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Property Management
Do you enjoy real estate and working with people? A career in property management might be for you. Property managers are in charge of different types of properties and work with people on a daily basis. Read on to learn more.
Is Property Management for Me?
Property managers work for property owners, and their duties range from administrative tasks to negotiations to handling property issues. If you're interested in property management, you might also find employment as an apartment rental agent or facilities coordinator. You could also seek other opportunities in management, such as becoming a housing manager or condominium association manager. You could even choose to become an investment property owner. You could manage different types of properties, such as apartment complexes, multi-family units, condominiums, shopping centers or office complexes. You could also oversee housing for the elderly working as an assisted living administrator.
Working in property management, you will have an array of responsibilities. Some might include administration, advertising and promotions, employee management, improvements and procurements. If you enjoy procurements and sales, you could try your hand at becoming a real estate broker.
According to the U.S. Bureau of Labor Statistics (BLS), employment of property, real estate and community associate managers was expected to increase eight percent between 2008 and 2018 (www.bls.gov). In May 2010, those professionals earned an average annual salary of $62,400, reported the BLS. Employers usually desire candidates with formal education and training. Some employers might offer on-the-job training. Additionally, property managers might need to obtain licensing in some states.
How Can I Work in Property Management?
If you're interested in property management, you might consider getting started by taking courses online in facilities management. You could also enroll in a certificate program or associate degree program in that field. However, many employers are looking to hire property managers who are college graduates with a bachelor's or master's degree. You might consider enrolling in a master's degree in property management, business administration, real estate or finance.
Undergraduate programs may include various studies in management, property preservation, property leases, safety, budget breakdown, real estate laws and marketing. Other undergraduate programs might cover topics in residential and commercial property, accounting, advertising, business, economics and management. Programs are available through community colleges, technical colleges and universities. Evening classes and part-time scheduling might be offered. Distance learning also exists at some colleges, such as online property management degree programs and online facilities management degree programs.
Throughout property management studies, you will receive practical training. You'll experience computer and software instruction, training in laws, and leadership skills. Some programs might even include internship possibilities. Graduates are prepared to enter the workforce with the ability to manage various types of properties, as well as accurately determine the value of properties, assess contractual obligations, detect property repairs, perform maintenance and assist in property development.
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