How to Become a Real Estate Property Manager
See if becoming a real estate property manager might interest you.
What Do Property Managers Do?
One of the many options for a career in real estate is to become a property manager. In this crucial position, you work with real estate owners and tenants to make sure the property—whether an apartment building, condominium, cooperative, planned community, retirement community, office building, retail or industrial property—is maintained in good condition. Property managers also ensure that all bills are paid, and that service contracts are negotiated effectively.
Property Managers vs. Community Association Managers
Large properties engage janitorial, security, groundskeeping and trash removal services, and property managers negotiate these contracts by soliciting bids and providing recommendations to the owners on which contractors to hire. Apartment and other residential property managers are also responsible for understanding and complying with laws such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act and other community fair housing laws.
In contrast, community association managers are hired by homeowner condominium associations, cooperatives or planned community associations to manage and oversee the maintenance and daily affairs of the common property and facilities owned jointly by the homeowners. These can encompass community pools, golf courses, community centers, all landscaping and parking areas, or any other community common areas. They are also often tasked with overseeing homeowner compliance with community guidelines and local ordinances.
Salaries
According to the U.S. Bureau of Labor Statistics' 2012-13 Occupational Outlook Handbook, the median national annual salary for property, real estate and community association managers is $51,480. Actual salaries may vary greatly based on specialization within the field, location, years of experience and a variety of other factors.
