Although it may not be one of the first options people think of when they are looking for major growth industries in the United States, believe it or not the property management industry is one of the most dynamic in the country today. Despite all the associated problems and issues with the collapse of the real estate market, the fact is that it was beneficial for the rental industry and the more rental properties there are, the more the demand for professional management providers. Further, even many private homes are now being built within the confines of homeowner’s associations or other communities that provide general services to the subdivision and also usually require professional management.

According to data compiled by the US Department of Labor, in 2006 the property management industry employed some 329,000 people nationally and it was projected at that time that by 2016 the industry would add another 50,000 positions. This was, of course, before the recession and the collapse of the real estate market, which resulted in a huge upsurge in foreclosed properties and other properties being concerted into rental units, both of which require professional property management services.

These trends have also been reflected in separate surveys conducted by the business media. In 2006, a survey conducted by Money Magazine and Salary.com concluded that being a property manager ranked twenty-third in a list of the top fifty careers in the United States based on job growth, average salary, education needed and working conditions. Property management also came in near the top of the list in a similar survey conducted by CNN and Careerbuilder.com in 2007 that looked at the same general factors.

Though there are a few major national property management companies, in the United States the industry is still primarily dominated state-based companies simply because every state has its own unique licensing requirements that have to be completed successfully in order for the company to operate in the state. However, like most major industries, although property management is not utterly dominated by a few major companies, there are a number of national organizations and professional associations that represent the interests of the property management industry as a whole. One of the most important of these is the Institute of Real Estate Management (IREM) which has been in operation for seventy-five years and is a national leader in the industry offering a wide range of services, from accreditation to Congressional lobbying and almost everything in between.

Beyond IREM, information about the general industry, the industry’s best (and worst) performers and current issues involved can also learn a lot from many of the other national organizations directly linked to the industry. These other organizations include the Building Owners and Managers Association (BOMA), the Community Association Institute (CAI), the International Council of Shopping Centers (ICSC, primarily concerned with commercial real estate), and the National Apartment Association (NAA). Each US state also has its own range of professional associations related to and involved in the property management industry.

Despite the fact that it is not the first thing that comes to mind when one thinks of dynamic growth industries in the United States, professional property management industry is actually one of the most dynamic and expansive ones in the economy today. Although the ongoing recession has hurt all industries to one extent or another, the property management industry – especially as it relates to residential property – has weathered the storm well.