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Property and Real Estate Managers


At a Glance

  • Are in charge of the daily operations of rental properties
  • Some plan the purchase, development, and sale of real estate
  • Deal with residents and staff
  • May work evenings and weekends
  • Have several years of related work experience
  • May live on site

Career summary

Property and real estate managers take care of the daily operation of properties. Some find, buy, and develop property.

#No alternate titles

Property and real estate managers may manage:

Managers show vacant spaces to people who want to rent. They explain the rules of the lease to clients. They also set rental rates, handle bookkeeping, and collect payments. Managers make sure that mortgages, taxes, and other property bills are paid. They keep track of profits and losses for property owners.

Property and real estate managers recruit, hire, and train their staff. Managers plan, schedule, and coordinate repairs and maintenance of their properties. They assign some repairs to their own maintenance workers.

Managers may hire outside companies, such as construction firms or exterminators. If they use these services frequently, managers may gather bids from several vendors. Managers evaluate the bids and negotiate contracts.

Some property and real estate managers specialize in an area, such as:

Community association managers

Community association managers manage the property and services of condos and planned communities through their homeowner or community associations. They collect monthly fees, create budgets, work with contractors, and help to resolve complaints.

On-site managers

On-site managers live at a property. They look into problems or conflicts. On-site managers inspect buildings after renters move out and determine if repairs are needed.

Real estate asset managers

Real estate asset managers act on behalf of clients to plan the purchase, development, and sale of real estate. They focus on the long-term plans rather than the day-to-day problems. Some are hired to find good places for hotels, stores, or factories. They research sites by looking at zoning, property values, and traffic patterns. Once managers find suitable spots, they meet with clients to discuss the land. Managers negotiate to buy or lease suitable properties.

Related careers

This career is part of the Marketing cluster of careers.

Related careers include:

Military careers

Job duties

Task list

The following list of tasks is specific to property and real estate managers.

Common work activities

Property and real estate managers perform the following tasks. These tasks are common to many careers.

Work requirements

Working conditions

In a typical work setting, property and real estate managers:

Interpersonal relationships

Physical work conditions

Work performance

Hours/travel

Physical demands

Property and real estate managers frequently:

It is important for property and real estate managers to be able to:

It is not as important, but still necessary, for property and real estate managers to be able to:

Skills and abilities

Property and real estate managers need to:

Communicate

Reason and problem solve

Manage oneself, people, time, and things

Work with people

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

Other programs of study to consider

Training

To work as a property and real estate manager, you typically need to:

Education after high school

While a bachelor's degree is not required, it is common preparation for this occupation. Many majors are good preparation for this occupation. Several of the best are business management, real estate, accounting, and finance. Liberal arts degrees are also acceptable.

Work experience

Most prepare for this occupation through years of related work experience. You can start in this field as an on-site manager of an apartment building. You work under the supervision of a property manager. You learn how to prepare budgets and market the property to customers.

Although not required, work experience as a real estate agent is valuable experience. As an agent, you negotiate prices, show properties, determine values, and persuade people.

On-the-job training

Many employers send new property managers to short-term training programs. These programs help you improve your management skills. Helpful classes include building repair and staff management.

Those who enter the field without formal training may be hired as managers-in-training. These trainees learn the skills on the job. Learning all the details of the job this way may take up to a year.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

Many property and real estate managers are self-employed. If you want to run your own business some day, you should consider taking these courses as well:

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

Employers prefer to hire property and real estate managers who have experience as assistant property managers. Some employers prefer to hire those who have a bachelor's degree.

Employers look for managers who have good communication and computer skills. Employers also look for managers who can work well with many types of people. Employers who run small complexes may prefer to hire people who have building repair skills.

Employers look for workers who have a good command of local, state, and federal real estate and landlord/tenant laws. Marketing, financial analysis, and tenant relation skills are necessary. Some managers may be required to have a real estate broker's license and certification as a property manager.

Tips

Any experience in sales or working with people is helpful. Work experience at a property management firm is valuable even if the job is not a property manager position. An understanding of construction and maintenance procedures is also helpful. Talk with people working in the field and take courses offered by related professional associations. Workers who get training and certification through a related professional association may improve their chances of being hired.

Costs to workers

Property and real estate managers may wish to join a professional association, which may have annual dues.

Licensing/certification

Workers who manage public housing subsidized by the federal government must be certified.

For information regarding certification, contact:

National Center for Housing Management (external link)
333 North 1st Street, Suite 305
Jacksonville Beach, FL 32250
800.368.5625

You can also contact:

National Association of Housing and Redevelopment Officials (external link)
630 Eye Street NW
Washington, DC 20001
877.866.2476

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Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

To get a listing of current jobs from the WorkSource system, go to the WorkSource website (external link).

Wages

Property, real estate, and community association managers (SOC 11-9141)

