Residential

With busy lives and little time to care for their own homes, many people opt to live in residential communities such as condominiums or apartment complexes, where maintenance, repairs, capital improvements and financial management are handled by property managers and their staff. Residential management is therefore a field with good job prospects and an ongoing need for skilled professionals. According to the U.S. Bureau of Labor Statistics, this is particularly true with respect to housing for older people and assisted-living residents, because projected increases in the population of older citizens are expected to create more demand in future for comprehensive housing services including residential management.

The primary goal of residential management is to create a positive living experience for residents along with a healthy financial environment for the landlord or community association. Residential managers meet this goal by preserving the market value of the property, maintaining attractive facilities and landscaping, competently managing community finances and ensuring the smooth operation of all services. The context can be profit-driven as in the case of a rental property, or without the specific need for profit as in the case of a community association.

In doing a career assessment to determine your aptitude for residential management, consider that residential managers work in an office but also may need to be on-site frequently. Typical financial tasks include bill payment, collecting rents or fees, developing budgets and financial reports, and setting rental or assessment fee rates. Required human relations skills include negotiating contracts with service providers, responding to resident concerns, managing maintenance and administrative staff, and running association meetings. A familiarity with building systems and grounds maintenance is essential, because routine on-site inspection and troubleshooting are also common jobs for residential managers. Managers must also ensure compliance with relevant legislation such as building codes, fair housing regulations, the Americans with Disabilities Act and condominium laws.

Residential management is therefore a multi-faceted career choice involving many inter-related tasks that may be handled by one individual or divided among different members of a management team. A bachelor's or master's degree in finance, business administration, accounting or even some liberal arts fields can prepare you for a career in residential management. Further training and certification is available from professional management associations, and many residential managers also become licensed real estate brokers. Residential management can be a rewarding and successful career choice if these varied tasks and skills appeal to you.