Property and real estate managers: Salary, career path, job outlook, education and more
Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. They handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They may oversee financial statements, and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, property managers may advertise the property or hire a leasing agent to find a tenant. They may also suggest to the owners what rent to charge.
- Education Required
- A high school diploma or equivalent is typically required for most onsite property management positions. However, many employers prefer to hire college graduates for commercial management positions and offsite positions dealing with a propertys finances or contract management. A bachelors or masters degree in business administration, accounting, finance, real estate, or public administration is preferred for these types of positions.
- Job Outlook
-
The projected percent change in employment from 2016 to 2026: 11% (Faster than average)
(The average growth rate for all occupations is 7 percent.) - Advancement
- Many people begin property management careers as assistant managers, working closely with a property manager. In time, many assistants advance to property manager positions.
- Licenses/Certifications
- Real estate managers who buy or sell property must have a real estate license in the state in which they practice. In a few states, property and community association managers also must have a real estate license. Managers of public housing subsidized by the federal government must hold certifications.
- Median pay: How much do Property, Real Estate, and Community Association Managers make?
- $57,040 Annual Salary
- $27.42 per hour
Careers for Property, Real Estate, and Community Association Managers
- Apartment managers
- Building rental managers
- Community association managers
- Condominium association managers
- Homeowner association managers
- Land acquisition managers
- Leasing property managers
- Onsite property managers
- Property managers
- Real estate asset managers
- Real estate managers