Property, real estate, and community association managers essential career information:
- 2012 median pay: $52,610
- 2012, number of jobs: 159,570
- Employment growth forecast, 2010-2020: 6 percent
- Entry-level education requirements: High school diploma or equivalent
Property, real estate, and community association managers; what they do:
When it’s time to rent property, whether it’s for your home or business, there is one person you depend heavily on to guide you – the property manager, real estate manager, or community association manager (depending on the type of property you’re looking at).
The property manager, real estate manager, or community association manager oversees the property and ensures it presents itself well. These manager careers include overseeing the daily operations and preserving or improving properties’ resale value. These manager careers also include regularly meeting with prospective renters, answering questions about the property and explaining the lease and terms of occupancy.
If the renters chose to move forward, the property, real estate or community association manager collects their monthly fees, including rent, mortgage, taxes, insurance, payroll, and cleaning fees. These manager careers also include contracting for garbage removal, landscaping, security, and other services.
The manager is the renter’s point of contact if any issues within the property come up, such as broken equipment, violations or complaints about disturbances.
Property managers, real estate managers, and community association managers must regularly inspect the property, keep records of all rental activity, prepare budgets and financial reports, and keep up on – and adhere to – laws related to their industry, such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws.
A property manager career and a real estate manager career include overseeing operations of income-producing commercial or residential properties. A community association manager career includes overseeing properties such as condominiums, cooperatives, and planned communities through homeowner or community associations.
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Property, real estate, and community association managers job titles:
- Apartment manager
- Community manager
- Resident manager
- Leasing manager
- Lease Administration Supervisor
Property, Real Estate, and Community Association Managers Education, Certification and License Requirements
A property management career, real estate management career, or community association management career may technically begin with a high school diploma, although it’s not uncommon for these managers to obtain vocational training or a Bachelor or Master of Business Administration, Accounting, Finance, Real Estate Management, Accounting, Finance, or Public Administration. Additional education helps for job seeking. All positions require knowledge of property management.
Property, real estate, and community association manager programs cover subjects such as:
- Real estate accounting principles
- Finance related to real estate
- Real estate valuation and feasibility
- Laws affecting the sale of property
- Managerial accounting
- Business law
- Intro to Marketing
Real estate managers buying or selling property, need a license from the state they practice in. Some states require property association managers to obtain licensure.
Managers of public housing, subsidized by the federal government, need certification.
Many property managers, real estate managers and community association managers voluntarily earn certification in order to obtain an edge when job seeking.
It’s common for employers to require property managers, real estate managers, and community association managers to attend formal training programs from professional and trade real estate association.
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Career Advancement Opportunities
Some property managers begin as assistants and work their way up to a property manager position.
Over time, property managers, real estate managers, and community association managers may manage more and larger properties.
Property, Real Estate, and Community Association Managers Job Outlook
Forecast: 6 percent employment growth from 2010 to 2020 for property managers, real estate managers, and community association managers, slower than the average for all occupations.
The increasing population naturally leads to more people living in apartments, condominium, homeowner communities, and senior housing managed by companies, all of which require professional managers. Property management firms increase profits and improve resale values of homes and commercial property.
Property, Real Estate, and Community Association Managers Salary
- 2012 median annual wage: $52,610
- 2012, workers at the 75th percentile annual wage: $76,950
- 2012, workers at the 25% percentile annual wage: $37,060
Property, Real Estate, and Community Association Managers Major Employers
- Lessors of real estate
- Offices of real estate agents and brokers
- Local government agencies
- Business, professional, labor, political, and similar organizations