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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|
|Domestic Real Estate Manager/Intl Patient Representative||Origins Behavioral Healthcare, LLC||West Palm Beach, FL||Sep 08, 2015||$150,000|
|Regional Real Estate and Project Manager||Bio-Rad Laboratories, Inc.||Hercules, CA||Apr 25, 2016||$149,350|
|Finance and Real Estate Manager||Starmd Medical Management, LLC||White Plains, NY||Sep 22, 2016||$145,000|
|Real Estate Projects Cost Analytical Manager||Vision Management Company, Inc.||New York, NY||Dec 09, 2016||$140,000|
|Real Estate Project Manager||Eagle One Mortgage FW Investment, LLC||Miami, FL||Aug 17, 2015||$137,696|
|Real Estate Asset Manager||93 Reade GWI LLC.||New York, NY||Oct 24, 2011||$135,655|
|Real Estate Portfolio Manager||ACP Realty Services LLC||Coral Gables, FL||Jan 08, 2016||$135,000|
|Senior Real Estate Product Manager||Partners Group (USA) Inc.||San Francisco, CA||Apr 01, 2015||$135,000|
|Commercial Real Estate Underwriter and Asset Manager||Hanover Street Capital LLC||San Francisco, CA||Jul 28, 2016||$130,250|
|Real Estate Project Manager||Young Woo & Associates, LLC||New York, NY||Feb 01, 2011||$130,000|
|Senior Real Estate Product Manager||Partners Group (USA) Inc.||San Francisco, CA||Apr 01, 2015||$130,000|
|Real Estate Portfolio Manager||Americas Capital Partners LLC||Coral Gables, FL||Jun 01, 2015||$125,000|
|Real Estate Portfolio Manager||Mercazz LLC||Vienna, VA||Aug 25, 2016||$121,846|
|Real Estate Manager||Deloitte Financial Advisory Services LLP||New York, NY||Sep 30, 2012||$116,252 -
|Senior Real Estate Product Manager||Partners Group Real Estate LLC||San Francisco, CA||Apr 01, 2012||$97,000|
|Senior Real Estate Product Manager||Partners Group (USA) Inc.||San Francisco, CA||Apr 01, 2012||$97,000|
|Estate Manager||Valkyrie Leasing LLC||Seattle, WA||Oct 01, 2013||$96,000|
|Estate Manager||Valkyrie Leasing LLC||Seattle, WA||Dec 01, 2013||$96,000|
|Estate Manager||Valkyrie Leasing LLC||Medina, WA||Nov 08, 2013||$96,000|
|Real Estate Manager||BD Development, LLC||Amityville, NY||Jul 28, 2016||$81,952|
|Real Estate Operations Manager||Tree House Holding Ltd||Burlington, MA||Aug 25, 2015||$78,000|
|Real Estate Project Manager||Alexandria Redevelopment and Housing Authority||Alexandria, VA||Apr 16, 2012||$75,558|
|Property/Real Estate Manager||Vivaldi Real Estate, Ltd.||New York, NY||Sep 03, 2014||$54,909|
|Manager of Investments/Real Estate||Stapleton Management, LLC||Greenwich, CT||Oct 01, 2011||$54,891|
|Real Estate Manager||A & E Real Estate Management, LLC||New York, NY||Sep 06, 2014||$54,725|
|Real Estate Operations Manager||Equitable Portfolio Corp.||Beverly Hills, CA||Feb 01, 2011||$54,617|
|Real Estate Manager||Pd Properties LLC||New York, NY||Sep 16, 2015||$54,579|
|Real Estate Manager||Pd Properties LLC||New York, NY||Sep 21, 2015||$54,579|
|Property, Real Estate Manager||Movere Manhattan LLC||New York, NY||Oct 01, 2014||$54,579|
|Commercial Real Estate Manager-Hospitality||Lillian Montalto Signature Properties, LLC||Andover, MA||Sep 20, 2016||$53,352|
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A Day In the Life of a Property Manager.
A Typical Day in the Life of a Property Manager