A group of people who share joint occupancies, such as an office building or owners who do not live at their properties, turn to property managers to handle building operations and daily care, reasonably, efficiently, and under budget. Although they may work out of their offices, property managers are typically away from their desks, showing apartments, meeting with tenants, or checking on the maintenance staff.
Property Manager Job Description
Property managers make sure that the properties under their supervision maintain their appearance, operate smoothly, and preserve or increase value. They inspect all facilities, supervise, hire, and assign duties to maintenance staff, and contract for services such as landscaping or trash removal.
They also show properties to prospective buyers or tenants, collect monthly rents, and explain occupancy terms, pay maintenance fees, and other taxes. On the administrative front, they ensure that all procedures comply with relevant laws, such as the Federal Fair Housing Amendment. They also keep property records and prepare financial reports and budgets for owners.
Property Management Specialties
The job titles and roles of property managers can vary by specialty. Real-estate managers oversee income-producing commercial and residential properties so that investors receive the maximum returns. They manage financial operations, such as payroll, maintenance bills, and tax payments. Community association managers administer communal properties like condominiums so that all residents pay their fees on time and are treated fairly.
On-site property managers handle daily operations of a single property, such as shopping centers. They make repairs as needed and keep facilities clean. Finally, real estate asset managers coordinate the selling, buying, and development of real estate on behalf of businesses and investors.
Property managers learn their roles in multiple ways. Most employers prefer college graduates for off-site positions, or contract management or for dealing with finances. Degrees in real estate, business administration, accounting, or public administration are normal.
Managers of apartment buildings or single properties may only need vocational training, especially if they have previous experience or a high school diploma. States require real estate managers who sell, buy, and rent property to have licenses. In some states, property association managers also require licensing. Managers of public housing supported by the federal government need certifications.
How Much do Property Managers Make
Careers in US: According to the BLS, property managers had average salaries of $58,760 per year, as of May 2019. However, the top ten percent earned over $129,160 annually, while the lowest-earning made less than an annual $39,810 annually. This occupation is expected to grow by seven percent in the time between 2018 and 2028, so opportunities in this sector are encouraging with a projected addition of 26,500 jobs. And with forty-two percent of people working in this sector being self-employed, the sky is not the limit.
Careers in Europe: An entry-level Property Manager with less than one year experience can expect to make an average total compensation (includes bonus, tips, and overtime pay) of £20,261. An early career Property Manager with 1-5 years of experience makes a total average wage of £22,564. A mid-career Property Manager with 5-10 years of experience makes an average total remuneration of £26,001. An experienced Property Manager with 10-20 years of experience makes an average total compensation of £29,563. In their late-career (20 years and higher), employees make an average full pay of £33,832.
Careers in Asia: An early career Property Manager with 1-5 years of experience makes an average total compensation (including bonus, tips, and overtime pay) of S $ 32,400. A mid-career Property Manager with 5-10 years of experience makes an average total compensation of S$50,398. An experienced Property Manager with 10-20 years of experience makes an average total compensation of S$76,676. In their late-career (20 years and higher), employees make an average total compensation of S$69,000.
Job Growth Trend
Property managers can expect to have excellent career prospects, especially if they have real estate experience and a bachelor’s degree. The U.S. BLS estimates ten percent job growth for the property management profession between 2016 and 2026, which is quicker than the seven percent rate projected for occupations overall. An increase in public renting properties, such as senior housing facilities and apartments, drives property managers’ demand. Residential owner associations will also have more demand for property managers.(1)