- A Real Estate Property Manager in the median range typically earns $76,813 per year (Salary.com).
- A Property Acquisitions Manager can expect to earn between $48,435 and $137,515 per year (Salary.com).
- A Regional Property Operations Manager can expect to earn between $44,968 and 127,835 (Salary.com).
Facts at a glance
- The Bureau of Labor Statistics projects a 9-17% increase in Real Estate Property Management jobs through 2014 (USDL). Job growth is also expected to increase along with the expansion in the real estate and rental industries.
- The best job opportunities go to candidates with a college degree in real estate, business administration or a related field, or to those with a professional designation (such as CRS, GRI or NAR).
Summary of what this career entails
A Real Estate Property Manager is in charge of running the day-to-day operations of a commercial, industrial or residential property or a portfolio of properties to maintain and increase property value. Property Managers keep track of operating costs, budgets, revenues, collect rent, ensure that the mortgage, tax, insurance, payroll and maintenance bills are paid on time. Property Managers also negotiate and supervise bidding contracts for janitorial, security, groundskeeping, trash removal, and other services.
Examples and or details of work
On October 31, 2006, the Chicago Tribune reported that CB Richard Ellis Group Inc., the world's largest commercial real estate broker announced its plans to buy Dallas-based rival Trammell Crow Co. for $1.8 billion in cash (Packard and Crenson). The merger will allow the Los Angeles-based firm to more than double its property management business.
In a blog titled “Power Tools for Property Managers” posted on October 4, 2006, the National Association of Realtors (NAR) reported that the Austin, Texas-based REIT American Campus Communities (which owns and manages 38 properties in and around college campuses, and provides management and leasing services for other owners at 15 additional student housing properties) had generated $26 million in cash flow over the past four financial quarters from operations on review of $105 million. AAC's net income totaled $4.86 million.
On September 21, 2006, the Washington Times reported that a Senate committee approved a bill to utilize "green" design for new federal government buildings in the Washington area. This legislation would create a new office to encourage the General Services Administration (the government's property-management arm) to "make environmentally friendly features, such as solar heat and recycled water, a high priority when the agency awards contracts to architects" (Ramstack).
Degrees that lead to this career
Candidates with a college degree in business administration, accounting, finance, real estate, public administration, or related fields are preferred, but those with degrees in the liberal arts also may qualify.
Atlanta Business Chronicle. “CB Richard Ellis to acquire Trammell Crow.” Atlanta Business Journals.com. 31 Oct. 2006. 1 November 2006.
National Association of Realtors. “Campus housing REITs are all the rage.” Narblog 1.
4 Oct. 2006. 31 October, 2006.
Packard, Simon, and Sharon L. Crenson. “CB Richard Ellis to buy Trammell Crow.” Bloomberg News. 31 Oct. 2006. 1 November 2006.
<http://www.chicagotribune.com/business/>. Path: Search; CB Richard Ellis.
Ramstack, Tom. “Federal buildings going 'green'.” The Washington Times.com. 21 Sep. 2006.
1 November 2006.
Salary.com. 2000-2006. 31 October 2006.
<http://swz.salary.com>. Path: Search; Real Estate; Property Manager; Base Pay (Free).
U.S. Department of Labor. Bureau of Labor Statistics. “Property, Real Estate, and Community Association Managers.” Job Outlook. 4 Aug. 2006. 31 October 2006.