Property, Real Estate, and Community Association Managers

Overview Nature of Work Knowledge Areas Skills Utilized Job Activities Abilities Job Conditions Work Satisfaction Education/Training

Educational Attainment Breakdown for Property, Real Estate, and Community Association Managers College or Higher 38.1% Some College 35.0% High School or Less 26.9%

Most Significant Source of Postsecondary Education or Training
Bachelor's degree
Source: U.S. Department of Labor

For the most part, onsite property managers who primarily oversee the rental and maintenance of properties learn on the job or have experience in the real estate or maintenance field. Managers of commercial properties and those dealing with a property's finances and contract management increasingly are needing a bachelor's or master's degree in business administration, accounting, finance, or real estate management, especially if they do not have much practical experience.

Education and training. Most employers prefer to hire college graduates for property management positions, particularly for offsite positions dealing with a property's finances and contract management and for most commercial properties. A bachelor's or master's degree in business administration, accounting, finance, real estate, or public administration is preferred for these positions. Those with degrees in the liberal arts also may qualify, especially if they have relevant coursework. In addition, most new managers participate in on-the-job training. Many people entering jobs such as assistant property manager have onsite management experience.

Licensure. Real estate managers who buy or sell property are required to be licensed by the State in which they practice. In a few States, property association managers must be licensed. Managers of public housing subsidized by the Federal Government are required to be certified.

Other qualifications. Previous employment as a real estate sales agent may be an asset to onsite managers, because it provides experience that is useful in showing apartments or office space. In the past, those with backgrounds in building maintenance have advanced to onsite management positions on the depth of their knowledge of mechanical systems in buildings, but this path is becoming less common as employers place greater emphasis on administrative, financial, and communication abilities for managerial jobs.

People most commonly enter real estate asset manager jobs by transferring from positions as property managers or real estate brokers. Real estate asset managers must be good negotiators, adept at persuading and working with people, and good at analyzing data in order to assess the fair-market value of property or its development potential. Resourcefulness and creativity in arranging financing are essential for managers who specialize in land development.

Good speaking, writing, computer, and financial skills, as well as an ability to deal tactfully with people, are essential in all areas of property management.

Certification and advancement. Many people begin property management careers as assistants, working closely with a property manager and learning how to prepare budgets, analyze insurance coverage and risk options, market property to prospective tenants, and collect overdue rent payments. In time, many assistants advance to property manager positions.

Some people start as onsite managers of apartment buildings, office complexes, or community associations. As they gain experience, often working under the supervision of a more experienced property manager, they may advance to positions of greater responsibility. Those who excel as onsite managers often transfer to assistant offsite property manager positions, in which they can gain experience handling a broad range of property management responsibilities.

The responsibilities and compensation of property, real estate, and community association managers increase as these workers manage more and larger properties. Property managers are responsible for several properties at a time. As their careers advance, 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, homeowners' associations, or retail properties. Managers who do well at marketing properties to tenants might specialize in managing new properties, while those who are specifically knowledgeable about buildings and their mechanical systems might specialize in the management of older properties requiring renovation or more frequent repairs. Some experienced managers open their own property management firms.

Many employers encourage managers to attend short-term formal training programs conducted by various professional and trade associations that are active in the real estate field. Employers send managers to these programs to develop their management skills and expand their knowledge of specialized fields, such as the operation and maintenance of mechanical systems in buildings, the improvement of property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, accounting and financial concepts, and reserve funding. Managers also participate in these programs to prepare themselves for positions of greater responsibility in property management. The completion of such programs, plus related job experience and a satisfactory score on a written examination, can lead to certification, or the formal award of a professional designation, by the sponsoring association. (Some organizations offering certifications are listed as sources of additional information at the end of this statement.) A number of associations also require their members to adhere to a specific code of ethics.

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