Property and Real Estate Managers
Property managers take care of the daily operation of properties. Some find, buy, and develop property.
Property managers are in charge of the daily operations of properties that owners rent or lease to other people. They may manage office buildings, apartments, retail and industrial properties, or condos.
Property and Real Estate Managers are in the Marketing, Sales, and Service career cluster and the Professional Sales pathway.
Quick Facts
Wages: |
Above the statewide median
$24.99 / hour Read more about wages |
Outlook: |
Percent Growth
8.1% Below statewide average Read more about outlook |
Education & Training: |
Bachelor's degree is common. |
On the Job: |
Work Activities
Assess your skills |
Job Title Examples: |
Community Manager,
Lease Administration Supervisor,
On-Site Manager
See more job title examples |
Source: Minnesota Department of Education, Minnesota Department of Employment and Economic Development, and CareerOneStop.
Wages & Outlook
Wages
Some apartment managers live in the building they manage. Employers may provide the apartment as part of their salary. Some property managers may use a company car. Those who work in land development may receive bonuses from projects they develop.
Pay varies with the employer's size, the property's location, and the type of property managed. Property and real estate managers who have more experience and training earn more than those who are new to the occupation.
Property and real estate managers who work full time usually receive benefits. These benefits may include health insurance, sick leave, and paid vacation. Managers who are self-employed must provide their own insurance.
View the Regional Wage Comparison Chart for:
Employment
In Minnesota, about 4,021 property and real estate managers work in this medium-sized occupation.
About 51 percent of property and real estate managers are self-employed.
Major employers:
- Apartment complexes
- Property management firms
- Real estate agencies
Outlook
As the population ages, more assisted care and retirement communities will be built. This will increase the need for property managers. In addition, as the population grows more people will be living in apartment buildings, condominiums, and housing developments with homeowner associations. To help make these housing areas successful, owners hire real estate and property managers.
Many jobs will be available as property managers move to other occupations or retire. Job opportunities will be excellent for those with experience managing housing for older people and with experience managing health care facilities.
| Employment | Employment Change | |||
|---|---|---|---|---|
| 2010 | 2020 | Number | Percent | |
| U S | 303,900 | 322,200 | 18,400 | 6.1% |
| Minnesota | 5,062 | 5,474 | 412 | 8.1% |
| 2010 | 2020 | Number | Percent | |
| Central Minnesota | 478 | 547 | 69 | 14.4% |
| Northeast Minnesota | 231 | 250 | 19 | 8.2% |
| Northwest Minnesota | 256 | 307 | 51 | 19.9% |
| Southeast Minnesota | 325 | 364 | 39 | 12% |
| Southwest Minnesota | 270 | 297 | 27 | 10% |
| Seven County Mpls-St Paul, MN | 3,548 | 3,753 | 205 | 5.8% |
Source: Minnesota Department of Employment and Economic Development and Minnesota Department of Education.
On the Job
Overview
Property managers take care of the daily operation of properties. Some find, buy, and develop property.
The need for shelter is considered one of the top needs of human existence. That's why the search for an apartment can often be an epic undertaking. There are many factors to consider, from rental prices to the number of bedrooms to the part of town you would like to live in. Does the property allow pets? What are the floor plans? Is there a dishwasher? The list is seemingly endless. Hopefully, the right apartment (or condo, house, or office) will emerge, along with a property manager who keeps the place running.Property managers are in charge of the daily operations of properties that owners rent or lease to other people. They may manage office buildings, apartments, retail and industrial properties, or condos. Managers show vacant spaces to people who want to rent. They explain the rules of the lease to clients. They also set rental rates, handle bookkeeping, and collect payments. Managers make sure that mortgages, taxes, and other property bills are paid. They keep track of profits and losses for property owners.
Some property managers live at a property. These are called on-site managers. Working with people is an important part of their job. They look into problems or conflicts. When residents break rules, managers try to persuade them to change their behavior. If problems continue, managers may consult with legal advisors about asking residents to leave buildings. On-site managers inspect buildings after renters move out and determine if repairs are needed.
Property managers recruit, hire, and train their staff. These workers include secretaries, bookkeepers, and maintenance workers. Property managers plan, schedule, and coordinate repairs and maintenance of their properties. They assign simple repairs to their own maintenance workers. However, they also hire outside companies, such as construction firms or exterminators. If they use these services frequently, managers may gather bids from several vendors. Managers evaluate the bids and negotiate contracts.
Some property managers are called real estate asset managers. They act on behalf of clients to plan the purchase, development, and sale of real estate. Real estate managers focus on the long-term plans rather than the day-to-day problems. Some real estate managers are hired to find good places for hotels, stores, or factories. They research sites by looking at zoning, property values, and traffic patterns. Once managers find suitable spots, they meet with clients to discuss the land. Managers negotiate to buy or lease suitable properties.
Work Activities
The following list of occupational tasks is specific to this career.
- Manage office buildings, apartments, and retail and industrial properties.
