The New Path to Success: Real-Time Skill Building in the Rental Housing Industry
Synopsis
Skills to Grow Part 2
Today’s job market is different than any in history. It has evolved quickly, and with it so have attitudes and expectations for navigating careers. This includes ideas about education and gaining skills for the future, but also about the fundamental question of what it means to have a successful career.
In our previous blog in this series, we discussed some of these changes. We looked at how new attitudes have impacted the job market as a whole, and how roles in the rental housing industry give many young job seekers the opportunity to take charge of their career paths while gaining valuable skills for both work, home, and beyond. Let’s take a closer look at a few of the skills that can be developed in real time during a career in rental housing.
Core Skills
Property managers wear a LOT of hats. They manage relationships with prospects, tenants, maintenance staff, vendors, and developers. They gain expert knowledge about lease administration, including understanding agreements, renewals, and tenant onboarding. They manage routine maintenance and how to address emergency repairs, all while managing multiple staff and vendors. Effectively managing contractors, providers, and suppliers is critical—a skill that translates immediately to almost any other area of life.
Relationships are key. Every day, property managers build relationships with their tenants, staff, and vendors that help create a thriving community. When a tenant has a potential issue, it’s important to actively listen to their concerns, express empathy, and use conflict resolution to address the situation. When projects need to be done, it’s time to rely on teamwork—which means listening, communicating, and motivating others to work together toward a common goal.
Those relational skills are closely tied to another important aspect of a career in rental housing: marketing, sales, and negotiation. A property manager often has their hands on graphic design, ad placement, event planning, and social media management. And that’s before a prospect even arrives at the property! Being an effective marketer requires understanding a prospect’s pain points, needs, and experience, then finding creative ways to engage them.
Once the prospect arrives, it’s time to show them their new home. In addition to empathy and effective communication, property managers must be able to form effective quick responses, sales techniques, professional body language, and problem solving. No matter how awesome their new home is, the engagement and relationship with the property manager has a big impact on their decision to live there.
Here’s a look at a short list of some additional skills that are developed in real time during a career in the rental housing industry:
- Budgeting and Financial Management: Handling property budgets, rent collection, and financial reporting.
- Digital Marketing: Utilizing social media, online platforms, and virtual tours to market properties.
- Sales Techniques: Leasing strategies, tenant acquisition, and property showings.
- Market Analysis: Understanding market trends and competitive pricing.
- Property Management Software: Proficiency with property management software for managing properties and tenant information.
- Smart Home Technology: Knowledge of smart locks, thermostats, and other modern building technologies.
- Data Analytics: Using data to make informed decisions about pricing, occupancy, and maintenance.
- Fair Housing Laws: Understanding and applying federal, state, and local fair housing regulations.
- Compliance: Ensuring adherence to property safety codes, environmental regulations, and landlord-tenant laws.
- Time Management: Prioritizing tasks and managing multiple responsibilities efficiently.
- Project Coordination: Overseeing renovation projects, property improvements, and operational initiatives.
- Financial Reporting: Creating and analyzing financial reports, budgets, and rent rolls.
- Investment Analysis: Assessing property values, return on investment (ROI), and financial viability.
Problem Solving
Above all, property managers learn to think critically about a challenge and use the skills and tools they have to solve problems. Unique situations require creative thinking, adaptability, and composure under pressure. For example, let’s say a property manager wants to lease an apartment in the upcoming month. They need knowledge about lease agreements, market data for pricing, project management to ensure the unit is ready for move-in, marketing to attract prospects, sales to showcase the property, and communication to make sure everyone is on the same page, and don’t forget about social media management throughout the process!
More than ever, it is possible to develop skills through working, all while taking ownership of a unique career path that suits unique goals. It is no longer required to attend four years of college before getting started in a career path that can accelerate growth now. The rental housing industry provides training and skills for today’s work, tomorrow’s professional pursuits, and invaluable personal development as well.