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Become a Real Estate Property Manager

Learn how you can become a real estate property manager

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What Do Property Managers Do?

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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 also 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.

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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 could encompass community pools, golf courses, community centers, all landscaping and parking areas, or any other community common areas. They are also often tasked to oversee 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's 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.

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Property Manager Career Path

Entry Level Mid Level Senior Level

Types of Roles

Assistant property manager, onsite manager

Property manager (independent or in agency), community association manager

Owner of property management firm

Experience

0 – 4 years

5 – 10 years

10+ years

Getting There

  • College course work or bachelor of arts degree, or professional course in property management
  • Voluntary professional license
  • Course work should tie in to specialty: real estate, finance, business administration, statistics, economics, law, and English
  • Previous employment as a real estate agent or broker
  • All entry-level requirements
  • Experience in the field
  • Excellent people and communication skills
  • Continuing education in the field
  • All mid-level requirements
  • General business master's or MBA, with associated post-graduate specialty training
  • Multi-faceted, creative problem solving skills
  • Post-graduate specialty course work
  • Advanced license examination

Median Salary*

$36,156

$46,776

$50,422+

* Depends on company size, specific job, and location
Sources: Payscale.com; Bureau of Labor Statistics

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