Commercial to Residential: Breaking In

In looking to transition from commercial property management to residential, I have been experiencing difficulty in getting my foot in the door, so to speak. I have nearly eight years of experience with a Class-A commercial property as an administrator but have always been interested in residential management.

Unfortunately, I've applied to some of the largest and smallest residential management firms and can not even get a call back. Recently, I've completed a certificate program in multi-family property management, so I am quite serious in this endeavor. In fact, I'm willing to take a pay cut just to gain the experience.

Any thoughts, suggestions, tips on how to best navigate this transtion would be most appreciated!

Hi Kita!

Joining groups like MFI is a great start! I would also recommend looking for a local chapter of the National Apartment Association. LinkedIn has also been a great way to network. Many REITS now use automated software to scan resumes, so be sure to find ways to link your commercial experience to residential. Best of luck!

I would begin to attend local apartment association meetings, any of their training seminars (fair housing, legal) or taking an IREM class working towards your CPM. Be sure to select a class that would attract the multifamily folks and network during the class and at these meetings. Face time with a good impression should get you past the "commercial experience only" hurdle. If you have rented before and developed a relationship with a manager go back and speak with them and let them know about your interest. Friends or acqaintences that are renting that that have a good manager can introduce you as well. Our industry has some challenges and its tough out there but with some persistence you can break in.

Can't agree enough with Mark's comments. I would just add that conferences are a very important component as well -- but they can be very expensive if you are paying out of pocket. The secret, as I always tell people that are new to the industry, is to always remember that this is a people business -- and people tend to do business with people they know. Just my 2 cents.

BTW kita -- what market are you looking for employment? Or are you willing to move. My guess is that there are some folks on the MFI "boards" that might be interested in learning more.

Kita, If residential property management is really something you want to do, the suggestions above are all very good. My comment is a little different: Are you crazy? In residential management, it helps! Before you decide to change gears, consider what you have in commercial property management. Your commercial tenants are typically on long-term leases. There's no chasing them for renewals every 9 months or so. 80% vacancy in commercial will probably not get you on the hot seat. Business is mostly conducted 9-5 (or 8-6 these days). You probably have a real estate agent doing your leasing for you. You contract almost everything so you don't have a huge team to manage. I could go on and on! Commercial property managers have a pretty sweet deal. That being said, there's nothing quite like the thrill you get bouncing from one fire to another. One minute you're helping a new leasing consultant close the deal, then the phone rings and you're explaining to Mrs. McGillicuddy why your maintenance man let her cat out and how you're going to catch it, then your regional supervisor walks in and asks to see your annual marketing plan. And that's all in the first hour! Knowing all this, if residential property management is truly a passion for you, then it sounds like any company would be lucky to have you. Best of luck in your search!

Good insight Ian. I have been in both commercial and multi-family management, and can tell you there is a lot more diversity and find multi-family more exciting and challenging. You definately wear more hats, and honestly I found the pace much faster in multi-family which I enjoy. Good luck. You might want to look at NAA designations such as CAM and CAPS, which I believe would be beneficial in your transition and in finding a position in our part of the industry. Good luck in whatever you decide, and let us know if you would like further discussion.

My first inclination is to ask, "Are you crazy" but when you find the right place, multi-family is very rewarding. You better be a "people person" because not only do you manage the day to day operations of the property, you have to motivate a staff, answer to owners and you have a vast array of personality types that are your residents. Without them, you are nothing.

Be selective in which property you choose starting out. You want to make sure you know what you're getting yourself into. I've done new construction lease ups, taken over older, distressed properties, managed a portfolio of 6 properties all undergoing a rehab....all of which are challenging and fun. Don't just take the first offer that comes along. Research the property first. Drive thru at night when you can see what type of residents you'll REALLY be dealing with. Google the property and read the reviews. Trust me on this one!!

Best of luck!

When I switched from the mortgage business to multi-family years ago, I had to take a step down in both pay and position. From what I understand that seems to be typical when switching industries. Something to think about to get your foot in the door. One of the great things about mulit-family is it can be relatively fast to move up in. In what area of the country are you looking?

First off, let me reiterate all the other comments, are you crazy? Just bear in the mind, the grass is always greener on the other side of the fence, until you get there and see it needs fertilizer too!

Depending on your location, contact your City, determine if they have a housing coordinator for low income housing management. This person will be invaluable in your training, idea and lead generation. They know almost every property manager and vendor in the area.

Good Luck in your pursuit!