- Meet customers to show them buildings. Explain rules and provide information about the local area.
- Direct collection of monthly payments from clients. Make sure property insurance, taxes, and mortgages are paid.
- Maintain records of sales, rentals, costs, and property availability.
- Investigate complaints about tenants and resolve problems. Act as a liaison between tenants and landlords.
- Confer with lawyers to make sure contracts follow laws.
- Recruit, hire, and train managerial, clerical, and maintenance staff.
- Direct and coordinate staff and evaluate their work.
- Inspect buildings, grounds, and equipment. Determine what repairs need to be made.
- Plan and schedule repairs, remodeling, and construction projects.
- Purchase building and maintenance supplies, equipment, and furniture.
- Gather and analyze construction and vendor bids for jobs.
- Negotiate contracts with companies that provide cleaning, painting, and other maintenance services.
- Prepare financial and summary reports of property.
- Meet with clients who want to purchase properties.
- Negotiate sale or lease of property. Review and complete forms.
People in this career perform the following list of tasks, but the tasks are common to many occupations.
- Get information needed to do the job.
- Perform administrative tasks.
- Establish and maintain relationships.
- Evaluate information against standards.
- Communicate with supervisors, peers, or subordinates.
- Resolve conflicts and negotiate with others.
- Organize, plan, and prioritize work.
- Communicate with people from outside the organization.
- Guide, direct, and motivate subordinates.
- Document and record information.
- Inspect equipment, structures, or materials.
- Work with the public.
- Think creatively.
- Process information.
- Teach others.
- Analyze data or information.
- Make decisions and solve problems.
- Judge the value of objects, services, or people.
- Convince others to buy goods or change their minds or actions.
- Explain the meaning of information to others.
Working Conditions
In a typical work setting, people in this career:
- Have a high level of contact with the public and staff.
- Communicate by telephone, letters, memos, and in person on a daily basis. They also use e-mail, but less often.
- Are responsible for the health and safety of tenants.
- Are responsible for the work done by their staff.
- Are sometimes in conflict situations. They sometimes may deal with angry or unhappy people.
- Usually work as part of a team.
- Often work indoors. On-site managers may spend time outdoors when showing property or meeting with staff.
- Must be sure that all details of the job are done and completed accurately. Errors could cause property owners to lose money.
- Make decisions on a daily and weekly basis that impact their employer's reputation.
- Work in a competitive atmosphere where strict daily deadlines must be met.
- Make most, but not all, decisions independently. They may also consult supervisors and other workers when making an important decision.
- Determine most of their daily tasks and goals independently.
- Often repeat the same mental tasks.
- May work full time or part time. Most work full time.
- Generally work a set schedule.
- May work evenings or weekends to show properties. Property and real estate managers are usually given other days off during the week if they work weekends.
- May travel to visit properties. Real estate managers may travel out of town to check out new properties for sale.
Interpersonal Relationships
Physical Work Conditions
Work Performance
Hours/Travel
Physical Demands
In a typical work setting, people in this career:
- Sit for long periods of time.
- Speak clearly so listeners can understand.
- Understand the speech of another person.
- See details of objects that are less than a few feet away.
- See details of objects that are more than a few feet away.
- Determine the distance between objects.
People in this career frequently:
It is important for people in this career to be able to:
It is not as important, but still necessary, for people in this career to be able to:
Source: Minnesota Department of Education.
Education & Training
Preparation
To work as a property and real estate manager, you typically need to:
- have a high school diploma or GED; and
- have one to five years of related administrative work experience.
Education after high school
While a bachelor's degree is not required, it is common preparation for this occupation. Many majors are good preparation for this occupation. Several of the best are business management, real estate, accounting, and finance. Liberal arts degrees are also acceptable.
Work experience
Most prepare for this occupation through years of related work experience. You can start in this field as an on-site manager of an apartment building. You work under the supervision of a property manager. You learn how to prepare budgets and market the property to customers.
Although not required, work experience as a real estate agent is valuable experience. As an agent, you negotiate prices, show properties, determine values, and persuade people.
On-the-job training
Many employers send new property managers to short-term training programs. These programs help you improve your management skills. Helpful classes include building repair and staff management.
Those who enter the field without formal training may be hired as managers-in-training. These trainees learn the skills on the job. Learning all the details of the job this way may take up to a year.
Related Programs (Current training programs available)
Fields of Study (What to study to prepare for this career)
Click on any of the Fields of Study listed below to find out more about preparing for this career.
- Accounting
- Business Management and Administration
- Entrepreneurial and Small Business Operations
- Real Estate
Helpful High School Courses
In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.
You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.
Helpful electives to take in high school that prepare you for this occupation include:
- Accounting
- Building Maintenance
- Computer Applications
- Consumer Law
- Keyboarding
- Office Procedures
Many property and real estate managers are self-employed. If you want to run your own business some day, you should consider taking these courses as well:
- Accounting
- Entrepreneurship
- Introduction to Business
The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.
You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.
Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career.
Source: Minnesota Department of Education.
Skills
People in this career need to:
- Listen to others, understand, and ask questions.
- Read and understand written materials.
- Express ideas clearly when speaking or writing.
- Analyze ideas and use logic to determine their strengths and weaknesses.
- Judge the costs and benefits of a possible action.
- Notice when something is wrong or is likely to go wrong.
- Identify problems and review information. Develop, review, and apply solutions.
- Combine several pieces of information and draw conclusions.
- Concentrate and not be distracted while performing a task.
- Use reasoning to discover answers to problems.
- Develop rules or follow guidelines for arranging items.
- Think of original, unusual, or creative ways to solve problems.
- Use math skills to solve problems.
- Manage the time of self and others.
- Motivate, develop, and direct people as they work.
- Decide how to spend money to get the work done and keep track of how the money was used.
- Check how well one is learning or doing something.
- Obtain needed equipment, facilities, and materials and oversee their use.
- Be aware of others' reactions and change behavior in relation to them.
- Look for ways to help people.
- Solve problems by bringing others together to discuss differences.
- Use several methods to learn or teach others how to do something.
- Persuade others to approach things differently.
- Determine the causes of technical problems and find solutions for them.
Communicate
Reason and Problem Solve
Use Math and Science
Manage Oneself, People, Time and Things
Work with People
Work with Things
Knowledge
People in this career need knowledge in the following areas:
- Customer and Personal Service: Knowledge of providing special services to customers based on their needs.
- Administration and Management: Knowledge of managing the operations of a business, company, or group.
- Sales and Marketing: Knowledge of advertising and selling products and services.
- Clerical: Knowledge of general office work such as filing and recording information.
- English Language: Knowledge of the meaning, spelling, and use of the English language.
- Mathematics: Knowledge of the rules and uses of numbers. Areas of knowledge include arithmetic, algebra, geometry, and statistics.
- Economics and Accounting: Knowledge of producing, supplying, and using goods and services. Also includes knowledge of the methods for keeping business records.
- Personnel and Human Resources: Knowledge of the department that is in charge of the relationship between a company and its employees. In particular, includes knowledge of the activities performed by the department.
Interests
People in this career are people who tend to:
- Consider independence important. They like to make decisions and try out ideas on their own. They prefer jobs where they can plan their work with little supervision.
- Consider achievement important. They like to see the results of their work and to use their strongest abilities. They like to get a feeling of accomplishment from their work.
- Consider good working conditions important. They like jobs offering steady employment and good pay. They want employment that fits their individual work style. They may prefer doing a variety of tasks, working alone, or being busy all the time.
- Consider recognition important. They like to work in jobs which have opportunities for them to advance, be recognized for their work, and direct and instruct others. They usually prefer jobs in which they are looked up to by others.
- Consider relationships important. They like to work in a friendly, non-competitive environment. They like to do things for other people. They prefer jobs where they are not pressured to do things that go against their sense of right and wrong.
- Have enterprising interests. They like work activities that involve starting up and carrying out projects, especially in business. They like to lead and persuade others, make decisions, and take risks for profit.
- Have conventional interests. They like work activities that follow set procedures, routines, and standards. They like to work with data and detail. They prefer working where there is a clear line of authority to follow.
Source: Minnesota Department of Education.
Tools & Technology for Property, Real Estate, and Community Association Managers
Tools
Calculators or accessories
| Notebook computers
|
Technology
Access software
| Electronic mail software
|
Licensing / Certification
Certification Details
Certifications are examinations that test or enhance your knowledge, experience or skills in an occupation or profession.
There are 61 certifications related to this career.
Licensing Details
No State of Minnesota license requirements are found for this career.
Source: Minnesota Department of Employment and Economic Development and CareerOneStop.
Jobs
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Hiring Practices
Employers prefer to hire property and real estate managers who have experience as assistant property managers. Some employers prefer to hire those who have a bachelor's degree.
Employers look for managers who have good communication and computer skills. Employers also look for managers who can work well with many types of people. Employers who run small complexes may prefer to hire people who have building repair skills.
Advancement Opportunities
Once on-site managers gain experience, they may move to assistant manager positions at larger properties. They may be responsible for several properties or more staff.
Some managers advance by specializing in one type of property, such as apartments or office buildings. Those who are good at promoting apartments may specialize in new properties. Those who enjoy making repairs may focus on older properties.
Attending short-term training programs may help managers advance.
Job Title Examples
Community Manager, Lease Administration Supervisor, On-Site Manager, Property Manager, Apartment Manager, Leasing Manager, Resident Manager
Similar Careers
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If you are looking to broaden your job search,
these careers require similar skills. Click on the names to link to their career profile.
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Related Industries
Below are industries related to Property and Real Estate Managers you may be interested in reading about. Employers in these industries typically hire
Property and Real Estate Managers. Click on the names to link to their industry profile.
Business Management And Support Services
Construction
Real Estate
Source: Minnesota Department of Employment and Economic Development and Minnesota Department of Education.
