Property, Real Estate, and Community Association Managers

Overview

Property, real estate, and community association managers oversee residential, commercial, or industrial properties to ensure they are well maintained and operate smoothly.

Quick Facts

• Median Pay (2023): $62,850 per year / $30.22 per hour
• Typical Entry-Level Education: High school diploma or equivalent
• Work Experience Required: Less than 5 years
• On-the-job Training: Short-term
• Number of Jobs (2023): 467,100
• Job Outlook (2023-2033): 3% growth
• Employment Change (2023-2033): 15,100 new jobs

Job Responsibilities

• Show properties to prospective tenants or owners
• Discuss lease terms and conditions
• Collect rent or fees
• Inspect properties and arrange for repairs
• Handle financial transactions such as paying bills
• Contract services like maintenance and landscaping
• Mediate complaints and violations
• Keep detailed records and reports
• Ensure compliance with laws like the ADA

Types of Managers

Onsite Property Managers

• Oversee daily operations of properties like apartment complexes
• Handle resident requests and complaints
• Ensure compliance with lease terms

Real Estate Asset Managers

• Focus on the strategic financial planning of real estate investments
• Plan and direct purchase, sale, and development of properties

Community Association Managers

• Work on behalf of a community's board of directors
• Manage common areas and services in community settings
• Ensure compliance with association rules

Work Environment

• Employers: Real estate firms, self-employed, civic organizations
• Setting: Office environment with time spent on property sites
• Schedules: Full-time, may include emergency and off-hour duties

Education and Certification

• Typically require a high school diploma and related work experience
• Some positions may prefer college graduates
• State-issued licenses may be required

Professional Development

• Formal training programs through real estate associations
• Certifications available from BOMI, IREM, NARPM, etc.
• Recertification may be required by states

Skills and Qualities

• Communication: Explain contracts and respond to inquiries
• Customer Service: Retain and expand clientele
• Interpersonal Skills: Engage with diverse individuals
• Organizational Skills: Coordinate multiple contractors and tasks
• Problem-Solving: Mediate disputes effectively

Pay

• Median Annual Wage (May 2023): $62,850
• Industrial Wage Variation:
  • Religious/Civic Organizations: $63,670
  • Real Estate: $61,480

Job Outlook

• Growth Rate (2023-2033): 3%
• Annual Openings: 37,800 on average
• Factors Influencing Demand:
  • Increase in managed residential properties
  • Developments in single-family housing
  • Automation may reduce growth rate

Similar Occupations

• Administrative Services Managers
• Food Service Managers
• Lodging Managers
• Real Estate Brokers and Sales Agents

Resources for More Information

• BOMI International
• Community Associations Institute
• Institute of Real Estate Management (IREM)
• National Association of Residential Property Managers (NARPM)

For more detailed information, visit the original source from the U.S. Bureau of Labor Statistics.