Become a Real Estate Property Manager
Learn how you can become a real estate property manager.
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.
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.
Many property managers start out as real estate agents or brokers and use their knowledge of the real estate industry to make effective decisions regarding property operations, rents and property marketing. Taking courses in a real estate school or attending a professional program in property management can be very helpful to your property manager career development. As you gain more experience and more education, you may move on to managing larger properties or groups of properties and may move into other areas of real estate such as development or finance.
Property Manager Career Path
| Entry Level | Mid level | Senior Level | |
|---|---|---|---|
| Types of Roles | Assistant property manager, onsite manager | Property manager (independent or agency), community association manager | Owner of property management firm |
| Experience | 0 – 4 years | 5 – 10 years | 10+ years |
| Getting There |
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| Median Salary* | $40,012 | $48,323 | $55,693+ |
*Depends on company size, specific job, and location
Sources: PayScale.com, 2009; Bureau of Labor Statistics, 2009