Property and Real Estate Manager
A Property and Real Estate Manager is a professional responsible for overseeing the management and financial performance of income-producing properties, which can be residential or commercial. These managers play a crucial role in maximizing property value through effective marketing, rent pricing, cost management, and maintenance oversight. They often engage directly with tenants to ensure satisfaction, as happy tenants are more likely to renew their leases. The work environment varies significantly, as residential managers may live on-site to address issues promptly, while commercial managers must adapt to the unique needs of different business types, such as medical offices or retail spaces.
To succeed in this role, individuals typically need a high school diploma along with relevant work experience, though higher education in real estate, finance, or business can enhance their prospects. Key skills include strong communication, multitasking, and conflict resolution. The job outlook for property and real estate managers is favorable, with a projected growth rate of 5%, indicating a demand for skilled professionals in this field. Overall, this career path can attract those already in real estate seeking a shift, allowing them to leverage their sales experience in property management.
Property and Real Estate Manager
Snapshot
Career Cluster(s): Business, Management & Administration, Human Services, Marketing, Sales & Service
Interests: Real estate, business administration, budgeting, finance, marketing
Earnings (Yearly Median): $62,850 per year $30.22 per hour
Employment & Outlook: 5% (Faster than average)
Entry-Level Education High school diploma or equivalent
Related Work Experience Less than 5 years
On-the-job Training Short-term on-the-job training
Overview
Sphere of Work. To some real estate professionals, the positions of property manager and real estate manager are interchangeable. To others, a property manager is a type of real estate manager who is in charge of a large property or several properties, whether commercial or residential. In either case, property and real estate managers strive to maintain and maximize the financial value of income-producing properties by marketing the properties to prospective tenants, deciding the amount of rent to charge, minimizing property expenditures, and physically maintaining the properties.
Work Environment. Residential property and real estate managers are responsible for properties in which people live, such as apartment complexes, condominiums, and single-family rental houses. They may visit the properties and interact with tenants at any time, day or night, because, unlike most commercial properties, residential properties are in use twenty-four hours a day. Some residential property and real estate managers even live in their properties so that they are available in case of emergencies.
Commercial properties house businesses and can run the gamut from office buildings to warehouses to strip malls to tiny kiosks. Each type of commercial property has its unique demands, which property and real estate managers must be able to meet. For instance, a medical office building may need special insurance or maintenance because of the equipment it houses, while a bank may require extra security around its facility. Commercial property and real estate managers should have the expertise to handle these situations. Tenant satisfaction is important to all property and real estate managers because satisfied tenants, residential and commercial alike, are more likely to renew their leases.
Occupation Interest. Property and real estate management may appeal to people who are already real estate professionals, such as agents or brokers, but desire a slight career change. A background in real estate sales is helpful for property and real estate managers, as knowledge acquired about the real estate market through such work carries over well into the field of property and real estate management.
Prospective property and real estate managers must be detail-oriented workers able to multitask, delegate responsibility, and resolve disputes. Because they are the link between property owners and tenants, good communication skills are imperative.
A Day in the Life—Duties and Responsibilities. There are many kinds of property and real estate managers. A manager’s property portfolio may consist of only a single property, or it may consist of multiple properties, either within one geographic region or throughout several regions. Some managers have on-site offices, while others visit their properties on a regular basis. Because of this variation, responsibilities differ from manager to manager despite the shared goal of making their properties as profitable as possible.
The workday for on-site property and real estate managers takes place partly in the office. There, they schedule building and security-system maintenance, showings of vacant units, and meetings with tenants; make calls; meet with coworkers and clientele; market vacant units; and settle tenant disputes. They also create financial reports tracking property income and expenses for property owners. Other financial responsibilities of property and real estate managers may include collecting rent checks, recording transactions, creating budgets, and determining strategies to increase revenue and decrease expenses.
Property and real estate managers are also responsible for inspecting the landscaping, interior common areas, vacant units, elevators, stairwells, and parking lots of their properties. During these property inspections, managers check for damage, determine what improvements need to be made to increase tenant appeal, and ensure that the properties continue to meet government building codes and relevant lease laws.
Leasing Managers (186.117-046). Leasing managers secure leases and other agreements for land as well as rights for gas and oil companies.
Real Estate Land Agents (186.117-058). Real estate land agents negotiate the purchase and sale of properties and coordinate real estate departments.
Public Events Facilities Rental Managers (186.117-062). Public events facilities rental managers negotiate contracts for arenas, stadiums, and other facilities.
Apartment House Managers (186.167-018). Apartment house managers collect fees for rent, direct maintenance, inspect apartments, and perform other duties.
Land Leases and Rental Managers (186.167-038). Land leases and rental managers direct and manage land leases relative to rights for drilling oil or gas wells.
Right-of-Way Agents (191.117-046). Right-of-way agents negotiate with property owners and public officials for utilities and other projects.
Work Environment
Immediate Physical Environment. Property and real estate managers typically work in offices and frequently visit the properties they manage to ensure everything is well-kept and in working order. On-site property and real estate managers usually spend most, if not all, of their workdays at their properties and may even live there, as in the case of on-site residential property managers.
Human Environment. Ensuring that the needs of property owners and tenants are met requires regular contact with both. Property and real estate managers also interact with personnel at financial institutions, maintenance workers, other property managers, coworkers, prospective tenants, and real estate professionals, such as leasing agents.
Technological Environment. Property and real estate managers use various software applications to keep tenant records, generate maintenance work orders, create budgets for their properties, and perform other administrative tasks. They also rely on standard office equipment, such as computers, telephones, copiers, and scanners.
Education, Training, and Advancement
High School/Secondary. High school students can prepare for careers in property or real estate management with courses in English, mathematics, and social sciences. Part-time work for a property management or real estate company can provide an excellent introduction to the field.
Postsecondary. A college degree is not always necessary to become a property or real estate manager. However, having completed courses, a degree, or a postsecondary certificate in real estate, finance, or business administration can add to a property or real estate manager’s professional capability and provide a competitive edge. Many universities offer undergraduate and graduate degree programs in real estate, finance, and business, which can be an advantage for positions involving financial or contract management.
Related Occupations
Bibliography
"Occupational Employment and Wages, May 2023 11-9141 Property, Real Estate, and Community Association Managers." US Bureau of Labor Statistics Occupational Employment and Wage Statistics, 3 Apr. 2024, www.bls.gov/oes/current/oes119141.htm. Accessed 26 Aug. 2024.
"Property, Real Estate, and Community Association Managers." Occupational Outlook Handbook. Bureau of Labor Statistics, US Department of Labor, 17 Apr. 2024, www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm. Accessed 26 Aug. 2024.