Benefits of Climbing The Property Management Career Ladder
While there are many reasons property managers explore new career opportunities, continued career growth is usually one of the biggest factors. Career progression is important to almost every property manager at some point in time, regardless of property size or type. Additionally, there are numerous benefits of climbing the property management career ladder. These commonly include:
- Increased responsibilities and duties
- Opportunities to lead a team
- Developing new skills
- Feeling challenged at work
- Higher salaries and bonuses
In addition to these benefits, there is a sense of accomplishment and well being that comes with working in a challenging position or receiving a promotion. Here are four things property managers can do to help take the next step in their career.
Earn a Property Management Degree
Getting started with the top property management companies will require a college degree. Unfortunately, specific degrees in property management do not really exist. As a result, aspiring property managers need to find a degree that will help them enter the field. Some of the best undergraduate degrees for property managers include accounting, finance, economics and business administration.
Professionals without a college degree who are stagnating in lower level property management positions should consider going back to school to earn an undergraduate degree.
Earn a Master’s of Real Estate or MBA
Experienced property managers looking to climb the property management career ladder should pursue MBA’s or Master’s of Real Estate degrees. Unlike undergraduate programs, many of the countries top colleges and universities offer graduate degrees specifically in real estate or MBA programs with real estate concentrations.
This includes elite private colleges like MIT, Georgetown, Columbia, Cornell and John’s Hopkins. Meanwhile, top public universities offering Masters degrees focused on real estate include the University of Virginia, Ohio State, Auburn and Texas A&M. Earning a Master’s of Real Estate degree or an MBA with a concentration in real estate
Earn a Property Management Certification
While a degree opens doors to entry level property management jobs, a property management certification is crucial for climbing the property management career ladder. This includes growing responsibility and compensation. Property managers who earn a Certified Property Manager designation from IREM, for example, earn more than twice the average property manager salary. Here are some of the most well known property management certifications:
- Certified Property Manager
- Certified Apartment Manager
- Accredited Residential Manager
- Certified Manager of Community Associations
- Real Property Administrator
- National Affordable Housing Professional
When it comes to choosing a property management certification, the two most important factors are property type and career goals. Since it can be difficult to understand all the available options, Property Manager Insider created a property management certifications guide. It covers the most popular certifications and the associated property management association.
Create a Strong Resume
While degrees and professional certifications are important, property managers need to build a strong resume. This is a key step in climbing the property management career ladder. A strong resume presents important information clearly and concisely while demonstrating a consistent work history and growth within the industry.
It also demonstrates how an individual has impacted a property in their role. Do not just list duties and responsibilities. Here are some ideas for key stats and pieces of information property managers can include on their resume:
- Improving occupancy or retention rates
- Lowering overall operating costs
- Increasing net operating income
- Making processes more efficient
- Introducing new programs or property services
For example, do not say the property had a tenant retention rate of 95% if you helped increase retention from 85% to 95%. Say “Helped increase tenant retention by 10% to 95% overall”. Other important pieces of information to include on a resume include the type of size of properties and software skills. For more on putting together a strong resume, read this post from Indeed about resume and cover letter formatting.
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