Property management is an exciting career path and even investment challenge. In 2018, the Bureau of Labor estimated that there were about 363,000 property management positions available in the United States. It went on to state that it believed that the industry would grow by 7% in the 2018 to 2028 period. At a time in which many career paths are uncertain and maybe even shrinking, property management provides a career path that has better prospects than the market average.
Additionally, whereas many career paths demand extensive education, or, entering into a period of internship or apprenticeship before getting your chance as a property manager, property management does not make these demands.
However, this does not mean that property management is easy. The field is challenging but filled with many instructive lessons for the potential property manager.
Michelle WIlliams, co-owner of @home Property Management Solutions, is an example of a successful property manager.Williams took on the challenge of becoming a property manager when she realised that the field presented her with a huge opportunity. She figured that her market was in dire need of a specialist property manager unencumbered by a sales department and so, she stepped in to fill the breach. Many people thought her ideas absurd, and were confident that property management alone could not support the economics of a real estate business if it did not have a sales division. This only inspired her to push on with her ideas.
Williams faced many challenges. When she begin @home with her partners, she realised that they only had enough cash on hand to cover their expenses for the first three months of the company’s existence. Within that three month period, they had to get the company off the ground and earn revenue, otherwise, they would be forced to either go into debt or declare defeat. Somehow, they managed to get the company off the ground within those three, challenging months. That was a great lesson in the power of self-belief, following your dreams, and sheer bloody-minded determination.
When they launched the company in march of 2009, they had no customers and the company was basically her and her partner. One key element of their strategy was networking. Entrepreneurs need to be able to network and to know who to approach in order to achieve their goals. They spent countless hours tapping their network and growing it, using phone calls, meeting people in-person, participating in trade groups and other events. They persevered and at the end, they managed to secure a property to manage. Property management, especially home property services, is very fulfilling and Williams and her partner were incredibly excited by their first coup.
Through their networking and their relations with clients, they worked hard to build a great brand so that they could attract more property owners as well as people willing to lease from them. Williams’ experience shows the importance of persistence and networking and building a good reputation for your company. Ultimately, you need to be passionate about the field if you are to succeed in it.