Property, real estate, and community association managers take care of the many aspects of residential, commercial, or industrial properties. They make sure the property is well maintained, has a nice appearance, operates smoothly, and preserves its resale value.Duties
Property, real estate, and community association managers typically do the following:
When owners of homes, apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate properties, they often hire a property or real estate manager or a community association manager. Managers are employed either directly by the owner or indirectly through a contract with a property management firm.
The following are examples of types of property, real estate, and community association managers:
Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. They handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They may oversee financial statements, and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, property managers may advertise the property or hire a leasing agent to find a tenant. They may also suggest to the owners what rent to charge.
Community association managers work on behalf of homeowner or community associations to manage the communal property and services of condominiums, cooperatives, and planned communities. Usually hired by a volunteer board of directors of the association, they manage the daily affairs and supervise the maintenance of property and facilities that the homeowners use jointly through the association. Like property managers, community association managers collect monthly fees, prepare financial statements and budgets, negotiate with contractors, and help to resolve complaints. Community association managers also help homeowners and non-owner residents comply with association rules and regulations.
Onsite property managers are responsible for the day-to-day operation of a single property, such as an apartment complex, an office building, or a shopping center. To ensure that the property is well maintained, onsite managers routinely inspect the grounds, facilities, and equipment to determine whether maintenance or repairs are needed. They meet with current tenants to handle requests for repairs or to resolve complaints. They also meet with prospective tenants to show vacant apartments or office space. In addition, onsite managers enforce the terms of rental or lease contracts along with an association’s governing rules. They make sure that tenants pay their rent on time, follow restrictions on parking or pets, and follow the correct procedures when the lease is up. Other important duties of onsite managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the senior-level property manager or the owner(s).
Real estate asset managers plan and direct the purchase, sale, and development of real estate properties on behalf of businesses and investors. They focus on long-term strategic financial planning, rather than on the day-to-day operations of the property. In deciding to acquire property, real estate asset managers consider several factors, such as property values, taxes, zoning, population growth, transportation, and traffic volume and patterns. Once a site is selected, they negotiate contracts to buy or lease the property on the most favorable terms. Real estate asset managers review their company’s real estate holdings periodically and identify properties that are no longer financially profitable. They then negotiate the sale of the properties or arrange for the end of leases.
Although many employers prefer to hire college graduates, a high school diploma or equivalent is enough for some jobs. Some managers receive vocational training. Other managers must have a real estate license.Education
Many employers prefer to hire college graduates for property management positions, particularly for offsite positions dealing with a property’s finances or contract management. Employers also prefer to hire college graduates to manage residential and commercial properties. A bachelor’s or master’s degree in business administration, accounting, finance, real estate, or public administration is preferred for commercial management positions. Managers of commercial properties and those dealing with a property’s finances and contract management increasingly are finding that they need a bachelor’s or master’s degree in business administration, accounting, finance, or real estate management, especially if they do not have much practical experience.Work Experience in a Related Occupation
Experience in real estate sales is a good background for onsite managers because real estate salespeople also show commercial properties to prospective tenants or buyers.Licenses, Certifications, and Registrations
Real estate managers who buy or sell property must have a real estate license in the state in which they practice. In a few states, property and community association managers must also have a real estate license. Managers of public housing subsidized by the federal government must hold certifications.
Property, real estate, and community association managers working in Alaska, Colorado, California, Connecticut, Florida, Georgia, Illinois, Nevada, Virginia, and the District of Columbia are required to obtain professional credentials or licensure. Requirements vary by state, but many managers working in states without requirements still obtain designations to show competence and professionalism. BOMI International, the Community Associations Institute, the Institute of Real Estate Management, the National Association of Residential Property Managers, and the Community Association Managers International Certification Board all offer various designations, certifications, and professional development courses. Most states require recertification every 2 years.
In addition, employers may require managers to attend formal training programs from various professional and trade real estate associations. Employers send managers to these programs to develop their management skills and expand their knowledge of specialized fields, such as how to operate and maintain mechanical systems in buildings, how to improve property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, accounting and financial concepts, and reserve funding. Managers also participate in these programs to prepare themselves for positions of greater responsibility in property management. With related job experience, completing these programs and receiving a satisfactory score on a written exam can lead to certification or the formal award of a professional designation by the sponsoring association.Advancement
Many people begin property management careers as assistant managers, working closely with a property manager. In time, many assistants advance to property manager positions.
Some people start as onsite managers of apartment buildings, office complexes, or community associations. As they gain experience, they may advance to positions of greater responsibility. Those who excel as onsite managers often transfer to assistant offsite property manager positions, in which they gain experience handling a broad range of property management responsibilities.
The responsibilities and pay of property, real estate, and community association managers increase as these workers manage more and larger properties. Property managers are often responsible for several properties at a time. Some experienced managers open their own property management firms.Important Qualities
Customer-service skills. Property, real estate, and community association managers must provide excellent customer service to keep existing clients and expand their business with new ones.
