As a property manager, you’re in a position to help homeowners and tenants alike. You bring rental properties back to life and keep them thriving when others may not have the resources to do so. Whether you’re just getting your start or on the hunt for another career, knowing the top alternative careers for PMs can help you decide if this is the right time for you to transition from being a seasoned property manager.
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If you’re thinking about a career in property management, here are some alternative careers that might be a good fit.
Real Estate Agent
Property Managers work with real estate agents to help find tenants and negotiate leases, so it’s no surprise that property managers tend to have strong communication skills. Real estate agents are responsible for finding buyers and sellers, helping them negotiate the sale of their home or business, and making sure the paperwork is in order. They also need excellent communication skills, as well as good organizational skills. Real estate agents who specialize in commercial properties also need a working knowledge of tax law, as well as accounting software like QuickBooks and Excel.
Real Estate Appraiser
Some property managers may also be real estate appraisers who assess the value of properties based on market conditions and other factors. The main differences between these two jobs are that real estate appraisers only do valuations on commercial properties while property managers handle residential ones as well; real estate appraisers get paid by the hour while property managers make a percentage of the total appraisal fee; and real estate appraisers usually need an advanced degree (like an MBA) while property managers don’t necessarily need any special training beyond their job experience.
Alternative careers for property managers
Real estate agent
As a real estate agent, you would be responsible for selling properties. The good news is that this career is one of the most lucrative in the country—the median salary for real estate agents was $53,510 in 2016. That said, it’s not all sunshine and roses: being a successful salesperson requires patience and persistence.
If you decide to go into business for yourself by working as an independent contractor for a brokerage firm such as Coldwell Banker or Century 21, you’ll need at least two years experience selling homes before qualifying to sell on your own. To become licensed in most states (with some exceptions), you’ll also need to pass state-specific exams covering topics like property law and contract negotiations.
For those seeking a job where their work directly benefits those in need, becoming a property appraiser could be the right fit. The purpose of this career is to determine the value of property for sale or mortgage. This can be done through either direct physical inspection or using aerial photography and other techniques that allow you to estimate value based off square footage and location.
The most important aspect of appraising real estate is being able to evaluate properties impartially and objectively. You will often have clients who want you to give them an inflated appraisal so that they can sell their home for more than it’s worth, but your job requires staying neutral so that everyone pays what their property is actually worth.
You must also be able to communicate effectively with all parties involved: sellers, buyers and lenders alike. It’s necessary for your business success if you’re looking at multiple properties each day (or week), so knowing how best present yourself during negotiations with potential clients while maintaining good communication skills are key components here as well!
Rental site listings manager
Rental site listings manager:
- You will be working with a team of other property managers to help manage the ads on various rental websites, such as Airbnb. This can include writing good descriptions of properties and working with owners to ensure they have the right photos and information listed. You’ll need to be internet savvy and have excellent communication skills in order to get your job done well.
- Facilities managers are responsible for the maintenance of buildings, grounds and equipment.
- They are in charge of security, building maintenance and housekeeping staff.
- They are also in charge of the maintenance of equipment and supplies.
- The facilities manager is responsible for the budget for all these projects.
There are options for property managers who need a change.
There are many options for property managers who need a change, but the best one for you will depend on your skill set, experience level and personal preferences. Each option has its own focus and compensation scale. Some of these career paths include:
- Property Management: The most obvious path for those looking to transition into another industry is simply to keep doing what they’re doing in the same field. Property management jobs can be found at companies that specialize in real estate development or other aspects of property management like maintenance or leasing. These positions generally require an education in business administration or real estate and related experience such as property inspections, tenant relations and lease negotiations. Salaries vary depending on location but average around $51K per year according to Glassdoor’s data scientists’ estimate using salary information submitted by job seekers over the past two years.*
- Real Estate Agent: A second option is switching sides entirely by becoming a real estate agent yourself! This can be especially helpful if you’ve been working with buyers before because then you’ll know exactly what they’re looking for when searching for homes—and sellers will likely appreciate this insider knowledge too! But remember that becoming licensed requires taking exams so make sure it’s something worth pursuing before starting down this path (which tends not only pay less than other careers but also requires more upfront costs).*