How to Become a Property Manager

Property management is an essential part of real estate and other commercial and industrial housing organizations that deals with the overall operation and functioning of the property. Property managers are trained professionals that supervise the performance of a variety of properties.

What does a property manager do?

Property managers are responsible for the management and maintenance of many different properties such as single-family houses, apartment complexes, and office buildings. Property managers typically specialize in either commercial or residential properties. Commercial property managers usually manage a designated budget and group of staff members. They focus on preventative maintenance, scheduled maintenance, and renovations. Residential property managers are responsible for creating a budget, collecting and reviewing tenant applications, and collecting rent or dues. They are also responsible for scheduling maintenance activities, resolving problems, and coordinating inspections and renovations. They must also often respond to emergencies. The major goal of both types of property managers is to make sure the facility is running effectively and efficiently.

What kind of training does a property manager need?

Property managers typically need at least a bachelor degree in business administration, management, real estate or other related field. Many property managers have a master degree. Many property managers start their careers in lower level positions and advance into higher positions as they gain the essential skills and experience. Property managers that oversee public housing that is subsidized by the Federal Government must be certified. Many other property managers earn voluntary professional certification to remain competitive in the field. Property managers must keep their skills up to date and stay abreast on the changes in property management. Many employers encourage property managers to attend formal training programs on a regular basis.

What are the prospects for a career as a property manager?

Employment of property managers is expected to grow faster than average for all professions, increasing 15% from 2006 to 2016 (1). The growing population and increase in real estate will drive job growth.

Job prospects are expected to be good especially for property managers with advanced education and extensive management experience. Many job openings will arise from the need to replace property managers that retire, transfer, or leave the field for other reasons.

How much do property managers make?

As of December 2009, the middle 50% of property managers earn annual salaries between $66,577 and $95,082. The top 10% earn annual salaries more than $109,759 (2).

A career as a property manager is a great choice for people with a strong interest in coordinating the management and maintenance activities of many different properties. Property managers must have a solid understanding of the principles and policies of property management and apply them to a variety of tasks. Organization, critical thinking, good problem solving, and good negotiation skills are essential characteristics. Property managers must have excellent communication and interpersonal skills and the ability to interact with a variety of residents, merchants, and other professionals.

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