Not all real estate careers deal with buying or selling homes. Some require more attention to management than sales, namely property and real estate management jobs. If you've ever worked in an office building or rented an apartment, chances are it was a property manager that held things together! Here's what they do, how much they earn and how you can become one!
More often than not, rental properties are run by real estate or property managers. These guardians oversee day-to-day activities, like making sure repairs are timely and the accounting adds up. They also manage the long-term interests of the owner, making sure their investment remains strong.
What Makes a Good Property Manager?
Property managers are involved in a variety of activities throughout the day, so they must be good at multitasking. They must also have strong interpersonal skills. Real estate managers deal with many people throughout the day, including building maintenance crews, doormen, leasing office staff, and potential renters. They benefit from having a composed, professional demeanor and a clear mind for solving problems and responding to emergencies, such as earthquakes, fires, and floods.
Sales and marketing are also an important part of property management. Managers need to have a keen sense of the value of their rental properties and how to fetch the best price. When the rental market is soft, the sales aspect of property management becomes more important. Managers must devise creative strategies to attract business, such as offering discounts or hosting special events at the property.
Training for Careers in Real Estate Management
According to the Bureau of Labor Statistics (BLS), "most employers prefer to hire college graduates for property management positions." The BLS adds that good preparation for careers in property management include business-related degrees. What's most important, however, is having an ability to follow through with the business of the day and find common sense solutions to problems.
Property Manager Salaries
Median annual earnings of salaried property and real estate managers and community association managers (people who manage residential properties such as condos and apartments) were $39,980 in 2004, but the highest paid property managers earned more than $89,000 a year. Better paying management jobs will likely be in buildings in high-valued business districts, such as those in downtown New York, San Francisco, and Boston, though education is certainly a factor. A business degree could have a significant impact on your earning potential.
The Bureau of Labor Statistics
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