Career Trajectories For Business Majors: Real Estate And Property Management
Choosing a major is an important moment in any college student’s life, and many will change their major at least once. That being said, business is the most popular major nationwide, with students considering it to be a good way to gain the skills needed for many different careers – but what exactly can you do with a business major? There are many possibilities, but one contender that many college students may not be aware of is property management.
What Is Property Management?
Property managers play a special role in the real estate industry. They are neither brokers nor owners. Rather, their work involves navigating interpersonal issues, coordinating maintenance needs, and it demands a high level of organization. As intermediaries between landlords and tenants, property management work combines managerial skills with technical support and a specialized knowledge of the real estate market.
When landlords interview potential property managers, they look for a number of skills that you can learn in an undergraduate business program. While they certainly look for prior experience, they also want to know that you have an understanding of the local real estate market, your financial management style, and how you manage potential clients issues, from maintenance requests to screening. These are all skills you could develop based on your basic business education.
Your Transferable Skills
If you’re considering property management as a career following a business degree, you’ll have a variety of transferable skills. For example, a course in business administration includes accounting and marketing skills and is an ideal point of entry for real estate and hospitality work. Alternatively, a business degree with a focus on administrative assisting will prepare you for the technical work of day-to-day management, including running the offices of a large property complex.
Many business programs also offer real estate offerings that can prepare you for this particular element of the job and working as a property manager can be a good stepping stone for becoming an investor further down the line. Business majors are in high demand, but many go on to further their education and earn an MBA. Taking some time in a field like property management can provide you with the leadership foundation you need to succeed in graduate school or to begin buying your own properties once you’ve saved some money. By then, you’ll have an inside track on the industry.
Putting People First
The most important thing to know if you’re considering channeling your business degree into a career in property management is that, while the field demands basic skills like multitasking, it’s ultimately a job that demands top-notch people skills. To succeed, you need to stay calm in emergencies, remember names well, and know how to connect and network to recruit new tenants for the property owner. While there’s plenty of technical administrative work involved in the role, if you’re the type of person who thrives on working with others, this could be a great field for you.
Property managers are jacks of all trades and you won’t spend all of your time cooped up in an office – though there will be plenty of that as well. It’s also a great training ground for other forms of entrepreneurship, work in finance, or even in the tech sector; property management is on the forefront of new software developments and experience in the field could help you break into that industry if you have a mind for technology.
Ultimately, business is a popular major because it presents graduates with countless opportunities. You can carry the skills you learn in the course of a business education forward to do so many things and you’ll be in demand no matter what industry catches your eye. Property management is just one of those options, but it’s an exciting career path that demands intellectual agility and the ability to adapt on a moment-by-moment basis.
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