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Become A Director Of Property Management

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Working As A Director Of Property Management

  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Resolving Conflicts and Negotiating with Others
  • Organizing, Planning, and Prioritizing Work
  • Unpleasant/Angry People

  • Mostly Sitting

  • $81,000

    Average Salary

What Does A Director Of Property Management Do

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:

  • Meet with prospective renters and show them properties
  • Discuss the lease and explain the terms of occupancy or ownership
  • Collect monthly fees from tenants or individual owners
  • Inspect all building facilities, including the grounds and equipment
  • Arrange for new equipment or repairs as needed
  • Pay bills or delegate bill payment for such expenditures as taxes, insurance, payroll, and maintenance
  • Contract for trash removal, maintenance, landscaping, security, and other services
  • Investigate and settle complaints, disturbances, and violations
  • Keep records of rental activity and owner requests
  • Prepare budgets and financial reports
  • Comply with anti-discrimination laws when renting or advertising, such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws

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.

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How To Become A Director Of Property Management

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.

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Director Of Property Management Demographics

Gender

Male

50.9%

Female

38.1%

Unknown

10.9%
Ethnicity

White

63.2%

Hispanic or Latino

15.9%

Black or African American

11.1%

Asian

6.2%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

67.5%

French

4.1%

Chinese

3.6%

German

3.1%

Mandarin

2.1%

Cantonese

2.1%

Carrier

2.1%

Italian

2.1%

Portuguese

2.1%

Japanese

2.1%

Arabic

2.1%

Russian

1.5%

Thai

1.5%

Vietnamese

1.0%

Swedish

0.5%

Hindi

0.5%

Korean

0.5%

Ukrainian

0.5%

Bosnian

0.5%

Greek

0.5%
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Director Of Property Management Education

Schools

University of Phoenix

20.9%

Ashford University

6.4%

Florida International University

5.1%

Arizona State University

5.1%

San Diego State University

5.1%

New York University

4.8%

The Academy

4.5%

Pennsylvania State University

4.5%

California State University - Fullerton

4.3%

Miami Dade College

4.0%

University of Houston

3.7%

University of Florida

3.7%

Florida State University

3.7%

California State University - Los Angeles

3.7%

Temple University

3.5%

Colorado State University

3.5%

Michigan State University

3.5%

West Virginia University

3.5%

Strayer University

3.2%

University of Wisconsin - Milwaukee

3.2%
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Majors

Business

34.3%

Real Estate

8.6%

Accounting

7.0%

Management

5.1%

Marketing

4.7%

Finance

4.6%

Psychology

4.1%

Criminal Justice

3.6%

Communication

3.3%

Law

2.9%

Education

2.8%

Liberal Arts

2.5%

Health Care Administration

2.4%

General Studies

2.3%

Computer Science

2.3%

Political Science

2.3%

Nursing

2.0%

Economics

1.9%

Property Management

1.8%

Legal Support Services

1.5%
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Degrees

Bachelors

35.8%

Other

31.2%

Associate

11.2%

Masters

10.1%

Certificate

5.9%

Doctorate

2.1%

License

2.1%

Diploma

1.5%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$81,000
View Detailed Salary Report
$41,000
Min 10%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$162,000
Max 90%
Best Paying Company
Morgan Stanley
Highest Paying City
Grand Forks, ND
Highest Paying State
North Dakota
Avg Experience Level
4.0 years
How much does a Director Of Property Management make at top companies?
The national average salary for a Director Of Property Management in the United States is $82,050 per year or $39 per hour. Those in the bottom 10 percent make under $41,000 a year, and the top 10 percent make over $162,000.

Real Director Of Property Management Salaries

Job Title Company Location Start Date Salary
Director-Property & Specialty AIG PC Global Services, Inc. New York, NY Aug 19, 2014 $185,000
Director-Property & Specialty AIG PC Global Services, Inc. New York, NY Aug 19, 2013 $185,000
Director, Intellectual Property Impax Laboratories, Inc. Hayward, CA Jun 30, 2011 $181,220
Associate Director-Intellectual Property Managem The University of North Dakota Grand Forks, ND Oct 10, 2009 $165,963
Director-Property Drapac Investments, LLC Atlanta, GA Jul 23, 2015 $150,000
Director of Intellectual Property Crystal Lagoons U.S. Corp. Coral Gables, FL Jan 05, 2016 $140,000 -
$170,000
Associate Director Intellectual Property Management & Technology Commercialization Univ of Nd Energy & Environmental Research Center Grand Forks, ND Jun 05, 2008 $140,000
Director, Intellectual Property Ranbaxy, Inc. Princeton, NJ Sep 01, 2015 $130,000
Director, Intellectual Property Sun Pharma Princeton, NJ Sep 15, 2015 $130,000
Director, Intellectual Property Ranbaxy, Inc. Princeton, NJ Sep 15, 2015 $130,000
Director-Property SSB Operations, LLC Los Angeles, CA Nov 23, 2012 $110,000
Director, Property Management Morgan Stanley & Co. LLC New York, NY Oct 01, 2011 $100,000
Director of Intellectual Property Haplomics, Inc. Los Angeles, CA Aug 15, 2015 $98,000
Director of Intellectual Property Haplomics, Inc. Los Angeles, CA Aug 15, 2015 $85,000
Property Investment Director M5 Investments, LLC Groveland, FL Oct 23, 2011 $72,000
Director-Property Management Operations 206 Bidwell Av LLC New York, NY Sep 26, 2016 $50,000
Director-Property Management Operations 206 Bidwell Ave LLC New York, NY Sep 28, 2016 $50,000
Commercial Property Management Allied International Investment Corporation FL Feb 01, 2013 $50,000
Commercial Property Management Allied International Investment Corporation Lawrenceville, GA Feb 01, 2013 $50,000

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Top Skills for A Director Of Property Management

  1. Rental Properties
  2. Property Management Company
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Managed several rental properties, negotiated rents, reduced turnover, analyzed market demographics and conducted advertising campaign
  • Provided landscaping and repair services for a family operated property management company.
  • Review, analyze, interpret and summarize financial and occupancy reports, operating budgets and annual audited financial statements.
  • Determine and certified the eligibility of prospective tenants, following government regulations.
  • Planned, scheduled and coordinated general maintenance, major repairs, renovations and twice annual preventative maintenance community inspections.

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Top 10 Best States for Directors Of Property Management

  1. Rhode Island
  2. New York
  3. Massachusetts
  4. Washington
  5. Virginia
  6. Colorado
  7. New Jersey
  8. Georgia
  9. District of Columbia
  10. Texas
  • (20 jobs)
  • (278 jobs)
  • (209 jobs)
  • (164 jobs)
  • (186 jobs)
  • (134 jobs)
  • (132 jobs)
  • (163 jobs)
  • (52 jobs)
  • (380 jobs)

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