development, consulting, and managing properties for large corporations that are national and international in scope. Master's degrees in real estate or an Master's in Business Administration (MBA) are also useful if your aim is a career in property management.

In addition, or as an alternative to, campus based college degrees in property management, there are property management courses and real estate courses available through various real estate schools nationwide. Many of these provide online real estate courses that prepare the student for real estate licensing exams and for property management careers

3) What Can You Do With a Property Management Degree?

A degree and/or certification in property management prepares you for a wide variety of job opportunities. As a residential or commercial property manager, a community property manager, or a lodging manager, you may have a career in a variety of organizations such as:

• Real estate firms
• Property supervising companies
• Homeowners' associations
• Cooperatives
• Real estate marketing companies

You will have a variety of responsibilities, including:

• Complying with Federal, state, and local laws
• Ongoing inspection of buildings, grounds, and facilities
• Negotiating lease agreements
• Enforcing rental guidelines and regulations
• Providing asset management reports to upper management
• Marketing and advertising properties
• Managing janitorial and maintenance services
• Showing properties to prospective tenants

4) Careers in Property Management

Although the real estate industry is generally subject to peaks and valleys depending on economic conditions, the property management segment is strong, and expected to experience significant growth over the next ten years according to the Bureau of Labor Statistics (BLS). Because of increasing competition among rental communities, commercial properties, assisted living facilities, and other segments, property management professionals will be in great demand. Developers and real estate brokers will be looking for property managers who can operate properties efficiently and profitably, quickly close deals with new tenants, and retain good tenants.

5) Salary Information for Property Managers

The most recent survey from the BLS indicates that 159,700 people were employed as property managers, excluding those who are self-employed in the profession. The median annual earnings of the salaried property managers was $43,070 in May 2006. The top ten percent of earners in this profession earned more than $95,170 a year.

6) Career Skills of Successful Property Managers

A successful property manager must have the people skills to deal with land developers, real estate brokers, renters, public officials, and maintenance staff, while also possessing the project management and financial skills to operate facilities efficiently and profitably. These include:

• Project management
• Accounting
• Reporting and writing
• Data analysis
• Marketing
• Human resource management
• Negotiation
• Leadership

7) Property Management Certification and Licensure

Many career opportunities in property management require certification, which is not necessarily provided by earning your college degree. To achieve CPM (Certified Property Manager) status, the Institute of Real Estate Management (IREM) requires certain property management courses including: investment and real estate financing and valuation, property management, risk management, marketing and leasing, and human resource management.

Certification from IREM also requires you to pass the Ethics for the Real Estate Manager exam. The CPM Certification Exam requires proven competency in the following areas:

• Human resource management
• Asset management
• Legal and risk management
• Marketing and leasing
• Financial operations
• Maintenance and operations