It鈥檚 advice that can apply to anyone looking to advance in this often-unsung discipline, no matter their age. Admitting that 鈥減atience isn鈥檛 a strong virtue of mine,鈥� 乐竞体育赛事直播 Executive Committee member Kimberly P. Collins, CPM庐, nevertheless points out that patience is essential. Career development in property management is not something, 鈥測ou can rush through.鈥澛�
The director of property management for CBRE in Indianapolis explains that even a basic understanding of how a building operates takes time: 鈥淓very building goes through a lifecycle in the course of a year,鈥� she says. 鈥淗ow does it behave in the summer? In the winter? What does this client do for budget season?鈥� And the lifecycle of every asset and the needs of every owner are different. 鈥淚t varies from client to client.鈥�
Patience: It鈥檚 still a virtue
She states that newbies can鈥檛 begin to understand the full scope of a building鈥檚 needs until they鈥檝e passed their trials by fire. Or, for that matter, by water. 鈥淕o through your first flood or power outage. I can鈥檛 explain it to you in a way you鈥檒l ever understand. You just have to experience it.鈥� And that takes time.聽
Pile on the fact that property management today is not what it was 10 or even five years ago. More technology coming to market and the closer working relationship with asset management that has evolved over the past few years are only two of the drivers making property management an increasingly complex and challenging endeavor. 鈥淚t鈥檚 much harder for younger people to come in today with the notion that after four or five years they can take on their own portfolio,鈥� says Collins. 鈥淔ifteen years ago, that may have been the case, but no more.鈥澛�
Fellow Executive Committee member Greg Cichy, CPM庐, agrees, but he adds that, compared to other disciplines in the real estate industry, career development in property management might be an easier lift--due mostly to the broad-based nature of the practice. 鈥淧roperty management inherently fosters better career development,鈥� says the managing director of Real Estate Management Services for Colliers鈥� Washington, DC metro area.聽
鈥淧art of our job is to work with all sorts of people to get that job done,鈥� he says, whether it鈥檚 clients, tenants, residents, or vendors. 鈥淲e鈥檙e required to network and collaborate. We belong to groups like 乐竞体育赛事直播 because they foster those relationships.鈥� Parenthetically, he notes that, by comparison, many wannabe brokers prior to COVID 鈥渁ren鈥檛 around anymore. There are disciplines that leave you out there for yourself, eating what you kill.鈥� Property management, by comparison, is more of a collaborative endeavor, he says.聽聽
Both CPMs emphasize that networking isn鈥檛 left to the new property manager alone, and mentorship within organizations, more than with many other disciplines, is common. 鈥淥ur companies have a lot of great training,鈥� says Cichy. 鈥淭here are always opportunities. We have a defined mentorship program at Colliers, based on applications.鈥�
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And yet, property management still suffers from the same talent shortage that befalls brokerage, development, and other real estate disciplines. 鈥淚t鈥檚 especially true in engineering,鈥� says Cichy. 鈥淏ut there鈥檚 definitely a talent shortage. It鈥檚 been lessened somewhat in the aftermath of the COVID-19 pandemic, since it seems that many people are re-evaluating their career paths. I view that as a positive.鈥澛�
The talent shortage is also a matter of perceptions. There are other disciplines that garner sexier headlines or bigger paydays. As a result, 鈥淭here鈥檚 still a struggle to get people in college, trade school or high school to look at this profession,鈥� says Collins.聽
Those perceptions may also be exacerbated by the challenge of upward advancement. Cichy explains that increasingly, hierarchical structures in commercial real estate are relatively flat. 鈥淭here鈥檚 typically overall leadership,鈥� he explains, 鈥渢hen local market leaders, senior property managers, managers and entry level people. Increasingly, it鈥檚 the nature of the business. We鈥檙e doing more assignments and more work with less people.鈥澛�
So, folks who enter the field with the notion of jumping up will find, as he says, that 鈥渢here are few jump-up spots.鈥� Both Collins and Cichy point out that 乐竞体育赛事直播 is doing a lot of legwork to promote both the profession and advancement within it. That activity comes in the form of various task forces and committees, especially the Student & Academic Outreach and Next Gen advisory boards, the Membership & Credentialing Committee, and the DEI (Diversity, Equity and Inclusion) Advisory Board. 聽
Beyond taking advantage of all that 乐竞体育赛事直播 has to offer, the two Executive Committee members have sound advice for up-and-comers, no matter the generation: 鈥淢ore than jumping up, it鈥檚 really about building your book of business,鈥� says Cichy, 鈥渞efining your skills and evolving your relationship with clients.鈥� 聽
鈥淚t鈥檚 not about the title,鈥� he continues, 鈥渂ut what you鈥檙e learning.鈥� He says that learning all you can, then honing those skills to become a subject-matter expert can go far toward career advancement. 鈥淔or example, how many people are superstars in GSA properties, mixed-use centers or industrial management? That's how you succeed in your career. People will seek you out.鈥澛�
Collins agrees and adds that maintaining the above-mentioned industry relationships is a key factor. 鈥淎s you鈥檙e trying to feel your way through in the early years,鈥� she says, 鈥渒now who you can turn to with what you feel might be 鈥榮tupid鈥� questions. Sometimes you just don't want to ask your boss. Knowing who to turn to was a game-changer for me.鈥澛�
And above all, keep learning. Put in the extra time and the weekends and whatever it takes to move the needle of understanding. Do this and, as Cichy says, you鈥檒l find that 鈥減roperty management is a profession of choice, a successful and lucrative career.鈥澛�
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鈥淕o through your first flood or power outage,鈥� says Collins. 鈥淚 can鈥檛 explain it to you in a way you鈥檒l ever understand.鈥�
鈥淚t鈥檚 not about the title,鈥� says Cichy, 鈥渂ut what you鈥檙e learning.鈥