3 Appealing Facts About Facility and Property Management
Overseeing the day-to-day activities involved in maintaining the value of real estate or ensuring smooth building operations can be exceptionally satisfying. Since this field is quite broad, professionals who are a part of it often get to explore and choose the roles they enjoy most. And many of them experience even more amplified opportunities if they've achieved facility or property management certification.
But the most compelling things about this industry might be that:
1. The differences between property managers and facility managers enable different types of people to find success in the field.
Managing real estate and fixed assets is something that spans two main vocational areas. Both property management and facility management feature many similar tasks. In fact, both terms sometimes get used interchangeably. Nevertheless, these career areas are different enough that each offers a distinctive path.
- Work on behalf of people who own buildings or other assets as an investment and source of income
- Prioritize the goals of maximizing cash flow and increasing profits and property value for their employers or clients
- Find good tenants, maintain professional relations with them, and collect rent
- Handle financial-expense matters like paying taxes, securing good insurance, and contracting out any necessary maintenance or repair work
- Typically work for one employer (such as a corporation, school, healthcare facility, or government department) and on behalf of the people who use the buildings they manage
- Prioritize the maintenance and operational integrity of buildings and equipment to minimize any costly disruptions and to help increase overall efficiency
- Oversee necessary repairs, the optimization of available space, and the procurement of furniture, supplies, new equipment, or services like waste management
2. Good educational options exist at almost every credential level.
Before going into property or facility management, it's a good idea to learn a few business fundamentals as well as some basic specialized skills. That's why it's helpful to know that many schools offer focused programs in this field. And they range from online training options that take less than a year to full on-campus associate's and bachelor's degree options that take anywhere from 18 months to three or more years. That way, you can enroll in a program that provides the speed, convenience, or level of depth you want from your education.
3. Salaries are often outstanding.
In 2018, the average yearly salary of property managers in the U.S. was $71,730, and the top earners made over $126,200. For facility managers, the average was $106,050, with the highest-paid people making more than $165,470.*
Plus, once you've got some experience in the field, you can apply for professional certification, which often results in higher compensation and higher positions. The two main certifying organizations in this field include:
- Institute of Real Estate Management, which awards the Certified Property Manager (CPM) credential
- International Facility Management Association, which awards the Certified Facility Manager (CFM) designation
* Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, website last accessed on July 30, 2019.
Institute of Real Estate Management, website last accessed on September 29, 2017.