Most people don’t think of property management as part of the hospitality industry, but the two industries have quite a bit in common. Both focus on creating exceptional experiences for guests and residents. And since property management careers are expected to grow 7% in the next 10 years, it’s a tempting career path to consider for hospitality professionals.
Here are some things to know when transitioning from a more traditional hospitality career into property management:
Great Earning Potential
While salaries vary depending on location and types of properties, property management’s earning potential is strong. There are opportunities for commission and bonuses, with many companies also offering profit sharing, meaning that those with a sales mentality can find the industry to be financially rewarding.
Always on Call
Most property management roles, even higher-up managers, tend to always feel on call. There is always the chance of a burst pipe, gas leak, or locked out tenant after hours. Thankfully, many companies are using technology and third-party services can help reduce the need for after-hours help.
More Downtime During Holidays
While hotels and restaurants are all hands on deck during the holidays, property management workload tends to slow down during those times. Taking time off is much more feasible during these periods than traditional hospitality.
You Still Need a Thick Skin
There is no denying that angry tenants are one of the toughest parts of working in property management. However, hotels and restaurants provide ample experience in dealing with difficult customers. Property managers have the benefit of having an existing relationship with their tenants to help diffuse situations and find solutions.
There’s Something for Everyone
Property management provides the opportunity to work with a huge variety of operations. Just within the residential area of the industry, you can have the option to work with properties like large apartment high-rises where there is always something exciting happening, or even vacation homes that require a heavy hospitality touch.
It Often Requires Licenses
Depending on the state, role, or type of property, you may need to acquire one of a variety of property management certifications. It may even be necessary to acquire a real estate license depending on the type of property.
It Can Be Incredibly Fulfilling
Working in property management provides the opportunity to build ongoing relationships that other hospitality industries don’t have. And for people who also enjoy solving problems and thinking on their feet, it can be an incredibly satisfying job.
Ask the Hospitality Recruiters
Making a switch in your career can be intimidating. When you work with recruiters like the ones at Horizon Hospitality, you will have a seasoned professional on your side at every step.
Check out all current opportunities here through Horizon Hospitality to find the next step in your career.