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Information
and resources:
Property, and Community Association Managers
Many enter the occupation as onsite managers of apartment
buildings, office complexes, or community associations, or
as employees of property management firms or community association
management companies.
Properly managed real estate is a potential source of income
and profits, and, to homeowners, it is a way to preserve and
enhance resale values. Managers maintain and increase the
value of real estate investments. Property and real estate
managers oversee the performance of income-producing commercial
or residential properties, and ensure that real estate investments
achieve their expected revenues. Community association managers
manage the common property and services of condominiums, cooperatives,
and planned communities through their homeowners’ or
community associations.
Property and real estate managers handle the financial operations
of the property, ensuring that rent is collected and that
mortgages, taxes, insurance premiums, payroll, and maintenance
bills are paid on time. In community associations, although
homeowners pay no rent and pay their own realestate taxes
and mortgages, community association managers must collect
association dues. Some property managers, called asset property
managers, supervise the preparation of financial statements.
Onsite property managers are responsible for day-to-day operations
for one piece of property, such as an office building, shopping
center, community association, or apartment complex. To ensure
that the property is safe and properly maintained, onsite
managers routinely inspect the grounds, facilities, and equipment
to determine if repairs or maintenance are needed. They meet
with prospective residents or tenants to show vacant apartments
or office space. 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. Other important duties include keeping accurate,
up-to-date records of income and expenditures from property
operations and submitting regular expense reports to the asset
property manager or owners.
Some property and real estate managers, often called real
estate asset managers, act as the property owners’ agent
and adviser for the property. They plan and direct the purchase,
development, and disposition of real estate on behalf of the
business and investors. These managers focus on long-term
strategic financial planning rather than on day-to-day operations
of the property. Those who work for homebuilders, real estate
developers, and land development companies acquire land and
plan construction of shopping centers, houses, apartments,
office buildings, or industrial parks. 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.
Some associations encompass thousands of homes and employ
their own onsite staff and managers. In addition to administering
the associations’ financial records and budget, may be
responsible for the operation of community pools, golf courses,
and community centers, and for the maintenance of landscaping
and parking areas. Community association managers also may
meet with the elected boards of directors to discuss and resolve
legal issues or disputes that may affect the owners, as well
as to review any proposed changes or improvements by homeowners
to their properties, to make sure that they comply with community
guidelines.
Property,
real estate, and community association managers often
must attend evening meetings with residents, property owners,
comunity asociation boards of directors, or civic groups.
Not surprisingly, many managers put in long workweeks, especially
before financial and tax reports are due. Some apartment managers
are required to live in the apartment complexes where they
work so that they are available to handle any emergency that
occurs, even when they are off duty.
Training and Qualifications
Most employers prefer to hire college graduates for property
management positions. Entrants with degrees in business administration,
accounting, finance, real estate, public administration, or
related fields are preferred, but those with degrees in the
liberal arts also may qualify. Good speaking, writing, computer,
and financial skills, as well as an ability to tactfully deal
with people, are essential in all areas of property management.
Many people enter property management as onsite managers of
apartment buildings, office complexes, or community associations,
or as employees of property management firms or community
association management companies.
The
responsibilities and compensation of property, real estate,
and community association managers increase as they manage
more and larger properties. Most property managers are responsible
for several properties at a time. They gradually are entrusted
with larger properties that are more complex to manage. Many
specialize in the management of one type of property, such
as apartments, office buildings, condominiums, cooperatives,
homeowner associations, or retail properties. Those who excel
at marketing properties to tenants may specialize in managing
new properties.
Persons most commonly enter real estate asset manager jobs
by transferring from positions as property managers or realestate
brokers. Real estate asset managers must be good negotiators,
adept at persuading and handling people, and good at analyzing
data in order to assess the fair market value of property
or its development potential.
Earnings:
Median annual earnings of salaried property, real estate,
and community association managers were $36,880 in 2002. The
middle 50 percent earned between $25,470 and $56,000 a year.
The lowest 10 percent earned less than $17,450, and the highest
10 percent earned more than $86,650 a year. Median annual
earnings of salaried property, real estate, and community
association managers in the largest employing industries in
2002 were as follows:
Local government $50,340
Offices of real estate agents and brokers 37,820
Activities related to real estate 35,750
Lessors of real estate 31,190
Related Occupations
• real estate brokers and sales agents
See: • List
of Careers
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