Q&A: Property Manager

Thanks for posting, answers below.

How did you get the job with your background?  - Applied for an assistant PM position. I would say a majority of PM's don't have a college degree (or don't have one related to finance or real estate) so I felt overqualified. Also joined a company that prefers to train over hiring experienced staff.

What prepared you for it?  - Nothing in school covers anything related to day-to-day property management. Really focused on learning mechanical/building systems from day 1, asked a ton of questions to any vendor that we happened to be working with and found that most of them are happy to talk about their trade! Other than that just being able to approach the property with an investment mind set helped when speaking to owners. 

What is the general career progression in property management?  - Assistant PM to PM and then Senior PM. After that most companies have a title similar to VP of Property Services or Director of Property Management. Personally I'm hoping to move into Asset Management or Acquisitions.

What have you found to be the upsides and the downsides day to day and in terms of your career?
Upsides:
- I enjoy speaking with tenants/vendors. I get to meet a lot of people and learn about their businesses. This is the most enjoyable thing for me.
- Its not my building or my money! As a third party PM I'm not invested in the property and this can eliminate a level of stress that comes with making decisions. Also helps de-escalate angry tenants by pointing out that the landlord made the decision, not me, but I'd be happy to relay their feedback.
- Lots of exposure to different ownership strategies and a front row seat to witness the goods and bads of each decision. Like don't make rent commencement = to when the tenant finishes their own buildout. 
- Its highlighted to me that there are a ton of smaller investors that maybe buy a single asset and struggle to manage their investment efficiently, hoping to turn this into a fund raising strategy down the road by highlighting the diversification and management benefits with fund investing.
Downsides:
- Everything is the PM's fault. You have to stay on top of vendors, building technicians, your own accounting department and tenants to make sure they do what they are supposed to do. If you aren't monitoring closely its easy for something to fall through the cracks.
- Watching owners make poor long term decisions or getting told to "cut the grass every other month" can be a bummer.
- Its not my money! Third party PM doesn't share in the risk, therefore we don't share in the rewards. You don't get rich in property management alone.

If you did it again would you choose this track or hold out for acquisitions?  - I'd go the brokerage analyst route for a year or two. I had a couple opportunities to do so and I held out hoping to land in acquisitions. This was a mistake but I don't feel too bad about it.

I have heard some say property management would be a better fit and give better skills to go out on your own. - I disagree, a well-known broker will have better connections to capital and deals to put said capital in.