Interpersonal skills. Because property, real estate, and community association managers interact with people every day, they must have excellent interpersonal skills.
Listening skills. Property, real estate, and community association managers must listen to and understand residents and property owners in order to meet their needs.
Organizational skills. Property, real estate, and community association managers must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.
Problem-solving skills. Property, real estate, and community association managers must be able to mediate disputes or legal issues between residents, homeowners, or board members.
Speaking skills. Property, real estate, and community association managers must understand leasing or rental contracts and must be able to clearly explain the materials and answer questions raised by a resident or group of board members.
|Job Title||Company||Location||Start Date||Salary|
|Property, Real Estate and Community Association Managers||Rockwood Capital||White Plains, NY||May 28, 2010||$145,000|
|Property, Real Estate, and Community Association Managers||Pelican Management, Inc.||New Rochelle, NY||Sep 10, 2014||$100,000|
|Property, Real Estate, and Community Association Managers||Yavne Management||Richmond, NY||Dec 01, 2013||$98,000|
|Property, Real Estate, and Community Association Managers||Yavne Management||Richmond, NY||Dec 04, 2013||$98,000|
|Property, Real Estate, and Community Association Managers||YUCO Management Inc.||New York, NY||Aug 22, 2013||$96,699|
|Property, Real Estate, and Community Association Managers||EPCO, LLC||Gaithersburg, MD||Nov 30, 2012||$94,328|
|Property, Real Estate, and Community Association Managers||EPCO, LLC||Gaithersburg, MD||Feb 06, 2014||$94,328|
|Property, Real Estate & Community Association Managers||Pacifica Real Estate Services, Inc.||Rancho Santa Fe, CA||Apr 09, 2012||$86,674|
|Property, Real Estate, and Community Association Managers||Davis Partners LLC||El Monte, CA||May 07, 2013||$85,842|
|Property, Real Estate, and Community Association Managers||New York City Management LLC||New York, NY||Apr 10, 2009||$84,386|
|Property, Real Estate, and Community Association Managers||New York City Management LLC||New York, NY||Jun 04, 2008||$84,386|
|Property, Real Estate, and Community Association Managers||CSI Management Services LLC||Fort Lauderdale, FL||Dec 12, 2012||$82,000|
|Senior Community Association Manager||Castle Management, LLC||Bonita Springs, FL||Dec 10, 2010||$80,000|
|Senior Community Association Manager||Castle Management, LLC||Bonita Springs, FL||Dec 20, 2010||$80,000|
|Property, Real Estate, & Community Association Managers||Sears Holdings Management Corporation||Hoffman Estates, IL||Aug 28, 2012||$77,000|
|Property, Real Estate, and Community Association Managers||Wyndham Vacation Ownership, Inc.||Orlando, FL||Apr 11, 2014||$76,500 -
|Property, Real Estate, and Community Association Managers||Modus Planning Solution, Inc.||La Habra, CA||Mar 13, 2014||$75,130|
|Property, Real Estate, and Community Association Managers||Accretion Inc.||Oak Brook, IL||Oct 12, 2012||$73,819|
|Property, Real Estate, and Community Association Managers||46Th Street Realty LLC||New York, NY||Jun 03, 2010||$71,104|
|Property, Real Estate, and Community Association Managers||Lara Group, Inc.||New York, NY||Apr 06, 2010||$71,104|
|Property, Real Estate, and Community Association Managers||Alf Naman Real Estate Advisors Ltd||New York, NY||Feb 07, 2011||$70,554|
|Property, Real Estate & Community Association Managers||Hawaiian Relocation, Inc.||Urban Honolulu, HI||Jul 01, 2011||$70,000 -
|Property, Real Estate, and Community Association Managers||Call-Us-Realty, Inc.||New York, NY||Jun 30, 2008||$60,570 -
|Property, Real Estate, and Community Association Managers||SDK Millbridge Gardens LLC||Clementon, NJ||Aug 17, 2011||$60,175|
|Property, Real Estate & Community Association Managers||Pacifica Real Estate Services, Inc.||Rancho Santa Fe, CA||Mar 03, 2010||$60,000|
|Property, Real Estate, and Community Association Managers||Hawaiian Relocation, Inc.||Urban Honolulu, HI||Jun 18, 2010||$60,000 -
|Property, Real Estate, and Community Association Managers||Hawaiian Relocation, Inc.||Urban Honolulu, HI||Jul 22, 2010||$60,000 -
|Property, Real Estate, and Community Association Managers||Triton Interest, Ltd.||Houston, TX||Dec 14, 2010||$59,571|
|Property, Real Estate, and Community Association Managers||Micozzi Management, Inc.||MA||Oct 19, 2010||$58,011|
|Property, Real Estate, and Community Association Managers||Newfoundland Ventures LLC||Sarasota, FL||Mar 13, 2009||$55,000|
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