Careers in Property Management

According to real estate industry experts, property management is one of the fastest growing careers in the next ten years. About 36% of the property management professionals today are working for developers, real-estate brokers or real-estate agents.

Industry estimates that by the year 2016, about 375,000 property management professionals will be employed full-time. The current estimated annual salary for a full-time property management professional is $43,000. This figure is set to grow multifold by the year 2016.

Property management is by far the best suited career for people who love to blend their knowledge in real estate with that of a flair for sales and customer service skills. Although salaries of a property management professional is linked majorly to their on-field performance, property managers enjoy a lot of other additional fringe benefits such as discounted rent or discounted rates of interests on mortgage.

Many Americans have been forced to continue using rented apartments as compared to buying starter homes because of the challenges that the current mortgage market is facing. However, a few of the assisted living facilities have converted themselves from nursing homes into “5-star resort like” lifestyle retreats. These trends have created a hiring boom for well-trained property management professionals.

Property managers have the ability to offer professional services in the area of property management to property owners and management companies in the areas of risk management, property and asset evaluation, leasing formalities, etc. By doing so, the property managers considerably enhance and improve their own skills in the field of property investments.

The prime responsibilities of a property management professional include the following:

1. Risk Management
2. Evaluation of the property’s finances
3. Managing a team of professionals to run the day to day activities
4. Budget Planning and Control
5. Asset Management Services
6. Maintenance of Responsibilities, etc

Property managers are required by individual landlords, developers and real estate brokers all alike to help them by keeping the residents happy and by making the properties fully profitable. The landlords and real estate brokers also expect the property managers to manage the maintenance of each of the properties, to carry out repairs of the said properties on a regular basis, to attend to customer complaints on a daily basis, to regulate and monitor collection of rents and other deposits, execution of lease agreements and other formalities required by the law, to screen and verify the tenants and landlords credentials, etc.

Though the property management career is not as lucrative now, it is surely set to be one of the most sought after job in the coming years.

 

 

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