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Real estate manager hiring summary. Here are some key points about hiring real estate managers in the United States:
Here's a step-by-step real estate manager hiring guide:
A Real Estate Manager manages the financial aspects of a property. They collect rent and prepare and maintain financial statements. Real Estate Managers also inform owners about occupancy rates, expiration dates of leases, and other issues.
The real estate manager hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
You should also consider the ideal background you'd like them a real estate manager to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a real estate manager that fits the bill.
This list presents real estate manager salaries for various positions.
| Type of Real Estate Manager | Description | Hourly rate |
|---|---|---|
| Real Estate Manager | 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, and preserves its resale or leasing value. | $27-62 |
| Leasing Professional | A Leasing Professional is responsible for handling and coordinating with potential tenants for rental purposes. Leasing Professionals discuss the leasing terms and agreements with the clients, conduct property inspections, and identify possible repairs and renovations... Show more | $12-19 |
| Leasing Agent | A leasing agent primarily works to assist and represent property owners when finding and managing tenants. They are in charge of advertising and promoting the properties in different areas or platforms, developing marketing strategies, coordinating with applicants, gathering their requirements, verifying the applicants' paperwork and references, and negotiating leasing terms... Show more | $12-19 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Connecticut | $108,590 | $52 |
| 2 | New York | $104,485 | $50 |
| 3 | California | $102,832 | $49 |
| 4 | Washington | $102,158 | $49 |
| 5 | Oregon | $97,791 | $47 |
| 6 | Ohio | $97,748 | $47 |
| 7 | Massachusetts | $93,598 | $45 |
| 8 | North Carolina | $90,849 | $44 |
| 9 | Maine | $87,835 | $42 |
| 10 | Virginia | $87,126 | $42 |
| 11 | District of Columbia | $87,015 | $42 |
| 12 | Nevada | $85,362 | $41 |
| 13 | Illinois | $84,600 | $41 |
| 14 | Arizona | $82,265 | $40 |
| 15 | Michigan | $81,206 | $39 |
| 16 | Pennsylvania | $79,210 | $38 |
| 17 | Texas | $78,731 | $38 |
| 18 | Maryland | $78,701 | $38 |
| 19 | Minnesota | $78,105 | $38 |
| 20 | Wisconsin | $75,910 | $37 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | McKinsey & Company Inc | $153,950 | $74.01 | |
| 2 | Accenture | $133,900 | $64.38 | 40 |
| 3 | Pwc | $126,397 | $60.77 | 420 |
| 4 | Ernst & Young | $125,958 | $60.56 | 702 |
| 5 | $125,287 | $60.23 | ||
| 6 | Apple | $125,231 | $60.21 | 2 |
| 7 | Tradeweb | $124,599 | $59.90 | |
| 8 | Lord Abbett | $119,963 | $57.67 | |
| 9 | Grant Thornton | $119,732 | $57.56 | 7 |
| 10 | Janssen | $117,683 | $56.58 | |
| 11 | Deutsche Bank | $116,676 | $56.09 | 8 |
| 12 | RSM US | $114,939 | $55.26 | 36 |
| 13 | Deloitte | $114,356 | $54.98 | 86 |
| 14 | Bed Bath & Beyond | $113,878 | $54.75 | |
| 15 | Capital Group | $113,254 | $54.45 | |
| 16 | Santander Private Banking International | $109,785 | $52.78 | |
| 17 | Amazon | $109,496 | $52.64 | 12 |
| 18 | Ross Stores | $108,953 | $52.38 | 9 |
| 19 | Haskell & White | $108,213 | $52.03 | |
| 20 | Michaels Stores | $106,312 | $51.11 |
A good real estate manager job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a real estate manager job description:
There are a few common ways to find real estate managers for your business:
During your first interview to recruit real estate managers, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the real estate manager position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
To prepare for the new real estate manager first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Recruiting real estate managers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
You can expect to pay around $86,874 per year for a real estate manager, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for real estate managers in the US typically range between $27 and $62 an hour.