The residential sector is booming, and with a pledge of 300,000 new homes to be built this year alone, employment opportunities are set to rise.
One of these expanding career paths comes in the form of property management; an ever-growing necessity, especially due to the increasing success of the rentals market. But what does this job entail, and how do you enter it?
What is property management?
A property manager’s role is to manage all aspects of a building, from the day-to-day running factors like lighting, and heating to providing security measures. It is likely that you will maintain the property on behalf of a private owner, housing association or company, and various duties include:
- Liaising with buyers or tenants
- Maintenance and repairs
- Health, safety and security
- Assisting with property lease or sale
Although desk work is often involved, there are opportunities to be out on the field or onsite. You might be meeting tenants, buyers, contractors and attending building inspections.
A degree from a property related subject will set you in good stead and can be necessary for some roles. Course options include property management, real estate management, construction management or building surveying.
For postgraduates, RICS offer accredited courses that are widely accepted across the UK, and if you want to further this study, then you could look into a postgraduate conversion course with an RICS accreditation.
There are other options too, such as apprenticeships through housing associations, property consultancies and estate agents that may not require specific qualifications and often offer on the job experience and fast-track paths into the industry.
Most roles tend to include benefits such as a bonus, car/allowance, company pension scheme and other full benefits packages. The salary for trainee and starter positions can start between £18,000 - £25,000, but this can rise to around £70,000 for more senior positions.
Options for progression include the possibility of becoming an asset manager. An asset manager’s job is similar to that of a property manager, though other investments made by the client are also looked after. This includes equities, commodities, currency and other financial products. Strong competencies in mathematics, business and finance are also useful advantages. A good first step for this path is to take the MRICS qualification, as this is something that is often required for the role of asset manager.