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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|
|Global Intellectual Property Manager||Aristocrat Technologies, Inc.||AZ||Mar 15, 2012||$230,000|
|Property Manager||Lexington Insurance Company||Southfield, MI||Sep 14, 2011||$190,000|
|Property Manager||Risk Specialists Companies Insurance Agency, Inc.||Southfield, MI||Sep 26, 2011||$190,000|
|Intellectual Property Manager||Advanced Bionics, LLC||Santa Clarita, CA||Oct 16, 2013||$132,000 -
|Property Manager||American Business Institute Corp.||NY||Sep 01, 2015||$123,000|
|Rental Properties Manager||Blvd Capital, LLC||Beverly Hills, CA||Nov 20, 2016||$120,000|
|Intellectual Property Dvlpmnt. Manager/Staff Paten||Schneider Electric It America Corp.||Billerica, MA||Dec 10, 2013||$116,616|
|Manager, Intellectual Property and Innovation||Starshr, Inc.||Wilmerding, PA||Sep 15, 2015||$114,785|
|Property Manager||North Dakota Bakken Connection LLC||Williston, ND||Aug 23, 2016||$113,256|
|Rental Properties Manager||Blvd Capital, LLC||Beverly Hills, CA||May 17, 2016||$110,000|
|Intellectual Property and Innovation Manager||Starshr, Inc.||Wilmerding, PA||Jul 06, 2015||$110,000|
|Property Manager||Prague Property Management, Inc.||San Francisco, CA||Jul 27, 2016||$108,000|
|Property Manager||Werber Management, Inc.||NY||Apr 25, 2013||$102,758|
|Property Manager||GNP Management Group||Chicago, IL||Jul 08, 2014||$71,229|
|Property Manager||Blakebrook Developments USA LLC||Lone Tree, CO||Mar 16, 2015||$70,000|
|Property Manager||Florida Homes Property Management LLC||Cape Coral, FL||Mar 10, 2016||$69,950|
|Property Manager||Five-Star Properties, Inc.||Nantucket, MA||May 20, 2016||$65,250|
|Intellectual Property Manager||Ahlstrom Nonwovens LLC||Windsor Locks, CT||Sep 05, 2016||$64,000|
|Manager, Airport Affairs and Property Management||Spirit Airlines||Miramar, FL||Nov 16, 2015||$61,069 -
|Property Manager||Aglaia LLC||Roslyn, NY||Jan 10, 2016||$60,523|
|Residential Property Manager||Titanium Realty Group LLC||New York, NY||Sep 12, 2015||$60,000|
|Property Manager||IBS Us LLC||Springfield, VA||Apr 15, 2016||$52,238|
|Condo Association Property Manager||GTI Properties, Inc.||Boston, MA||Sep 10, 2015||$52,175|
|Property Manager, Finance||Dwight A. McDonald, Pa||Brandon, FL||Sep 08, 2016||$52,175|
|Property Manager, Finance||Dwight A. McDonald, Pa||Brandon, FL||Jan 10, 2016||$52,175|
|Property Manager||World Class Capital Group LLC||Austin, TX||Sep 30, 2015||$52,000|
|Property Manager||TUP Academy LLC||New Brunswick, NJ||Sep 23, 2016||$52,000|
|Property Manager||NYRE MGMT, Corp.||New York, NY||Oct 31, 2011||$51,626|
|Property Manager||Triton Interests, Ltd||Houston, TX||Feb 14, 2011||$51,418|
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A Day In the Life of a Property Manager.
What Does a Property Manager Do?
A Typical Day in the Life of a Property Manager