Real Estate Management
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Real estate is valuable asset to possess, but time-consuming to maintain. Businesses, homeowners, and housing cooperatives understand this, and that is why they employ real estate managers to take care of property for them. Third-party, on-site property managers are in charge of apartment complexes, homes, or retail space in lieu of their owners who can't or do not want to deal with the day-to-day logistics of the property. These on-site managers arrange contracts with lessors, collect rent, advertise the property when it is vacant, and see that any necessary repairs are done. Other property managers take care of grounds for community associations, ensuring that communally used facilities and grounds are kept in order and that community rules are enforced. Another subset of real estate managers actually buy and sell properties for their clients; they work to negotiate a reasonable sale or purchase and to obtain necessary permits.
There are several ways to begin a career as a real estate manager, but the most direct is to pursue a bachelor's or master's degree in business, real estate, accounting, or a related field. Property managers should be familiar with finance principles, marketing, accounting, and communications. Real estate asset managers and any manager that buys or sells real estate will need a state-issued license. These are earned after passing an exam.
The overall job growth for real estate managers is predicted to be about average during the next few years. General population growth will fuel the demand for more managers in housing and retail facilities. Job prospects will be especially good in facilities that cater to the growing U.S. elderly population. The middle half of real estate managers earn $32,000-69,000 a year.
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Career Specializations
- On-Site Property Managers: These are the managers who take care of any daily issues that may arise with a property. They make sure the grounds are being kept properly, respond to any maintenance requests, and interact with tenants.
- Real Estate Asset Managers: These managers take care of the acquisition and sale of properties for businesses or other clients. They manage logistics, such as the zoning of the property, and determine an appropriate sale/purchase price, depending on a number of factors.
- Community Association Managers: These are similar to on-site property managers, but are for groups or neighborhoods of homes. They see to the maintenance of jointly owned property, collect dues, and help enforce the homeowner's association rules.
Degree Levels
- Bachelor's Degree: 4 years to complete
- Master's Degree: 2 years to complete
Education & Certification Requirements
There is no one set educational path for becoming a real estate manager, but most clients prefer to hire managers who have a college education. Bachelor's degree programs in business administration, real estate, public administration, or related fields can be useful for landing a position. Depending on the management position, real estate managers may need to do such tasks as developing budgets, marketing the property, and communicating with tenants and other business professionals; all of these skills can be honed through coursework in a business-oriented college degree. Applicants with other liberal arts degrees may also qualify for positions, especially if they have academic experience in accounting or business, or professional experience in a position related to real estate management.
Some positions may require a master's degree, especially for larger or more valuable properties. A master's degree in business administration with a focus in real estate is especially applicable, as is a master's program in real estate. Master's programs in real estate include classes such as real estate development, real estate finance, real estate law, and management and leadership. These programs also allow students to specialize in a particular area of real estate, such as international real estate or real estate investment.
Real estate managers who buy or sell property will need to have a state-issued real estate license, which requires passing a written real estate exam. In certain states, property association managers must also pass an exam and earn a license. Government housing managers will need a state-issued license, as well.
Salary Information
New real estate managers with a bachelor's or master's degrees can expect yearly earnings of around $32,000. Those with professional experience can expect salaries ranging from $46,000-69,000 a year. The sectors with the highest employment of real estate managers are real estate activities, real estate lessors, real estate offices and brokers, local governments, and business and professional organizations. The states with the highest average salaries for real estate managers are New York, Virginia, Rhode Island, Nebraska, and Massachusetts, where salaries range from $81,000-101,000 a year. (BLS)
Job Outlook
The Bureau of Labor Statistics predicts that job growth for real estate managers will be about average during the 2008-2018 period. As the U.S. population grows, more managers will be needed to oversee housing complexes, rental units, condos, and community housing associations. More businesses and homeowners are realizing that a well-managed property is more appealing to tenants and remains in better condition; this leads the property to be easier to sell or lease. There will also be a slight increase in the available management positions at retail spaces, as the larger population demands more shopping options.
Because of this increase in jobs, overall job opportunities should be good in this field, especially for those with a relevant college degree. Job prospects will be especially strong for properties used by the elderly, such as assisted living facilities or senior homeowners' associations; as the U.S. elderly population expands in the coming years, these types of properties will grow in use. (BLS)
Related Careers
Marketing is a career area that requires similar skills to real estate management. In marketing, professionals analyze the available market for a particular good or service, then determine the best way to persuade that market to purchase this product. Marketing is a competitive job field, and many positions require a master's degree.
Real estate managers who buy and sell property must also have a working knowledge of finance principles. The finance career field includes bankers, investment brokers, finance managers, and many other professionals who decide the best ways to grow money. As real estate is often used as a financial investment, these areas have an overlap in skill sets.
