Property, real estate, and community association managers held about 363,000 jobs in 2018. The largest employers of property, real estate, and community association managers were as follows:
| Real estate | 45% |
| Self-employed workers | 42 |
| Civic, social, professional, and similar organizations | 2 |
Most property, real estate, and community association managers work out of an office. However, many managers spend much of their time away from their desks. Onsite managers, in particular, may spend a large part of their workday visiting the building engineer, showing apartments, dealing with owners and board members, checking on the janitorial and maintenance staff, or investigating problems reported by residents. Real estate asset managers may spend time away from home while traveling to company real estate holdings or searching for properties to buy.
Managing properties or community associations, or selling and leasing real estate, can sometimes be stressful.
Work Schedules
Property, real estate, and community association managers often attend evening meetings with residents, property owners, community association board members, or civic groups. As a result, long workdays are common. Some apartment managers are required to live in the apartment complexes where they work, so that they are available to respond to emergencies even when they are off duty.
Most property, real estate, and community association managers work full time.
Although many employers prefer to hire college graduates, a high school diploma combined with several years of related work experience is typically required for entry-level positions. Some managers also must have a real estate license.
Education
A high school diploma or equivalent is typically required for most onsite property management positions. However, many employers prefer to hire college graduates for commercial management positions and offsite positions dealing with a property’s finances or contract management. A bachelor’s or master’s degree in business administration, accounting, finance, real estate, or public administration is preferred for these types of positions.
Work Experience in a Related Occupation
Property, real estate, and community association managers typically have several years of prior work experience. Experience in real estate sales is a good background for onsite managers because real estate salespeople also show commercial properties to prospective tenants or buyers.
Licenses, Certifications, and Registrations
Real estate managers who buy or sell property must have a real estate license in the state in which they practice. In a few states, property and community association managers also must have a real estate license. Managers of public housing subsidized by the federal government must hold certifications.
Property, real estate, and community association managers working in Alaska, Delaware, Florida, Georgia, Hawaii, Illinois, Nevada, Virginia, and the District of Columbia are required to obtain professional credentials or licensure. Requirements vary by state, but many managers working in states without requirements still obtain designations to show competence and professionalism. BOMI International , the Community Associations Institute , the Institute of Real Estate Management , the National Association of Residential Property Managers , and the Community Association Managers International Certification Board all offer various designations, certifications, and professional development courses. Most states require recertification every 2 years.
In addition, employers may require managers to attend formal training programs from various professional and trade real estate associations. Employers send managers to these programs to develop their management skills and expand their knowledge of specialized fields, such as how to operate and maintain mechanical systems in buildings, how to improve 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. With related job experience, completing these programs and receiving a satisfactory score on a written exam can lead to certification or the formal award of a professional designation by the sponsoring association.
Advancement
Many people begin property management careers as assistant managers, working closely with a property manager. 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, 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 gain experience handling a broad range of property management responsibilities.
The responsibilities and pay of property, real estate, and community association managers increase as these workers manage more and larger properties. Property managers are often responsible for several properties at a time. Some experienced managers open their own property management firms.
Property, real estate, and community association managers typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a property, real estate, and community association manager, you can take a career test to measure your interests.
Property, real estate, and community association managers should also possess the following specific qualities:
Customer-service skills . Property, real estate, and community association managers must provide excellent customer service to keep existing clients and expand their business with new ones.
Interpersonal skills . Because property, real estate, and community association managers interact with people every day, they must have excellent interpersonal skills.
Listening skills . Property, real estate, and community association managers must listen to and understand residents and property owners in order to meet their needs.
Organizational skills . Property, real estate, and community association managers must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.
Problem-solving skills . Property, real estate, and community association managers must be able to mediate disputes or legal issues between residents, homeowners, or board members.
Speaking skills . Property, real estate, and community association managers must understand leasing or rental contracts and must be able to clearly explain the materials and answer questions raised by a resident or group of board members.
The median annual wage for property, real estate, and community association managers was $58,760 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $31,030, and the highest 10 percent earned more than $129,160.
In May 2019, the median annual wages for property, real estate, and community association managers in the top industries in which they worked were as follows:
| Civic, social, professional, and similar organizations | $57,580 |
| Real estate | 56,370 |
Property, real estate, and community association managers often attend evening meetings with residents, property owners, community association board members, or civic groups. As a result, long workdays are common. Some apartment managers are required to live in the apartment complexes where they work, so that they are available to respond to emergencies even when they are off duty.
Most property, real estate, and community association managers work full time.
Employment of property, real estate, and community association managers is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.
Employment growth may result from more people living in the types of buildings that property management companies operate, such as apartment buildings, condominiums, cooperatives, planned communities, and senior housing.
Growth in the single-family housing market also may have a positive influence on demand, as some new housing developments will require property managers to oversee jointly owned common areas, such as pools, gyms, and business centers and to enforce homeowner association laws.
Job Prospects
Job opportunities should be best for those with a bachelor’s degree in business administration, real estate, or a related field and for those with professional certification.
Because of the projected increase in the elderly population, particularly good job opportunities are expected for those with experience managing retirement centers, age-restricted communities, and healthcare facilities.
For information about professional designation and certification programs for property, real estate, and community association managers, visit
Community Associations Institute
Community Association Managers International Certification Board
Institute of Real Estate Management
National Association of Residential Property Managers