The following article discusses the career path of Real Estate Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Real Estate Managers.<!- mfunc feat_school ->
Real estate managers are responsible for ensuring that real estate properties are properly managed. This means that they coordinate the various administrative tasks that encourage growth in the company, that they communicate and negotiate with clients, that they create leases and renew them, and more. They have an in-depth understanding of local real estate demographics, as well as contract terminology, which means they can advise employers, buyers, and sellers alike in terms of their real estate decisions.
They also look at expenses and revenues, valuations, and customer inquiries. They respond to the questions tenants may have in a timely, professional way. They work with technical staff to put solutions in place, arrange property inspections, write reports, help with marketing, and are a first point of contact for property owners. They create a lease analysis of the market, monitoring what other brokers are doing. They also ensure that all legal notices are sent out and that rent is collected properly. Furthermore, they must follow confidentiality procedures at all times.
Other job duties of a real estate manager are:
- To review and analyze data in order to create real estate property reports
- To oversee and supervise appearance and maintenance standards
- To ensure that all lease terms are complied with
- To identify and resolve problems on site
- To deal with all entity level financials, project financials, and taxes in a timely manner
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 317,300 property, real estate, and community association managers in 2016. The largest employers of these professionals were:
- Real estate: 45%
- Self-employed workers: 42%
- Civic, social, professional, and similar organizations: 3%
How to Become
A real estate manager usually holds a bachelor’s degree with a property management or related major. They often have significant experience in managerial roles. They must also be able to demonstrate that they can work independently, while being strong team players at the same time.
A real estate manager is usually required to hold at least a bachelor’s degree. That said, it is not unheard of for someone to enter the field of property management with a high school diploma and to grow from there. College graduates are certainly in higher demand, because they have an in-depth understanding of contract management and property finances. Popular majors for real estate managers include public administration, real estate, finance, accounting, and business administration.
Work experience is also very important and most real estate managers have worked in the field for several years. Usually, they come from a real estate sales background. That said, others have more technical backgrounds, such as in property maintenance.
If a real estate manager wishes to buy or sell property, they must be licensed to do so in their state. If they manage public housing that receives federal government subsidies, they must also be certified. In certain states (the District of Columbia, Virginia, Nevada, Illinois, Hawaii, Georgia, Florida, Delaware, and Alaska), they must also be licensed or hold professional credentials. Certifications are offered through the Communication Association Managers International Certification Board, the National Association of Residential Property Manager, the Institute of Real Estate Management, the Community Associations Institute, and BOMI International. All are usually valid for a limited time only and must be renewed periodically.
Real estate managers may also have to complete additional training as it relates to their particularly employer. For instance, they must learn how to operate certain mechanical systems, how to conduct risk assessments, or what different accounting principles are. Some of these training sessions also lead to certification. Usually, however, the real estate manager must be sponsored by their employer in order to be able to take part in this training.
Traits & Qualities
The most effective real estate managers have the following traits to some degree or other:
- Excellent communication skills, both verbal and written
- Strong customer service skills
- Great interpersonal skills
- Excellent listening skills
- Strong organizational skills
- Great problem solving skills
- Most Reported
Salary by State
The following section lists Real Estate Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Vermont had the largest quoted salary of $144,000 while North Dakota had the smallest quoted salary of $25,440.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Real Estate Manager. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|your own Real Estate Manager||New York||$260,000|
|EWC Real Estate Manager||Michigan||$250,000|
|Marketing Enterprise Company, Inc. Real Estate Manager||Georgia||$250,000|
|National Real Estate Investment Company Real Estate Manager||Louisiana||$250,000|
|RealEstateAuctions.com Real Estate Manager||Texas||$250,000|
|National Real Estate Investor Group Real Estate Manager||Pennsylvania||$250,000|
|Marketing Rei Real Estate Manager||North Carolina||$250,000|
|Morris Williams Corporation Real Estate Manager||Texas||$200,000|
|Renatus Real Estate Manager||Virginia||$194,029|
|Essential Associates, Ltd Real Estate Manager||New York||$190,000|
|Confidential – Bank Real Estate Manager||Connecticut||$185,000|
- Property management – Wikipedia
- Property, Real Estate, and Community Association Managers
- Institute of Real Estate Management (IREM)
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