Owners who do not live at their properties, or a group of people who share common occupancy, such as an office building, turn to property managers to handle daily care and building operations, efficiently, fairly and under budget. Although they can work out of their offices, property managers are typically away from their desks showing apartments, checking on maintenance staff or meeting with tenants.
Roles
Property managers ensure that the properties under their care operate smoothly, maintain their appearance, and either preserve or increase in value. They inspect all facilities; hire, supervise and assign duties to maintenance staff; and contract for services such as trash removal or landscaping. They also show properties to prospective tenants or buyers, explain occupancy terms and collect monthly rents; and pay taxes and other maintenance fees. On the administrative side, they ensure that all procedures comply with relevant laws, such as the Federal Fair Housing Amendment. They also keep property records and prepare budgets and financial reports for owners.
Specialties
The roles and job titles of property managers can vary by specialty. Real-estate managers oversee income-producing residential and commercial properties so that investors receive the maximum returns. They handle financial operations, such as tax payments, payroll and maintenance bills. Community association managers administer communal properties such as condominiums so that all residents are treated fairly and pay their fees on time. Onsite property managers are in charge of daily operations on a single property, such as a shopping center. They keep facilities clean and make repairs as needed. Finally, real estate asset managers coordinate the buying, selling and development of real estate on behalf of investors and businesses.
Education
Property managers learn their roles in several ways. Many employers prefer college graduates for off-site positions, or for dealing with finances or contract management. Degrees in business administration, accounting, real estate or public administration are typical. Managers of single properties or apartment buildings may only need a high school diploma or vocational training, especially if they have previous experience. States require real estate managers who buy and sell property to have licenses. Managers of public housing subsidized by the federal government need certifications. In some states, property association managers also need licensing.
Salaries
Property managers had average salaries of $63,150 per year, or $30.36 per hour, as of May 2011, according to the Bureau of Labor Statistics. However, the top 10 percent earned over $112,630 yearly, or $54.15, while the lowest-earning made less than an annual $25,810 yearly, or $12.41 per hour. More than a third of 152,380 managers in thte United States worked in activities related to real estate, averaging $61,150 per year, or $29.40 per hour. The highest wages were with insurance carriers at a mean annual $117,880, or $56.67 hourly.
From: http://work.chron.com
