Property managers are responsible for a variety of tasks – from leasing and accounting to marketing and general management – and it can be tricky to add career development to your busy to-do list. Take the time to invest in your future goals with these 4 career-boosting methods. With a little dedication you’ll rise the ranks within the multifamily industry.
Property Management Career Stats
According to the U.S. Bureau of Labor Statistics, 2017
According to the U.S. Bureau of Labor Statistics, 2016
Property Management Career Growth
While The Bureau for Labor Statistics (BLS) found that there were 6.7 million mixed multifamily job openings at the end of June 2018, the number of jobs specifically for real estate, rental and leasing has fallen by 18%. With less job advancement opportunities for rental housing professionals, it is critical you consider your range of skills, education level, industry knowledge and networking prowess to increase your chances of career mobility.
Seek Extra Education and Skills
Within the property management field, having well-rounded skills is vital. First and foremost, look at some of your weaknesses and create an action plan to conquer them. Improvement in the areas you’re weakest will be the most noticeable by your supervisors. If you’re looking to gain general skills that can be applied to multiple positions, online classes for time management, excel, and accounting are always a great refresher and can be found inexpensively on Udemy, Lynda or Skillshare. The Institute of Real Estate Management (IREM) or National Apartment Association (NAA) certifications are vital to progress from a leasing agent to a property manager, so not having these certifications can be a significant barrier to overcome. For other courses related to a property management career, NAA has a fantastic learning resource.
Know your Properties Inside and Out
It’s safe to say that if your property’s numbers aren’t performing, then it can be difficult to advance in this field. Take the time to dedicate yourself to knowing the in’s and out’s of your rental properties – from communicating often with your tenants and property owners, staying on-top of property repairs and upgrades, and quickly and effectively leasing vacant units to great tenants. While you can’t control everything life throws at you, you’ll grow with sheer experience.
Expand your Industry Knowledge
Nothing says you’re more serious about your career than industry knowledge. Knowing what’s happening around the industry not only looks impressive, but it allows you to prepare for market shifts, helps you discover cheaper or better property alternatives, and enables you to propose cutting-edge marketing strategies. Some great property management resources are the NAA’s blog, Multifamily Insider’s Forums and Facebook Group, and (of course) The CIC Blog.
Although networking is one of the most well-known strategies to rising the ranks of the multifamily industry, it can be difficult in practice. If you’re struggling to meet people, look for rental housing tradeshows in your area or connect with your local and state-wide apartment association. Both are great ways to meet multifamily professionals in person. If you’re still nervous, CIC has tons of tips to help you network with both property managers and vendors. Networking is all about the follow-up, so be your confident self and invite potential colleagues out for coffee.
Investing in your career can be hard at times, and the payoff isn’t immediate. If you maintain a focus on following these 4 property management career boosters, you’ll see a huge difference in your ability to connect with other rental housing professionals, be able to impress multifamily executives and property owners, and grow your career confidence by leaps and bounds.