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:

Office buildings
Apartments
Retail and industrial properties
Condos

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

Administrative Officers

Job duties

Task list

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

Manage office buildings, apartments, and retail and industrial properties.
Meet customers to show them buildings. Explain rules and provide information about the local area.
Direct collection of monthly payments from clients. Make sure property insurance, taxes, and mortgages are paid.
Maintain records of sales, rentals, costs, and property availability.
Investigate complaints about tenants and resolve problems. Act as a liaison between tenants and landlords.
Confer with lawyers to make sure contracts follow laws.
Recruit, hire, and train managerial, clerical, and maintenance staff.
Direct and coordinate staff and evaluate their work.
Inspect buildings, grounds, and equipment. Determine what repairs need to be made.
Plan and schedule repairs, remodeling, and construction projects.
Purchase building and maintenance supplies, equipment, and furniture.
Gather and analyze construction and vendor bids for jobs.
Negotiate contracts with companies that provide cleaning, painting, and other maintenance services.
Prepare financial and summary reports of property.
Meet with clients who want to purchase properties.
Negotiate sale or lease of property. Review and complete forms.

Common work activities

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

Make decisions and solve problems
Use computers
Communicate with supervisors, peers, or subordinates
Resolve conflicts and negotiate with others
Organize, plan, and prioritize work
Get information needed to do the job
Monitor and control resources
Establish and maintain relationships
Update and use job-related knowledge
Document and record information
Guide, direct, and motivate others
Perform administrative tasks
Communicate with people outside the organization
Evaluate information against standards
Perform for or work with the public
Develop goals and strategies
Inspect equipment, structures, or materials
Coordinate the work and activities of others
Schedule work and activities
Process information
Analyze data or information
Identify objects, actions, and events
Develop and build teams
Think creatively
Explain the meaning of information to others
Teach others
Recruit, interview, or hire others
Judge the value of objects, services, or people
Coach others
Monitor events, materials, and surroundings
Provide advice and consultation to others

Work requirements

Working conditions

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

Interpersonal relationships

Have a high level of contact with the public and staff.
Communicate by telephone, e-mail, and in person on a daily basis. They may write letters, but less frequently.
Are responsible for the health and safety of tenants.
Are responsible for the work done by their staff.
Are sometimes in conflict situations. They sometimes may deal with angry or unhappy people.
Usually work as part of a team.

Physical work conditions

Often work indoors. On-site managers may spend time outdoors when showing property or meeting with staff.
May share office space with others.

Work performance

Must be sure that all details of the job are done and completed accurately. Errors could cause property owners to lose money.
Make decisions on a daily and weekly basis that impact their employer's reputation.
Work in a competitive atmosphere where strict daily deadlines must be met.
Make most, but not all, decisions independently. They may also consult supervisors and other workers when making an important decision.
Determine most of their daily tasks and goals independently.
Often repeat the same mental tasks.

Hours/travel

May work full time or part time. Most work full time.
Generally work a set schedule.
May work evenings or weekends to show properties. Property and real estate managers are usually given other days off during the week if they work weekends.
May travel to visit properties. Real estate managers may travel out of town to check out new properties for sale.

Physical demands

Property and real estate managers frequently:

Sit for long periods of time.

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

Speak clearly so listeners can understand.
Understand the speech of another person.
See details of objects that are less than a few feet away.

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

See details of objects that are more than a few feet away.
See differences between colors, shades, and brightness.

Skills and abilities

Property and real estate managers need to:

Communicate

Understand spoken information.
Understand written information.
Speak clearly so listeners can understand.
Listen to others and ask questions.
Read and understand work-related materials.
Write clearly so other people can understand.

Reason and problem solve

Notice when something is wrong or is likely to go wrong.
Use reasoning to discover answers to problems.
Combine several pieces of information and draw conclusions.
Analyze ideas and use logic to determine their strengths and weaknesses.
Judge the costs and benefits of a possible action.
Develop rules that group items in various ways.
Follow guidelines to arrange objects or actions in a certain order.
Think of original, unusual, or creative ways to solve problems.
Recognize the nature of a problem.
Understand new information or materials by studying and working with them.

Manage oneself, people, time, and things

Motivate, develop, and direct people as they work.
Check how well one is learning or doing something.
Manage the time of self and others.

Work with people

Change behavior in relation to others' actions.
Solve problems by bringing others together to discuss differences.
Persuade others to approach things differently.
Be aware of others' reactions and understand the possible causes.
Look for ways to help 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

Real Estate

Other programs of study to consider

Training

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

have a high school diploma or equivalent; and
have one to five years of related administrative work experience.

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:

Accounting
Building Maintenance
Computer Applications
Consumer Law
Office Procedures

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:

Accounting
Entrepreneurship
Introduction to Business

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

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.

Property, Real Estate, and Community Association Managers

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
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)

		This occupation	All occupations
Location	Current employment	Growth over 10 years		Annual openings
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:

Apartment complexes
Property management firms
Real estate agencies

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
1101 - 15th Street NW, Suite 800
Washington, DC 20005
202.408.2662

Community Associations Institute
6402 Arlington Boulevard, Suite 500
Falls Church, VA 22042
888.224.4321
703.970.9220

Institute of Real Estate Management
430 North Michigan Avenue
Chicago, IL 60611
800.837.0706

National Apartment Association
4300 Wilson Boulevard, Suite 400
Arlington, VA 22203
703.518.6141

National Association of Realtors
430 North Michigan Avenue
Chicago, IL 60611
800.874.6500
312.329.8200

National Association of Residential Property Managers
638 Independence Parkway, Suite 100
Chesapeake, VA 23320
800.782.3452

National Multifamily Housing Council
1775 Eye St., N.W., Suite 1100
Washington, DC 20006
202.974.2300

Washington Association of Realtors
PO Box 719
Olympia, WA 98507-0719
800.562.6024
360.943.3100

Women's Council of Realtors
430 North Michigan Avenue
Chicago, IL 60611
800.245.8512

References

Career cluster

Marketing

Career path

Enterprising (Business Communications)

O*Net occupation

Property, Real Estate, and Community Association Managers (11-9141.00)

O*Net job zone

Job Zone 4 - Considerable preparation needed. A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations.