- There’s a growing demand for luxury short-term rentals — and people to oversee these properties.
- Property-management jobs are expected to grow faster than average in the next decade.
- This article is part of “Trends to Bet Your Career On,” a series about trending professional opportunities.
The growing trend of “forever renters” — people who expect to rent properties for their entire lives rather than owning any — is contributing to an uptick in demand for luxury rentals.
With more renters and travelers seeking luxury vacation rentals, in particular, property managers are needed to vet renters or overnight guests, collect rents, and maintain properties. The US Bureau of Labor Statistics has reported that property-management jobs are expected to grow faster than the average rate for all vocations through 2032.
Business Insider talked to two property managers about breaking into managing short-term vacation property and residential rentals, as well as the industry’s future.
What skills are needed for property management
Karen Hatcher, the CEO of Sovereign Realty & Management, manages rentals across metro Atlanta. Before starting the company, Hatcher worked in corporate sales, but after seeing her now-husband successfully flip homes, she got her real-estate license and eventually began managing properties.
Although a four-year degree or certification isn’t required, one state may have different requirements than another. In Georgia, property managers don’t have to be licensed but must work with a licensed broker, Hatcher said.
She also said newcomers to real estate and property management should consider joining the Institute of Real Estate Management, which offers continuing education, skills classes, and networking. There are also a few industries that Hatcher said people may have an easier time transitioning from.
“Accounting or finance backgrounds provide a strong foundation because they focus on budgeting, financial analysis, and cash-flow management — all crucial for managing rental income and expenses,” she said. “Sales experience is equally valuable, as property managers market vacancies, showcase properties, and negotiate leases.”
Jobs with many moving parts, customer-service experience, and marketing roles also provide “a great launching pad” for breaking into property management, she added.
Rebekah Boley, the founder and CEO of Hotel Home Stays, an Arizona-based company that manages vacation rentals, got into her industry after purchasing a campground in Charlotte, North Carolina, and turning it into a glamping resort.
Unhappy with the service from the property-management company, Boley decided to develop her own, which has grown to include properties across the US. Boley said that having real-estate knowledge was a huge plus for prospective property managers.
“If you have a background in real estate, design, or contracting, you may have an advantage,” she said. “Some soft skills required for this job are being organized, paying close attention to detail, knowing how to multitask, and being personable. It’s also important to know that you may not have many days off.”
What to expect on the job
No two days are exactly alike, Hatcher said, but she consistently responds to owner emails, reviews new leases, and meets with her team, which is in charge of fielding rental inquiries, conducting screenings, and coordinating move-ins and move-outs.
“While my team handles the front lines, I’m focused on the bigger picture. As CEO, I’m constantly analyzing our portfolio’s performance, from occupancy rates to financials,” she said. “I review market trends, adjust strategies as needed, and set goals to ensure we hit our targets. Training is also a regular part of my week, and staying up to date on the latest rental laws, technologies, and best practices is vital.”
Boley said her work is usually more behind the scenes and that, like Hatcher, her typical day involves a lot of communication.
“Because the vacation-rental industry changes constantly, I’m always working on pricing and availability, making sure that the dynamic pricing is correct,” she said. “My staff is also busy submitting insurance claims for damages or communicating with contractors.”
The rewards of property management
Two of the biggest benefits property management can offer are great flexibility and a high earning potential. Property managers are usually paid a salary plus commission, an agreed-upon percentage of a monthly rental or nightly fee. Hatcher said another benefit was helping her property owners maximize profits, whether for retirement or long-term wealth creation.
“There’s immense satisfaction in knowing that my work directly contributes to a client’s financial security, whether through aggressive lease marketing, stringent expense control, or proactive maintenance,” she said. “Seeing the positive results roll in is incredibly fulfilling.”
Managing residential properties is different from managing vacation rentals because of the turnover rate. Vacation-property managers have to deal with the owner’s expectations, but they also interact with guests expecting a certain level of customer service, which Boley said could be rewarding.
“Vacation-rental-property managers can make a decent income if their homes are making over $10K per month,” Boley said. “Although income is rewarding, it’s just as rewarding to see amazing reviews from guests who have loved their stay and sing our praises.”
The challenges of property management
The industry has its challenges because of the high level of personal interaction, Hatcher said, but implementing efficient systems can reduce some of the biggest problems, like squatting and application scams, and help attract and onboard quality renters. Property management also requires professionals to be “on it” at all times, she added.
“You’re dealing with people’s homes, offices, or businesses, which is very personal to them,” Hatcher said. “It requires amazing customer service, conflict-resolution skills, lots of follow-up, and the ability to prioritize many tasks. It’s this mix of behind-the-scenes process work and frontline, hands-on management.”
If you’re getting into managing vacation rentals, the challenges are a bit different, as there are fluctuations that correspond with seasons, events, and weather. To succeed, you have to know the vacation market and keep up with the regulations around vacation rentals, Boley said.
“Vacation rentals are a niche market, and to perform at the top, you have to work extraordinarily hard,” she said. “Most vacation rentals make less than $5,000 a month, so we focus on just the top luxury properties. You also have to ensure your product is in line with client expectations. Because the definition of ‘luxury’ is always changing in the market, there is an ongoing need to revamp and step it up.”
The future of property management
Boley said the growth of the vacation-rental market took off during COVID -19 shutdowns as people realized the value of a vacation home, and many booked one for the first time. However, she said the future of luxury vacation rentals depended on the location and the freedom for landlords to rent out their properties.
“If cities continue to shut down the ability for people to operate vacation rentals, then the industry won’t last,” she said. “However, with more oversight and protection for guests, the industry will continue to grow and improve with time.”
Hatcher is confident that the residential-property-management industry will continue to grow, fueled by the growing history of rental properties as profitable investments and landlords’ desire to delegate the work around increasingly complex regulations for rental properties.
“In Atlanta, the opportunities seem endless. The city’s thriving economy, fueled by industries like film and technology, is drawing new residents and investors,” Hatcher said. “This creates a high demand for quality rental properties and, by extension, skilled property management.”
She added, “Rental housing is becoming a larger share of the overall housing stock, and property managers will be needed to oversee these portfolios.”
