The Looming Talent Gap in Property Management

For millennial entrepreneurs, property management is the next hot job that no one’s heard of.

Mrs. Woo was my first introduction to property managers. Back when I was fresh out of college, she’d knock on the door once a month for the rent check. When there was a leaky faucet or a tree that needed trimming, she’d call someone to fix it.

For decades, I assumed that was what all property managers were like—somewhere between Mrs. Woo and Mr. Furley, the crotchety landlord on the ‘70s sitcom Three’s Company. But it turns out that my dated ideas had little to do with property management, especially today: It’s a profession that’s both highly in demand and evolving fast.

Demand for property managers is set to spike by 10% in the years ahead as renting becomes a way of life for bigger chunks of the population. And as the renting population diversifies, so has the skill set required of property managers. Knocking on doors has given way to navigating software platforms. In place of wrangling renters for late checks, managers are finding themselves offering customized customer service to residents and owners alike.

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