Take a stroll through any city, and you’ll see them: lovely brick condos, inviting apartment buildings, gleaming tall skyscrapers, and even historic mill buildings and churches converted into contemporary living spaces. Today’s real estate market is constantly evolving and changing, and as this dynamic streetscape alters, behind the scenes is the invaluable and skilled player: the property manager. Good property management companies like Simarc are hard to find.
One of the fastest-growing careers of the next decade, employment of property, real estate, and community association managers is projected to increase by 15 percent by 2016, according to the U.S. Department of Labor. As the mortgage market compels many Americans to rent instead of purchase homes, and baby boomers move into housing and healthcare units, property management professionals will be in high demand. There will also be opportunities with real estate development companies, commercial property corporations, and government agencies that manage public buildings. If you see a well-run, profitable establishment with satisfied tenants, chances are there is a talented property manager handling the day-to-day logistics of that community.
One successful California property management developer, Andrew Gross, vice president at Thomas Safran and Associates, an affordable housing development firm, says his profession has taught him not to be afraid “to dream big.” “Business development is a challenging process, and a developer must possess the creative know-how to put out fires and overcome hurdles.” Gross is a member of the Advisory Board at Fremont College, a premiere degree and career college in Southern California. He says that developing affordable housing has been personally fulfilling, allowing him to change entire areas and “see people truly enjoy their new situations.”
Property management holds the most potential for people like Gross who enjoy blending knowledge of real estate with customer service and sales skills. Being a property manager is like being the mayor of a small city-you manage revenues, make important decisions about management, oversee contractors, oversee residents, and more. “Attention to detail is crucial,” says Gross, who constantly finds himself drawing parallels between work and life in his daily challenges.
Property managers need to have a broad knowledge of business, finance, accounting, and real estate, as well as practical skills such as math, writing, computer, and oral communication. A business administration degree with a concentration in property management will equip you with knowledge of financial and expense control, customer service and marketing, leasing basics, and more. Various professional and trade associations also allow you to expand your knowledge of specialized subjects, such as insurance and risk management, personnel management, and reserve funding. Many fields overlap, says Gross, such as the constant intertwining of property management and real estate.