Commercial Property Management vs Residential Property Management
I currently work in Residential Property management in NYC doing co-ops and condos. I have been doing this for 4 years and have been looking for something new. I have been considering a switch to commercial property management and was looking to see what the differences are compared to residential and what steps could be taken to get into a commercial firm?
[{"id": "ibtr4nc", "text": "Commercial PM requires slightly different skills than Condo/Residential PM.\n\nOut of all the areas of property management , managing commercial properties is the most challenging /complex/ rewarding.\n\nYou will need to know/learn - leases, negotiations, dealing with business owners as your tenants, financials, CAM charges etc.\n\nFrom my past history, when I was interviewing PMs for different roles, all the residential/condo/strata managers did not have the enough skills/mindset to operate commercial properties.\n\nA good starting point that I recommend is to make some friends from the industry and ask them to provide you with some training, and then try to go to interviews.", "replies": [{"id": "id6xrbi", "text": "Thank you for the feedback. Do you know some good companies in the NYC area I should focus on? Also, is the earning potential the same, worse, or better than residential?", "replies": [{"id": "ih7gn8r", "text": "I can't speak to NYC specifics, but in Southern California, commercial PMs get paid quite a bit more than residential PMs (at least judging by job postings). \n\nThe bigger shops (CBRE, JLL, Cushman &amp; Wakefield, Colliers etc) tend to have bigger training programs for junior staff. Take a look at those companies' job boards.", "replies": [{"id": "imd9bcf", "text": "Worked in residential for 4 years, started as a porter at 19yo. Then worked my way up to managing a 110 unit property at 23yo in SoCal. \n\nNeedless to say the pay sucked. Started looking into CRE and ended up at a growing company that was hiring for a good amount of commercial real estate positions, im currently a commercial property coordinator who has spent the last year learning so much about CRE. And the pay is over 15k more than my last position working at the apartments.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ii9xkrb", "text": "I managed apartments before managing commercial. The night &amp; day difference was managing people where they work is far more professional than where they live.\n\nAlso, I was pretty done with complaints about roaches. \n\nI agree that the bigger shops (like CBRE &amp; JLL) are where you can get the most support. Also check out IREM and BOMA as two of the primary associations for commercial property managers.\n\nBest of success (if I'm not too late in wishing you this).", "replies": [{"id": "ik0iax0", "text": "How were you able to transition? All job postings I see state no residential managers to apply, or ask for 3-5 years commercial management experience.\n\nCPM is 8k and takes a while to obtain, and CCIM is as expensive and I'm without the requirements. Tips on what to learn and put on the resume to get a commercial role?", "replies": [], "depth": 2}], "depth": 1}, {"id": "iuv4rpo", "text": "I just got hired from residential to commercial and the difference is night and day. For starters, the professionalism is so much different. \n\nI felt in residential you were always dealing with 20-something year old kids and the amount of gossip and backstabbing was nuts. The lack of training was always a big issue and depending on which company you worked for (There's a ton out there) could make or break you. The turn over was massive! and just dealing with residents sucked. You were always on-call and could never get away from anything. Corporate always seemed to blame the site managers, but never stood up to help. \n\nWalking into the door with commercial has been a life and game changer. For starters, the people working there have been there for the most part 20+ years and love what they do. The training is top notch and they want you to grow and become more. Of course, I'm speaking of the company I work for now. I'm sure others might be different. The pay is tons better too, which I can't complain about.", "replies": [{"id": "j2asro3", "text": "Thanks for the feedback, how would best recommend going about the switch?", "replies": [{"id": "j2eqhz4", "text": "Honestly, I just started looking around. I was so burnt out on residential that I knew I couldn't go back for my mental health. I applied for CBRE and had to go through a few interview rounds. \n\nTo say I wasn't scared, would be a lie. I'm still surprised they hired me. Check out the big boys (CBRE, JLL, Cushman &amp; Wakefield, Colliers etc) They always seem to have openings. \n\nPlease let me know if there's anything I can do to help you out. Once you get out of residential, you will never go back to it.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]