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Property Managers picture    Property Managers image

Property Managers

Property managers primary responsibility is to maintain and even increase the value of the real estate property they manage. They manage commercial and residential properties such as office complexes, apartment buildings and shopping centers. Some property managers oversee the services of community and condominium associations. Property managers take care of the financial aspects of the property and they are responsible for the daily supervising of the properties.

They strive to meet the anticipated revenue goals of real estate investments. Some property managers also analyze market information, taxes, property values, traffic volume, population growth and zoning in order to decide if particular pieces of property should be acquired.

Some property managers are known as commercial property managers and others are called residential property managers. Many specialize in managing of a particular type of property such as office buildings, apartment buildings, retail properties or condominiums.

Some sample job titles are apartment manager, lease administration supervisor, community manager, leasing manager, resident manager and on-site manager.

A property manager makes sure rent is collected on time and makes sure mortgages, maintenance bills and property taxes are paid on time. They also take care of service and repair issues. They negotiate contracts with groundskeepers, janitors and other personnel.

Homeowner association managers and condominium managers may be given additional responsibilities such as maintaining streets and parking areas and operating golf courses, community centers and pools.

Property managers need to comply with federal, state and city legislation which pertain to fair housing laws, local building codes, the Americans with Disabilities Act and the Federal Fair Housing Amendment.

Responsibilities

  • Manage maintenance projects
  • Negotiate real estate sales contracts
  • Prepare financial reports
  • Make sure rent is collected on time
  • Analyze real estate market conditions
  • Ensure rental properties are occupied
  • Evaluate the performance of employees
  • Resolve clients and public complaints
  • Take care of the financial operation of each property

Job Characteristics

Property, real estate and community association managers work from an office. However, they often spend time out of their office showing apartments to perspective tenants, meeting with employees and evaluating their work and investigating problems mentioned by residents. Real estate asset managers may travel to company real estate holdings or to look for properties to acquire. In addition, financial, administrative and communication abilities are important for many property manager jobs.

Employment Outlook

The Bureau of Labor Statistics has projected an eight percent growth in the employment of property, real estate and community association managers. Approximately 46 percent of property, real estate and community association managers are self-employed.

In 2008 the median annual earnings for salaried property, real estate and community association managers was $46,130. The highest paid 10 percent earned more than $102,250. In addition, many resident apartment managers and onsite association managers are provided the use of an apartment as part of their compensation package.

Education, Certification, and Licensing

Commercial property managers and people handling a property's finances and contracts need a bachelor's degree or a master's degree in accounting, business administration, real estate management or finance, particularly if they do not have much practical experience.

In general, onsite property managers who mostly manage the rental and maintenance aspects of properties acquire their knowledge while on-the-job or they have experience in real estate or maintenance. Many property managers begin their careers as assistant property managers and work closely with an experienced property manager.

Real estate managers that buy or sell property need to be licensed by the state where they work. A few states require property association managers to be licensed. Managers of public housing that is subsidized by the Federal Government must be certified. In addition, several organizations provide certifications for property managers.

Resources

Major Employers

The primary employers are property management companies, lessors of real estate, real estate agents and brokers offices, and government agencies that manage public buildings.

Schools for Property Managers are listed in the Browse Schools Section.

Metro Areas Sorted by Total Employment for
Property Managers

Listed below are the 10 largest metro areas based on the total number of people employed in Property Managers jobs , as of 2016

     
Metro Area Total Employment Annual Mean Salary
Los Angeles-Long Beach-Anaheim 12,020 $67,150
Miami-Fort Lauderdale-West Palm Beach 8,320 $64,770
San Francisco-Oakland-Hayward 4,730 $115,480
Dallas-Fort Worth-Arlington 3,810 $98,590
Atlanta-Sandy Springs-Roswell 3,780 $89,470
Phoenix-Mesa-Scottsdale 3,500 $65,770
Houston-The Woodlands-Sugar Land 3,210 $97,410
Tampa-St. Petersburg-Clearwater 3,010 $47,770
Detroit-Warren-Dearborn 2,710 $63,910
San Diego-Carlsbad 2,670 $69,030

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Total employment and salary for professions similar to property managers

Career Stories (Job Profiles) for Property Managers

To find out more about building a career as Property Managers, we spoke with professionals in the field across a variety of specialties. Learn about their experiences on the job, the steps they took to complete their education, and what it takes to excel in this industry. Click the link to see a story.

All Types

Source : 2016 Occupational Employment Statistics, Bureau of Labor Statistics, U.S. Department of Labor, BLS.gov

Most Popular Industries for
Property Managers

These industries represent at least 1% of the total number of people employed in this occupation.

Industry Total Employment Percent Annual Median Salary
Real Estate 120,220 75% $42,080
Government 9,390 5% $60,630
Non-profit 5,310 3% $48,240
Business Management 4,620 2% $74,010
Civil Engineering 4,490 2% $76,000
Construction 3,080 1% $68,420
Office Services And Staffing 2,700 1% $47,450
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We have some additional detailed pages at the state level for Property Managers.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

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