By: Karen G. Hatcher, CPM®
The property management industry is booming, with jobs expected to grow faster than average in the coming decade. But what does it take to succeed in this field, and is it right for you?
I recently spoke with Business Insider to share my insights on breaking into property management, from the essential skills you’ll need to the rewards and challenges of the job. Whether you’re interested in managing luxury short-term rentals, residential or commercial properties, there’s never been a better time to consider a career in this field.
A Growing Demand for Property Managers
More and more people are renting for life, rather than buying, driving up demand for residential rentals. At the same time, the rise of short-term vacation rentals is creating new opportunities for property managers. But what skills do you need to get started?
A background in finance, sales, or customer service can be a big plus, as property management involves everything from budgeting and financial analysis to marketing vacancies and negotiating leases. And if you have experience in real estate, design, or contracting, you may have a leg up.
A Day in the Life of a Property Manager
No two days are alike in property management. As a property manager, you might find yourself vetting renters, coordinating move-ins, and staying on top of the latest market trends and rental laws. But the payoff can be big, with property managers typically earning a salary plus commission.
Is a Career in Property Management Right for You?
Property management offers great flexibility and high earning potential. But it also requires strong organizational skills, attention to detail, and the ability to manage many moving parts. And with the rental market changing constantly, you’ll need to be able to adapt quickly. To gain the skills, education, and network, you need to join your local IREM chapter and get to work on your designations. My IREM family and education have been essential to my career growth.
The Future of Property Management
From the growing trend of “forever renters” to the rise of luxury vacation rentals, the demand for property managers is on the rise. But to succeed, you’ll need to stay ahead of the curve, from understanding the latest regulations to delivering exceptional customer service.
Ready to learn more about this exciting and rewarding career path? Check out my full interview with Business Insider to get the inside scoop on the skills, opportunities, and future of property management. Read the full article here.