Salary, Job Description, How To Become One, and Quiz
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Property and Real Estate Managers
Property and Real Estate Managers plan, direct, or coordinate the selling, buying, leasing, or governance activities of commercial, industrial, or residential real estate properties. Includes managers of homeowner and condominium associations, rented or leased housing units, buildings, or land (including rights-of-way).
Table of contents
What they do
Property and Real Estate Managers plan, direct, or coordinate the selling, buying, leasing, or governance activities of commercial, industrial, or residential real estate properties. Includes managers of homeowner and condominium associations, rented or leased housing units, buildings, or land (including rights-of-way).
- Manage and oversee operations, maintenance, administration, and improvement of commercial, industrial, or residential properties.
- Plan, schedule, and coordinate general maintenance, major repairs, and remodeling or construction projects for commercial or residential properties.
- Direct collection of monthly assessments, rental fees, deposits, and payment of insurance premiums, mortgage, taxes, and incurred operating expenses.
- Determine and certify the eligibility of prospective tenants, following government regulations.
Typical day
On a daily basis, Property and Real Estate Managers clean common areas, change light bulbs, and make minor property repairs. They market vacant space to prospective tenants through leasing agents, advertising, or other methods.
A typical day for a Property, Real Estate, and Community Association Manager will also include:
- Direct and coordinate the activities of staff and contract personnel and evaluate their performance.
- Manage and oversee operations, maintenance, administration, and improvement of commercial, industrial, or residential properties.
- Determine and certify the eligibility of prospective tenants, following government regulations.
- Maintain records of sales, rental or usage activity, special permits issued, maintenance and operating costs, or property availability.
- Act as liaisons between on-site managers or tenants and owners.
Other responsibilities
Besides their typical day, Property and Real Estate Managers also meet with clients to negotiate management and service contracts, determine priorities, and discuss the financial and operational status of properties. They may also negotiate the sale, lease, or development of property and complete or review appropriate documents and forms.
On a weekly to monthly basis, Property and Real Estate Managers solicit and analyze bids from contractors for repairs, renovations, and maintenance. They might also inspect grounds, facilities, and equipment routinely to determine the necessity of repairs or maintenance.
In addition, they confer regularly with community association members to ensure their needs are being met.
Although specific duties may vary, many of them purchase building and maintenance supplies, equipment, or furniture.
To some Property and Real Estate Managers, it is also their responsibility to prepare detailed budgets and financial reports for properties.
What is the job like
Job satisfaction
Is this job meaningful
75% said they were satisfied with their job and 48% said they found their job meaningful.
My name is Denise Supplee, I am co-founder of SparkRental.com where we help everyday people build passive income through real estate investing, and work toward financial independence. I’m also an active, licensed Realtor and property manager with Long and Foster in Pennsylvania. I’ve been licensed and have worked in the real estate industry, in many facets for over 35 years.
I used to manage hundreds of units. My day would start out going through the various messages from tenants and vendors. I would make notes on any emergency repairs that needed to be taken care of. I then would check in with my maintenance team. We would spend about 15 to 20 minutes going over the day’s projects. These included make-readies, routine maintenance, and repairs.
My assistant manager would man the office while I would take my early morning drive/walk-through the property, checking for any issues, looking at apartments being prepped for renting while making notes of anything I found to be taken care of.
The rest of the day was spent on making budgets, collecting rent, sending notices out, and overseeing staff and contractors.
At one of the communities I managed, I found that our general contractor was charging us a lot of money to oversee our renovation project. I ended up letting him go and acting as the GC, hiring my own sub-contractors and saving the management company thousands of dollars.
I live on the east coast and the weather would leave me at times with little sleep. Making sure that the walkways, parking lots, and all thoroughfares were clear of ice and debris would be a literal nightmare. I found in my younger days of management that renters like to sue landlords.
I have stories of lockouts gone wrong, finding maintenance workers in precarious situations, and the like.
Currently, I manage my own portfolio and only a dozen properties for others. Frankly, it is smooth. Everything is automated. Working with Long and Foster, I have contractors to inspect, repair and conduct make-readies. I do keep hands-on with regards to inspecting units for move-ins and move-outs and quarterlies. Rent collection is done online. I recently negotiated a renewal online.
I have told my kids that it is important to have a passion for what you do. Because the long hours and late-night calls will not be as bad. I could not imagine working in this field in any capacity without the love of assisting people.
Pros
Suitable for people who like to start and carry out projects.
Suitable for people who want independence and like to work on their own and make decisions.
This career is perfect for people who love to work indoors.
Very good salary.
Cons
Not suitable for people who like to solve problems mentally.
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week).
How much do they make
Average salary
Average hourly wage
Entry-level Property and Real Estate Managers with little to no experience can expect to make anywhere between $31,330 to $42,330 per year or $15 to $20 per hour.
| Salary by experience | Annual | Hourly |
|---|---|---|
| Highest (Top 10%) | $134,570 | $65 |
| Senior (Top 25%) | $86,320 | $42 |
| Median | $59,660 | $29 |
| Junior (Bottom 25%) | $42,330 | $20 |
| No experience (Bottom 10%) | $31,330 | $15 |
This table shows the top 10 highest paying industries for Property and Real Estate Managers based on their average annual salary.
| Salary by industry | Annual | Hourly |
|---|---|---|
| Architectural, Engineering, and Related Services | $130500 | $62.74 |
| Natural Gas Distribution | $129070 | $62.05 |
| Oil and Gas Extraction | $127960 | $61.52 |
| Scientific Research and Development Services | $121590 | $58.46 |
| Pipeline Transportation of Natural Gas | $120960 | $58.15 |
| General Medical and Surgical Hospitals | $119730 | $57.56 |
| Rail Transportation | $111960 | $53.83 |
| Management of Companies and Enterprises | $110710 | $53.23 |
| Credit Intermediation and Related Activities | $109450 | $52.62 |
| Electric Power Generation, Transmission and Distribution | $107770 | $51.81 |
View more salary by industries here.
Where can they work
Where can Property and Real Estate Managers work? Here is a table showing the top 10 largest employers of Property and Real Estate Managers including the average salary in that industry.
| Employers | Total Employed | Annual Salary | Hourly Wages |
|---|---|---|---|
| Real Estate | 175100 | $69310 | $33.32 |
| Local Government | 7660 | $73530 | $35.35 |
| Management of Companies and Enterprises | 6370 | $110710 | $53.23 |
| Business, Professional, Labor, Political, and Similar Organizations | 6120 | $68280 | $32.83 |
| Residential Building Construction | 2840 | $99040 | $47.62 |
| Land Subdivision | 1940 | $100990 | $48.55 |
| Employment Services | 1500 | $72750 | $34.98 |
| Oil and Gas Extraction | 1410 | $127960 | $61.52 |
| Office Administrative Services | 1210 | $70080 | $33.69 |
| Management, Scientific, and Technical Consulting Services | 1130 | $83530 | $40.16 |
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What is the work day like
Working hours
Working schedule
How often do you use email in this job?
Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Real Estate
Real Estate Development
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.
People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.
People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.
People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.
You can read more about these career personality types here.
People who are suitable for this job tend to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk-taking and often deal with business.
They also like following set procedures and routines. They like working with data and details more than with ideas.
Take this quiz to see if this is the right career for you.
Work Values
Which values are the most important to a person’s satisfaction for this job?
You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.
You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.
You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.
You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.
You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.
You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.
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