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Become A Real Estate Manager

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Working As A Real Estate Manager

  • 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

  • $91,000

    Average Salary

What Does A Real Estate Manager 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 Real Estate Manager

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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Real Estate Manager Career Paths

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Real Estate Manager Demographics

Gender

Male

57.5%

Female

40.0%

Unknown

2.5%
Ethnicity

White

61.8%

Hispanic or Latino

15.4%

Black or African American

11.4%

Asian

7.4%

Unknown

4.0%
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Foreign Languages Spoken

Spanish

48.6%

French

12.3%

Italian

6.2%

Portuguese

4.1%

Chinese

4.1%

Russian

3.4%

Mandarin

2.7%

Hindi

2.1%

Carrier

2.1%

Japanese

2.1%

German

2.1%

Urdu

2.1%

Bengali

1.4%

Greek

1.4%

Czech

1.4%

Arabic

1.4%

Swedish

0.7%

Vietnamese

0.7%

Cherokee

0.7%

Shona

0.7%
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Real Estate Manager Education

Schools

University of Phoenix

11.2%

New York University

8.9%

University of Houston

6.6%

DePaul University

5.9%

Michigan State University

5.6%

Arizona State University

5.6%

Temple University

5.0%

Cornell University

4.6%

University of Denver

4.3%

Auburn University

4.0%

Georgia State University

4.0%

University of Florida

4.0%

University of Central Florida

4.0%

University of Kansas

4.0%

University of Georgia

4.0%

University of Memphis

4.0%

Wayne State University

3.6%

University of North Texas

3.6%

George Washington University

3.6%

Pennsylvania State University

3.6%
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Majors

Business

34.4%

Finance

10.6%

Real Estate

10.4%

Accounting

6.2%

Marketing

5.3%

Law

5.2%

Management

4.8%

Political Science

2.8%

Psychology

2.7%

Education

2.6%

Economics

2.2%

Communication

2.1%

Criminal Justice

1.6%

History

1.5%

Project Management

1.4%

Construction Management

1.4%

General Sales

1.3%

Fine Arts

1.2%

Computer Science

1.2%

English

1.2%
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Degrees

Bachelors

41.4%

Masters

22.8%

Other

19.9%

Associate

6.0%

Doctorate

4.1%

Certificate

3.8%

License

1.2%

Diploma

0.8%
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Real Real Estate Manager Salaries

Job Title Company Location Start Date Salary
Head of Real Estate Development Toms Capital LLC New York, NY Aug 17, 2015 $275,000
Real Estate Development Strategy Manager Hydra LLC Bellevue, WA Sep 11, 2015 $182,400
Real Estate Development Strategy Manager Hydra LLC Bellevue, WA Nov 09, 2016 $158,000
Real Estate Development Strategy Manager Hydra LLC Bellevue, WA Jan 30, 2015 $156,000
Domestic Real Estate Manager/Intl Patient Representative Origins Behavioral Healthcare, LLC West Palm Beach, FL Sep 08, 2015 $150,000
Real Estate Development Project Manager G & L Real Estate Development LLC Miami, FL Nov 01, 2014 $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-Field Construction W. W. Grainger, Inc. Lake Forest, IL Mar 05, 2012 $99,000
Real Estate Project Manager-Field Construction W. W. Grainger, Inc. Lake Forest, IL Mar 05, 2013 $99,000
Estate Manager Valkyrie Leasing LLC Medina, WA Dec 01, 2011 $97,692
Estate Manager Valkyrie Leasing LLC Medina, WA Feb 13, 2012 $97,692
Estate Manager Valkyrie Leasing LLC Medina, WA Oct 01, 2011 $97,692
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
Real Estate Development Manager Flatiron Real Estate Advisors, LLC New York, NY Sep 20, 2016 $96,346 -
$110,000
Real Estate Operations Manager City Realty Group, LLC MA May 20, 2015 $58,950
Real Estate Property Manager 36 Avenue Inc. New York, NY Nov 08, 2016 $56,683
Real Estate Asset Manager Metro Property Group LLC White Plains, NY Jul 08, 2016 $56,500
Estate Manager Maria A. Berrie Englewood, NJ Oct 01, 2012 $56,349
Real Estate Asset Manager Brooklyn Home Buyers Club LLC New York, NY Mar 21, 2013 $55,000
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

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AVERAGE SALARY FOR A Real Estate Manager

Average Yearly Salary
$91,000
View Detailed Salary Report
$48,000
Min 10%
$91,000
Median 50%
$91,000
Median 50%
$91,000
Median 50%
$91,000
Median 50%
$91,000
Median 50%
$91,000
Median 50%
$91,000
Median 50%
$170,000
Max 90%
Best Paying Company
Safeguard Scientifics
Highest Paying City
Harrisburg, PA
Highest Paying State
Maryland
Avg Experience Level
4.5 years
How much does a Real Estate Manager make at top companies?
The national average salary for a Real Estate Manager in the United States is $91,289 per year or $44 per hour. Those in the bottom 10 percent make under $48,000 a year, and the top 10 percent make over $170,000.

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Top Skills for A Real Estate Manager

  1. Real Estate
  2. Financial Statements
  3. Lease Agreements
You can check out examples of real life uses of top skills on resumes here:
  • Managed company owned commercial real estates properties.
  • Review fund level financial statements, footnotes, investor-level capital account statements and fund related activity.
  • Negotiated lease related documents including conformity and non-conformity lease agreements, lease amendments, letter agreements and related correspondence.
  • Leased 7 corporate owned properties consisting of 109,965 square feet and 2 telecommunication rooftop locations on a corporate owned building.
  • Performed duties related to property management, including tracking rent payments, documenting communication with owners, tenants and maintenance technicians.

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Top 10 Best States for Real Estate Managers

  1. New York
  2. Washington
  3. Rhode Island
  4. New Jersey
  5. Georgia
  6. Florida
  7. California
  8. Virginia
  9. Colorado
  10. Pennsylvania
  • (525 jobs)
  • (433 jobs)
  • (21 jobs)
  • (193 jobs)
  • (223 jobs)
  • (545 jobs)
  • (1,316 jobs)
  • (183 jobs)
  • (135 jobs)
  • (560 jobs)

Top Real Estate Manager Employers

Jobs From Top Real Estate Manager Employers

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