What degree is best for property management?

While a high school diploma may be enough for some people to hire you, more and more companies want their property managers to have a degree in business administration, real estate, accounting, public administration or finance. Busy homeowners often prefer to hire property managers to handle the obligations and operations of their real estate investment. If you want to become a property manager, having a degree can help you achieve this goal. While property management is not a profession that strictly requires a degree, people who occupy this occupation are more likely than not to have some form of formal education after high school.

O*NET reported that a bachelor's degree is the most common level of education for property managers, and 55 percent of students in the field declare this degree. Another 10 percent of property managers have a post-secondary certificate. While the U.S. Bureau of Labor Statistics (BLS) reported that the typical level of education expected for entry-level property managers, real estate managers, and community association managers is a high school diploma, only 15 percent of those surveyed reported that this was their highest level of education.

Why should I consider getting a degree in property management or doing some professional preparation to start in this profession? The main reason why companies are increasingly looking to hire property managers with an education or training higher than the high school level is because this job isn't easy. Regardless of what you choose to specialize in when you're preparing for a career in property management, your course of study will most likely include some emphasis on management and leadership skills, as well as relevant aspects of business administration. When you serve as a property manager, you basically take over the function of keeping that property leased and maintained, and of all the tasks and processes necessary to make this happen, so that money can continue to flow from this financial investment. Often, property managers oversee many properties, either for a single large employer who owns many properties or for many different individuals and small businesses.

Some property managers set up their own company and provide property management services to clients who hire them to perform these work tasks. Depending on your situation, the property itself may not be the only thing you manage. Some property managers have a team of superintendents, secretaries, and regular maintenance staff who oversee. Property Management degree programs are few and far between, but they do exist.

For example, Virginia Tech offers a degree in property management, but it is one of the few institutions in the country to do so. Just because there aren't many specific degree programs for property management doesn't mean that there aren't many education and training programs in this area that don't grant a bachelor's degree. Many property management education programs are certification programs awarded by vocational colleges and professional schools, such as this four- to eight-month program from Penn Foster, or certification courses offered by professional organizations and associations, such as the Institute of Real Estate Management. Generally, training programs without a degree in property management are short and very focused.

While undergraduate students usually have to devote much of their studies to general education courses that do not seem particularly relevant to this career, certification and certification programs tend to focus primarily on courses with a practical application in the field of the property management career. For example, the professional property management diploma offered at Ashworth College begins with courses on the basic functions and skills of property managers, the development of business plans, and training to form a team and delegate tasks. Students in these programs usually study areas such as maintenance management, property management, record keeping, staff hiring and training, rent and lease structures and conditions, tenant relationship management, and legal and tax issues related to property management. The curriculum for a property management course offered by the Institute of Real Estate Management will generally cover studies on financial reporting, investments, real estate valuation, real estate terminology, marketing and property maintenance.

The relevant professional credential awarded by the Real Estate Management Institute is the Certified Property Manager (CPM) designation. CPMs maintain both private and commercial real estate investments and are responsible for ensuring the appreciation of such properties. To get certified, you must apply, accept a code of ethics, complete some type of education in the field, and pass a certification exam. Although rare, licential-level property management programs are not unheard of, just hard to find.

Most property managers seeking a full university degree, rather than a certificate or certification course, specialize in areas such as business administration, real estate, finance, accounting, and public administration. The core courses of a property management degree program may include introductory studies in property management, property management operations, residential and commercial property marketing and leasing, affordable and specialized housing management, residential technology, and advanced property and asset management. Property management may seem like a fairly specific specialty, but students may have the opportunity to further specialize by taking elective subjects in areas of particular interest to them. These related electives may include real estate law and valuation, housing policies and challenges, ethical leadership, and many others.

One of the advantages of earning a degree in property management, rather than a certificate or certification course alone, is the greater opportunity to work on developing your communication skills through courses in basic university composition, business writing and public speaking. The specialization in business administration provides you with extensive undergraduate business training. This is useful for property managers, since much of their work falls under administrative functions. You may or may not have extensive management functions related to other people, but you will likely need skills related to managing the financial aspects of operating the rental property, as well as skills to plan, market, schedule, coordinate maintenance work and renovations on the property and oversee compliance with laws and regulations.