Location
Pay Period
10%
25%
Median
75%
90%
Washington Hourly $21.13 $28.37 $37.60 $51.66 $72.39
Monthly $3,662 $4,917 $6,516 $8,953 $12,545
Yearly $43,950 $59,020 $78,210 $107,450 $150,570
    Bellingham Hourly $23.54 $27.54 $32.68 $44.08 $57.15
Monthly $4,079 $4,773 $5,663 $7,639 $9,904
Yearly $48,958 $57,298 $67,969 $91,692 $118,855
    Bremerton-Silverdale Hourly $17.35 $22.81 $33.63 $84.94 $101.64
Monthly $3,007 $3,953 $5,828 $14,720 $17,614
Yearly $36,084 $47,444 $69,959 $176,685 $211,407
    Kennewick-Richland Hourly $20.98 $23.88 $35.71 $51.59 $66.38
Monthly $3,636 $4,138 $6,189 $8,941 $11,504
Yearly $43,625 $49,683 $74,281 $107,310 $138,071
    Longview Hourly $15.96 $20.99 $45.90 $51.45 $58.63
Monthly $2,766 $3,638 $7,954 $8,916 $10,161
Yearly $33,201 $43,651 $95,484 $107,011 $121,955
    Olympia-Tumwater Hourly $17.37 $20.46 $25.46 $44.71 $59.58
Monthly $3,010 $3,546 $4,412 $7,748 $10,325
Yearly $36,139 $42,550 $52,974 $92,998 $123,925
    Seattle-Tacoma-Bellevue Hourly $25.84 $31.53 $39.93 $56.62 $76.83
Monthly $4,478 $5,464 $6,920 $9,812 $13,315
Yearly $53,758 $65,575 $83,055 $117,770 $159,814
    Spokane-Spokane Valley Hourly $16.69 $20.08 $24.72 $40.68 $48.10
Monthly $2,892 $3,480 $4,284 $7,050 $8,336
Yearly $34,720 $41,765 $51,427 $84,630 $100,060
    Vancouver Hourly $18.36 $22.97 $31.39 $45.53 $59.77
Monthly $3,182 $3,981 $5,440 $7,890 $10,358
Yearly $38,193 $47,761 $65,274 $94,693 $124,303
    Wenatchee Hourly $27.14 $29.59 $35.25 $44.13 $58.37
Monthly $4,703 $5,128 $6,109 $7,648 $10,116
Yearly $56,438 $61,562 $73,318 $91,780 $121,419
    Yakima Hourly $27.66 $36.14 $45.83 $52.37 $60.96
Monthly $4,793 $6,263 $7,942 $9,076 $10,564
Yearly $57,514 $75,158 $95,329 $108,922 $126,792
United States Hourly $14.28 $19.81 $28.05 $40.92 $60.67
Monthly $2,475 $3,433 $4,861 $7,091 $10,514
Yearly $29,700 $41,210 $58,340 $85,120 $126,200

Some apartment managers live in the building they manage. Employers may provide the apartment as part of their salary. Some property managers may use a company car. Those who work in land development may receive bonuses from projects they develop.

Pay varies with the employer's size, the property's location, and the type of property managed. Property and real estate managers who have more experience and training earn more than those who are new to the occupation.

Property and real estate managers who work full time usually receive benefits. These benefits may include health insurance, sick leave, and paid vacation. Managers who are self-employed must provide their own insurance.

Employment and outlook

Washington outlook

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings.

Property, Real Estate, and Community Association Managers (SOC 11-9141)

Location Current employment Growth over 10 years Annual openings
This
occupation
All
occupations
Washington 5,285 14.2% 16.1% 579
    Adams, Chelan, Douglas, Grant, and Okanogan Counties 80 16.3% 13.4% 9
    Asotin, Columbia, Ferry, Garfield, Lincoln, Pend Oreille, Stevens, Walla Walla, and Whitman Counties 129 9.3% 8.6% 12
    Benton and Franklin Counties 112 4.5% 15.0% 9
    Clallam, Jefferson, and Kitsap Counties 156 8.3% 11.9% 15
    Clark, Cowlitz, and Wahkiakum Counties 443 11.5% 15.2% 46
    Grays Harbor, Lewis, Mason, Pacific, and Thurston Counties 174 9.8% 14.1% 17
    Island, San Juan, Skagit, and Whatcom Counties 177 11.3% 14.6% 18
    King County 2,846 17.1% 19.6% 333
    Kittitas, Klickitat, Skamania, and Yakima Counties 67 10.4% 13.8% 7
    Pierce County 429 14.2% 15.2% 47
    Snohomish County 338 10.1% 12.4% 33
    Spokane County 289 15.6% 13.9% 33
United States 363,000 7.3% 5.2% 31,600

National employment

About 42% of property and real estate managers are self-employed.

Major employers:

National outlook

Demand for this occupation is growing steadily. More people are living in apartments, buildings, and housing developments that require property managers. As the population ages, more assisted care and retirement communities will be built. This will also increase the need for property managers.

Many job openings will occur as property managers move to other occupations or retire. Job prospects are best for those with a bachelor's degree in business or property management. Opportunities will be good for people who have experience managing housing for older people.

Other resources

Building Owners and Managers Association International (external link)
1101 - 15th Street NW, Suite 800
Washington, DC 20005
202.408.2662
Community Associations Institute (external link)
6402 Arlington Boulevard, Suite 500
Falls Church, VA 22042
888.224.4321
703.970.9220
Institute of Real Estate Management (external link)
430 North Michigan Avenue
Chicago, IL 60611
800.837.0706
National Apartment Association (external link)
4300 Wilson Boulevard, Suite 400
Arlington, VA 22203
703.518.6141
National Association of Realtors (external link)
430 North Michigan Avenue
Chicago, IL 60611
800.874.6500
312.329.8200
National Association of Residential Property Managers (external link)
638 Independence Parkway, Suite 100
Chesapeake, VA 23320
800.782.3452
National Multifamily Housing Council (external link)
1775 Eye St., N.W., Suite 1100
Washington, DC 20006
202.974.2300
Washington Association of Realtors (external link)
PO Box 719
Olympia, WA 98507-0719
800.562.6024
360.943.3100
Women's Council of Realtors (external link)
430 North Michigan Avenue
Chicago, IL 60611
800.245.8512

References

Career cluster

Career path

O*Net (external link) occupation

O*Net job zone (external link)

DOT occupations

Holland occupational cluster

COPSystem