The National Apartment Association has a nice infographic showing the apartment jobs outlook as the leasing season kicked into high gear. You’ll notice that Raleigh is on the list for metro areas with the largest concentration of job postings and it has the longest time to fill open positions.
If you’re having a hard time staffing up your communities you’re part of a larger trend in North Carolina that’s particularly prevalent here in the Triad: lack of skilled, willing workers to fill open positions. From a report in the Winston-Salem Journal:
About half of North Carolina’s employers — corporations, small businesses, and mom-and-pop stores — are struggling to find qualified workers for open jobs.
The difficulties are even larger — at 61 percent — within the Triad…
In the Triad and other medium metro areas, 67.3 percent of employers cited employability as a challenge, along with soft skills (57.1 percent), technical skills (55 percent), lack of qualified applicants (54.1 percent) and lack of preferred work experience (52.1 percent).
So when you find yourself looking for a maintenance tech, again, just know that you aren’t alone in your struggles.
The NAA Education Institute compiled jobs data for the apartment industry and came up with an interesting snapshot for May, 2018. You’ll notice that North Carolina markets appear in a couple of places:
And they also did a spotlight on maintenance managers/supervisors:
For the past few years PTAA and Goodwill of NWNC have been partnering to make NAA’s CAMT designation a central part of the maintenance program that Goodwill and Forsyth Technical Community College developed as one of their job training programs. A couple of times a year PTAA and Goodwill team up to host a job fair so that PTAA members can meet graduates of the program as well as other qualified candidates identified by Goodwill.
On the morning of August 19, 2015 one such job fair was held at Goodwill and so far the results have been impressive: five maintenance technicians and one maintenance supervisor were hired by participating PTAA members. Considering that these job fairs are fairly small this kind of result is very impressive and highlights the value of having a highly targeted event that focuses on quality versus quantity.
As most people in the local apartment industry are aware, the maintenance tech position is one of the hardest to staff given that there’s often a great deal of turnover and the candidate pool is very limited. PTAA’s partnership with Goodwill of NWNC is a critical component of our efforts to help address this issue for our members. If you would like more information, and in particular if you would like to be notified directly the next time we schedule a job fair, please contact Carrie Langley at 336-294-4428.
Multifamily Executive’s list of “The 10 Most Influential Women in Multifamily” includes PTAA member Bell Partners CIO Lili Dunn. Here’s an excerpt from her profile:
As Bell’s CIO, Dunn has committed herself to growing the firm’s investment platform, which typically delivers about $1 billion in transactions annually. Her recent accomplishments include the $1.8 billion sale of 64 properties with Bell joint-venture partner DRA Advisors, in only 60 days. Also under Dunn’s leadership, Preqin, a data research firm for alternative assets, has ranked Bell Partners as having one of the most consistent top-performing funds in the world for the past two years…
Dunn also played an integral role early on at AvalonBay, assisting in an IPO that grew the firm’s assets from $300 million to $12 billion and helping coordinate the merger of its predecessors, Avalon Properties and Bay Apartment Communities, in 1998.
Having experienced two major downturns, Dunn knows the business cycle changes quickly and one has to be ready for anything.
“Fiscal and geo-political events can dramatically affect our economy and industry very quickly,” she says. “I take time to appreciate the good moments, because, in a blink, things can change.”
Cindy Clare, President of Kettler Management and Vice-Chairman of the National Apartment Association Board of Directors was also profiled. Those are just two of ten very impressive people on this list.
That’s not a typo in the headline since this post really is about the comparatively skinny people of the apartment industry. According to this piece at TheAtlantic.com the “real estate, rental and leasing” industry is one the less obese in the country:
It wouldn’t be too much of a stretch to conclude that if you adjusted for age then the industry might not come out looking quite as good. In other words the industry is full of very young people and that likely helps at least partially explain the low numbers. On the other hand, the study tends to show a correlation between tough work conditions and the rate of obesity so it’s also not a stretch to see this as good news for the industry. No one’s saying property management is not a stressful job, but compared to working for the government or in the health care industry it seems like a pretty good deal.
In the October, 2013 issue of Units Magazine there’s a nice piece by a member of the Arizona Multihousing Association on the value of membership in local apartment associations.
Now surrounded by peers (AMA members) who had been in the industry longer, who had managed portfolios larger than ours and who had been influencing Fair Housing laws for years, I felt I was finally supported and armed for greater success in my profession.
The past six or seven years have been exciting. Flagstaff has grown and the inevitable competition has made its way to our little hamlet. I’m proud to say: We were not caught off guard. My time with the association has kept me aware of marketing and maintenance trends, saved me from exposing myself to undue legal liability and prepared me to hold my own with the “big boys.”
Of course we wholeheartedly agree that membership in a local association is a great benefit for any multifamily professional, but of course you should go read the entire article and see for yourself.
On April 25, 2013 PTAA held its annual Diamond Awards event at the Greensboro/High Point Airport Marriott. Below are all of the 2012 Diamond Award winners. Congratulations to them all!
PTAA member Emily Goodman wrote a very thought provoking piece for Multifamily Insider about what the future holds for leaders in property management. In a nutshell there appears to be a pretty high likelihood of a leadership vacuum within ten years:
In his talk to IREM, Mr. Lee made several thought provoking observations, but one in particular stands out for its value to those of us in the industry. Mr. Lee predicts that in the course of the next ten years, our industry will face an exodus of founders, senior-level executives, and experienced professionals. He forecasts that by 2025 more than 65% of present senior leaders will have left their roles. Mr. Lee comments that, “the combination of the exiting Boomers and a lack of infusion of young/next-generation talent (Xers who aren’t ready and Ys who are still learning) will result in a potential talent vacuum.”
Further evidence from federal labor data indicates that the numbers of jobs in the real estate industry have been growing at a minimal level for some time. Between 2000 and 2009, the number of real estate and community association managers had increased from 145,340 to 150,850, a gain of only around 5,500 at a time of growth within the industry.In addition, projections by the Bureau of Labor Statistics indicate that real estate property management will have an average of only 7,800 new job openings per year up to 2018.This presents challenges both to those seeking to gain entry to the industry, but also to those already working to differentiate themselves from their peers in order to excel in their chosen career.
Emily rightly points to the importance of young professionals in the industry to take control of their careers and pursue professional education opportunities. She’s the current president of the local IREM chapter and highlights the IREM Certified Property Manager designation, and of course we’d be remiss if we didn’t point out the excellent designation programs offered by the National Apartment Association both online and through PTAA – National Apartment Leasing Professional, Certified Apartment Maintenance Technician, Certified Apartment Manager and Certified Apartment Portfolio Surpervisor.
Truly there will be fantastic career opportunities in the apartment industry for those who are willing to invest in their futures. The combination of mass retirements of current senior executives, and the relative lack of incoming talent means that those who do take the initiative now will rise to top a few years down the road.
According to this report property management is the second happiest job in America:
Citing the work that they do and the people they work with as the main drivers of their happiness, property managers ranked No. 2 – tied with executive chefs and surpassed only by software quality assurance engineers – in a recent survey conducted by the online jobs site CareerBliss.com to determine the 20 happiest careers in America. Property managers have had the added distinction in recent years of appearing twice in CNN’s and Money magazine’s annual ranking of the 50 “Best Jobs in America.”
Thanks to Emily Goodman for passing this along.