The world of property management is vast, and so are the job opportunities for those interested in pursuing a career in the field. Property management job opportunities range the full spectrum of real estate including sales and leasing, administrative, managerial, maintenance and construction. Property management as an industry is overall very stable, as there is always a perpetual need for people to manage rental properties regardless of economic conditions. The need for professional management of rental properties also has a bright future. Reasonable interest rates have also fueled an increase in rental property ownership, with many investors choosing to outsource management to professionals. These catalysts have set the industry to almost double in size up to $37.25 billion by 2029.
Property Management Job Types
Jobs in the property management industry range from the entry level Assistant Property Manager role, up to the seasoned Vice President of Asset Management position. Depending on the company size, the exact-naming of a title might vary, as well as the scope of responsibilities under that respective title. Below we take a look at the various types of career paths and job titles that are available in the property management industry.
Assistant Property Manager
As the right-hand helper to a property manager, assistant property managers (also called APM) hold similarly influential jobs as the property manager by helping to support all daily management operations. They normally report directly to the property manager, whom they simultaneously work closely with.
As the name implies, a property manager is the dedicated individual who is the “go-to” person for a property. This means that they are generally responsible for overseeing or administering all of the activities of a property. Property managers wear many hats, as they oversee all aspects of a property.
Usually found at large residential complexes, resident (apartment) managers live on-site and act play a direct role in managing a property. They can act as the overall property manager, or report to one. They play a very physical role in managing a property by performing some maintenance, collecting rent, and directly dealing with tenants.
While the tasks of this position are sometimes handled by a property manager, leasing agents are typically in charge of the entire leasing process from start to finish. This typically includes marketing the property, scheduling and conducting property showings, screening potential tenants, and preparing lease agreements.
Senior/Regional/Director of Asset Management
The name may vary among companies such as regional manager or director of asset management, but this position is in charge of delegating, leading and resolving issues for multiple property managers and their respective teams such as leasing agents and even maintenance personnel. At this level, the amount of tenant interaction is drastically reduced and they primarily deal with property managers and vice presidents.
Vice President of Asset Management
As the second-in-charge, the vice president of asset management typically reports directly to the president and/or CEO of the company. These are executives that usually oversee high-level strategic property decisions such as large capital improvements, acquisitions and divestments. They also work with other executives in an organization such as controllers and CFOs on financial aspects of a property.
Property Management Certifications
For those that want to either expand or demonstrate their property management experience, several different types of property management certifications are available. These certifications can be great for job seekers and existing professionals seeking career advancement. There are different certifications for different types of asset classes you plan to work with, such as residential, commercial, or community associations. Most types of certifications require a combination of educational coursework, work experience, and an evaluation test. Examples of well known property management certifications include the Certified Property Manager (CPM), Certified Apartment Manager (CAM), and Residential Management Professional (RMP).