How do I become a property manager?
If you are an onsite property manager you are responsible for day-to-day operations for one piece of property, such as an office building, shopping center, Onsite managers also are responsible for enforcing the terms of rental or lease agreements, such as rent collection, parking and pet restrictions, and termination-of-lease procedures community association, or apartment complex.
You can find work looking at: real estate developers, and land development companies acquire land and plan construction of shopping centers, houses, apartments, office buildings. They negotiate with representatives of local governments, other businesses, community and public interest groups, and public utilities to eliminate obstacles to the development of land and to gain support for a planned project. It sometimes takes years to win approval for a project and, in the process; managers may have to modify plans for the project many times. You'll find everything you need by taking a property management course from a good school. Get the best property management training and work towards your certification.
Community association managers interact on a daily basis with homeowners and other residents, rather than with renters. Hired by the volunteer board of directors of the association, they administer the daily affairs, and oversee the maintenance of property and facilities that the homeowners own and use jointly through the association. They also assist the board and owners in complying with association and government rules and regulations.
How Much Can I Make?
Historical Earnings Information
In 2002, salaried property, real estate, and community association managers reported median annual earnings of $36,880. The range of annual earnings for the middle 50 percent was from $25,470 to $56,000. The earnings of the lowest 10 percent were under $17,450, while the earnings of the highest 10 percent exceeded $86,650 a year. In 2002, salaried property, real estate, and community association managers in the industries employing the most of these managers reported the following median annual earnings:
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Local government - $50,340
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Offices Offices of real estate agents and brokers - $37,820
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Offices Activities related to real estate - $35,750
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Offices Lessors of real estate - $31,190
Some management positions typically offer benefits. The use of an apartment is often included in the compensation package of onsite association and resident apartment managers. Many managers are reimbursed for miles put on their personal vehicles, and managers working in land development are often given a small percentage of ownership for any developments on which they participate.
Additional Information about Becoming a Property Manager
Property managers often work their way up from lower positions. Many first worked as onsite managers of apartment units, office complexes, or community associations, or in property or community association management companies. As they gain experience under the supervision of a property manager, they may move up to positions with more responsibility at larger properties. Successful onsite managers might become assistant property managers, a position that allows them to handle a broad array of property management duties.
Onsite managers can benefit from prior experience as a real estate sales agent because of the experience of showing apartments or office space to clients. Traditionally, a solid knowledge of building mechanical systems allowed individuals with backgrounds in building maintenance to become onsite managers. This path is becoming rare, as employers increasingly want managers with excellent administrative, interpersonal, and financial capabilities.
Among the attributes needed by real estate asset managers, who typically transfer from property management or real estate brokerage positions, are good negotiation skills, excellent interpersonal capabilities, and an ability to analyze data in order to assess the fair market value of property or its development potential. Managers who focus on land development must be resourceful and creative in setting up financing.
Many employers encourage their property managers to attend brief formal training programs put on by various professional and trade associations active in the real estate field. At these programs, managers can receive advanced training in various areas: operating and caring for building mechanical systems, improving property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, and accounting and financial principles, to name several. These programs can also help prepare managers for more advanced positions in property management. Moreover, sponsoring associations offer certifications and professional designations to managers who complete these programs, have related job experience, and who pass a written examination.
Certification is mandatory for managers of public housing subsidized by the Federal Government. While not required, many property, real estate, and community association managers nevertheless choose to earn a professional designation voluntarily because it formally recognizes their achievements and status in the field. Real estate asset managers who buy or sell property must be licensed by the state in which they work.
