Career: Property Managers
Apartment buildings and office complexes don't run themselves. Someone has to take care of the many necessary details of keeping properties in tip-top shape.
That someone is the property manager -- the foundation of any building. Property managers do everything from balancing the books to keeping the water hot and the grass green.
Property managers do what it takes to make sure that apartment, office, and other buildings stay in good condition, keep earning money for their owners, and increase in value.
Did You Know?
- Many people start out in this field as onsite managers, living in the buildings they care for.
Are You Ready To...?
- Understand the legal rights of tenants
- Resolve conflicts between neighbors
- Negotiate contracts with janitors and gardeners
- Take construction bids from contractors
- Make mortgage, tax, and insurance payments
- Collect rent
- Purchase supplies
It Helps to Be...
An organized, resourceful, and diplomatic person. It’s also important to have good math and communication skills.
Make High School Count
- Take challenging math classes. As a property manager, you’ll need to do everything from preparing financial statements to negotiating contracts.
- Sign up for accounting to get a head start on a universal business major requirement.
- Master the computer, especially spreadsheet and bookkeeping software.
- Build strong reading and research skills in English and other classes. As a property manager, you’ll never know what problem might come up next -- you might need to teach yourself about anything from plumbing to real estate law.
Did You Know?
- Almost half of property managers are self-employed.
Outlook
Government economists expect jobs for property, real estate, and community association managers to grow faster than the average for all careers through 2016.
Job growth in this field is expected to accompany the thriving real estate, rental, and leasing industry. As more apartments, houses, and offices become available, there will be a higher demand for property and real estate managers. Keep in mind, though, that as a real estate professional, your success will depend in part on the ups and downs of the economy.
Those with a college degree in business administration, real estate, or a related field will have an edge in the job hunt.
Compensation
According to the U.S. Bureau of Labor Statistics, the average yearly earnings of property, real estate, and community association managers in 2008 were $56,250.
Many property and real estate managers are also given free housing as part of their payment. And some are reimbursed for the use of their personal vehicles.