Courses in operations management, strategic planning, marketing and business law are valuable for those who pursue a career path as a property manager. Any concentration in business administration may be suitable for an aspiring property manager, but if you want to be specific, you can choose to focus your courses on the real estate sector. You can also choose to specialize in real estate. These programs are generally offered outside schools or business departments, either as concentrations within a Bachelor of Business Administration (BBA) or as a separate Bachelor of Business Administration (BSBA) degree in business administration (BSBA).

Either way, you're likely to take courses in business foundations, finance, financial and managerial accounting, operations management, marketing management, organizational behavior, business law, economics, and management strategy. The most specialized core courses for obtaining a degree in real estate management and development generally include real estate law, real estate finance, real estate investment and asset management, real estate management, urban finance and environmental planning, sustainability in the built environment, and negotiations and conflict resolution. Many of the work tasks of a property owner fall within the scope of financial management of rental properties, the BLS reported, so studying finance or accounting makes sense for this career path. Both specializations are among the most quantitative fields of business study, but they have their differences.

An accounting degree program will generally cover the concepts and methods of financial accounting, cost accounting or managerial accounting, tax accounting, and auditing. The curriculum for a finance degree will generally include studies in corporate finance, investments, financial statement analysis, and financial markets. People who specialize in finance are more likely to have the option of undertaking a real estate concentration, which may include studies in real estate law, the foundations of real estate practice, and real estate finance and ethics. Students who specialize in either of these subjects are likely to complete some courses in the other field, and accounting students who regularly study finance and financial management and finance specializations will attend one or two courses on fundamental accounting principles and practices.

Public administration is a less common educational path but equally applicable for aspiring property managers, according to the BLS. Since public administration degrees prepare students to work in community leadership and policymaking, the courses equip them with administrative skills and knowledge of laws, regulations, and policies, all of which can be valuable for property management work. Courses in public administration, principles of financial accounting, government regulations, budget and finance, administrative law and public management, and leadership may be part of your curriculum in this specialty. While you don't need any particular specialty to become a property manager, you may need to obtain a real estate license in certain states.

To have the best chance of landing one of the 11,400 new jobs expected to be added during this decade (or an existing job vacated by established property managers who change employers, change professions, or retire from the workforce), you'll likely need both a university degree and some type of professional certification, such as credentials offered by the National Association of Residential Property Managers or the Institute of Asset Management Raíces. Don't let unpromising job prospects discourage you from following this path if property management is the type of work you really want to do. Employment growth may not be below average right now, but the profession itself is not going anywhere. People rent houses, apartments, and other types of living spaces for a variety of reasons.

. Others don't want to commit to living in one place for long enough to make sense of buying a home, or they prefer not to deal with the hassles and headaches that inevitably come with owning a home. People can rent a vacation home for a week or move to an active adult community (the kind where property managers take care of yard work and maintenance) in their later years. For these reasons, and many others, the constant need for property management services is relatively certain.

What can I do with a degree in land and property management? How does someone become a real estate agent? What degree should I get in real estate?. General business management degrees are an excellent option for students interested in a property management career. This is because most business degrees require students to complete courses in multiple areas. Often, this includes accounting, finance, marketing, and business law.

At the same time, many property management jobs involve all of these subject areas. As a result, a general business degree provides a good foundation and a set of basic skills for a career in property management. This is especially true in the case of property management functions that involve leasing, financial reporting, and understanding how properties are bought and sold through debt. Learn how to effectively develop and manage budgets for commercial and multifamily properties using standard accounting principles and practices.

Some programs may also require students to have a degree in property or real estate management to enroll. That's why an accounting degree will prepare students for success in the property management industry. A university degree is not required to become a property manager; some property managers prefer to start right away and accept a job to gain work experience first. At the same time, there are many very successful property managers with degrees ranging from history and literature to Spanish and engineering.

Some universities and colleges offer degrees in property management, or some property managers come to the field after earning a degree in related fields such as real estate, business administration, or finance. Students interested in these aspects of the property management industry will earn a degree in finance. .

Jacquelyn Thornberry
Jacquelyn Thornberry

General pop culture scholar. Infuriatingly humble web buff. Professional coffee fanatic. Freelance social media junkie. Hipster-friendly web maven. Award-winning beer aficionado.

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