What Do Young Property Managers Want Out Of Their Careers? This Survey Has The Answer

An industry is only as strong as its next generation of workers and leaders, which is why it is crucial to learn what drives young commercial real estate professionals. 

In April, IREM, the Institute of Real Estate Management, set out to discover what is most important to the youngest professionals in the property management field. The organization sent a survey to approximately 2,000 IREM members under the age of 40 and received more than 360 responses. The survey explored what these early-career professionals are looking for and how property owners can best support, retain and empower them.

2025 IREM President Dawn Carpenter, Certified Property Manager, said that with a large percentage of property managers preparing for retirement, it is more important than ever to learn what is top of mind for the younger generation and what they need to stay in this career long-term. 

“As a business owner, I need to know what’s going to make my people happy, to keep them engaged, to keep them employed,” she said. “I invest a lot in a new property manager, and I want to be able to retain them.” 

Eighty-four percent of survey respondents said they plan to stay in property management for the next three to five years and that the keys to them staying in the industry are higher pay and a better work-life balance. 

“Pay is the No. 1 retention driver — the ability to advance within their career,” Carpenter said. “So if someone starts out as an assistant property manager, they want to be able to move up to property manager, asset manager, regional asset manager and potentially even a nationally recognized position.” 

Respondents also highlighted the importance of a positive work-life balance, including the option to work from home. Carpenter said this is often tied to childcare, which is why she ensures there is a place in the office where people can bring their children when working from home isn’t always possible. Things like this are the small ways employers can make sure their employees feel comfortable and valued in their organization, she said. 

Property management professionals also expressed an eagerness to learn and to showcase their expertise. Nearly two-thirds of respondents said they view IREM certifications as very or extremely important, and they said they want employers to understand the value of the certifications.

They are also looking to build strong relationships with seasoned property managers. Respondents said they value mentorship and one-on-one connections more than casual networking.

Carpenter said the main takeaways for property management employers should be that they need to offer their people competitive pay, options that encourage a strong work-life balance and opportunities for education and advancement. 

Carpenter discovered while reviewing the survey that no respondents expressed a desire to open their own business. Carpenter, who opened her own property management firm 26 years ago, said she found this development interesting but not completely surprising, since it is one thing to be a talented property manager and entirely another to shoulder the responsibilities of running a business. For any young property managers who change their mind, however, education is key. 

“I started my own business in 1999, before I had the Certified Property Manager title,” she said. “I took IREM courses, knowing how important education was to my career advancement, and that’s what helped me go from just one client to over 50.” 

While it is understandable that pay is so important to early-career property managers, Carpenter urged them to see that money isn’t everything, especially when they are just starting out. 

“You can always make more money as you come up through the ranks,” she said. “The thing to truly focus on is education. Knowledge is power, and as you grow your industry knowledge, you’ll gain what you need to advance your career and reach your goals.”

IREM offers certification courses, skills-based courses, skill badges, webinars and more to help its members reach their career goals. Carpenter said this survey provided IREM with important information to further refine and hone its educational offerings to meet the needs of its younger members, something that will become even more crucial. 

“In the next five years, we’ll be seeing a lot of property managers enter retirement,” she said. “We’re going to need to support the next generation that will step in to fill their shoes.” 

This article was produced in collaboration between IREM and Studio B. Bisnow news staff was not involved in the production of this content.

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