Property managers are employed by owners of apartments, office buildings, retail or industrial properties, or community associations to essentially take charge of their property. When owners don’t have the time or skill for management of their real estate investments or homeowners’ associations, a property or real estate manager steps in to increase the value of real estate investments through physical and financial maintenance.
Career Opportunities as a Property Manager
Property managers usually specialize in one type of real estate. Possibilities include apartment complexes, office buildings, condominiums, homeowners’ associations or retail buildings. On a day-to-day basis, property managers sustain janitorial, security, groundskeeping, trash removal and other service contracts and resolve complaints from residents and tenants when services are not properly provided.
They also handle the financial operations of the property, collecting rent and making sure that mortgages, taxes, insurance premiums, payroll and maintenance bills are paid on time. All property managers must understand and comply with the Americans with Disabilities Act and the Federal Fair Housing Act, as well as local fair housing laws.
Property Manager Salary Range and Growth Expectations
According to the U.S. Department of Labor (BLS, job opportunities for property managers are expected to increase as fast as average through the next decade, as more apartments, houses and offices are built across the country. Median annual salaries of property, real estate and community association managers were $52,610 in 2012, compared to $39,980 in 2004. Additionally, apartment managers often received use of an apartment as part of their compensation.
Property Management Schools and Training Programs
Opportunities are best for people with degrees in business administration, real estate and other related fields that offer property management courses. After training, property managers should have knowledge of building mechanical systems, the enhancement of 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.
Once a property manager is employed, they are often encouraged to attend short-term formal training programs that can expand their knowledge of specialized real estate subjects. Managers of public housing subsidized by the federal government are required to be real estate certified, and many property managers choose to become certified voluntarily. Search for a property management or real estate school today, and take on new responsibilities with this growing career.