Considering a Career in Property Management?

The Institute of Real Estate Management (IREM) recently disclosed stats that showed a third of all homes purchased in 2004 and 2005 were second-homes or investment properties. This flood of investments by both small investment teams and homeowners looking for investment opportunities has continued in a promising fashion into 2006 and 2007. Many of these investors will try their hands at managing these properties themselves or look for property managers to help.

"Career opportunities in real estate management are the best ever, as is indicated by recent reports from respected authorities," said Robert Toothaker, CPM®, president of the Institute of Real Estate Management (IREM). "Consider," said Toothaker.

So, the secret is out! Property management is a great career.

Last year, Money Magazine and Salary.com -- who researched hundreds of jobs based on growth prospects, pay, stress levels and other factors -- ranked real estate management 23rd among the 'Best Jobs in America.

The current U.S. Bureau of Labor Statistics assessment of high-growth, high-wage occupations ranks real estate management 38th among the top 50 jobs that are growing faster than the average (13.0 percent) and that pay above the median of $28,770."

Most recently, the Spring 2007 issue of Selectleaders Job Barometer, the first-ever assessment of the U.S. job market in commercial real estate, highlights the continued strength and forecasted growth of employment across all sectors of commercial real estate. The report notes a 35 percent increase in commercial real estate job postings from February to April 2007, with real estate management second only to finance in postings. It also says that employers in the commercial real estate industry are looking to hire and pay more for real estate talent."

According to Toothaker, IREM is confident that the demand for real estate managers will continue to grow due to the confluence of these two factors: (1) the unstoppable forces of demographics in the work force exacerbated by generational change, and (2) the market dynamics of real estate values as driven by new product development, interest rates, occupancy levels and cap rates.

And then there's that inexperienced second-home or rental property owner.

"Since so many of our colleagues are reaching retirement age in the near future," said Toothaker, "real estate owners and investors must increasingly seek replacements for these qualified professionals they need to manage their properties. All of this -- combined with a management function that is becoming more complex and sophisticated -- has created an almost 'perfect storm' that is boosting demand for real estate managers as never before. Moreover," he explains, "this applies to all classes of properties -- including commercial, residential, retail, military, governmental, educational and industrial. "For our part, we at IREM® continue to foster the highest professional standards as the industry grows by keeping our member designations program on the cutting edge of best practices," Toothaker continued. "As well, we are expanding our college connection program to attract more of the best and brightest students to careers in real estate management."

IREM has developed a variety of easy-to-access resources to stimulate awareness of the increasing demand for real estate managers and of the rewards that come with careers in the field. They include:

(1) Careers in Real Estate Management," a 12-page online brochure that describes career opportunities in detail in real estate management as well as steps recommended to enter the profession. The brochure can be downloaded free by clicking here.

(2) IREMJobs.org, the online job board for the real estate management industry. Job seekers can conduct a nationwide job search or target particular states, create multiple resumes and cover letters to customize job applications, and track their resume submissions online. In addition, they have a personal mailbox through which employers can contact them. Access to the online jobs bank is free once a simple registration process is completed.

Also, don't forget to include Propertyware in your toolkit as you start your career in property management :)

Source: Blanche Evans, Realty Times