What Is Needed to Be a Property Manager?

Some onsite apartment managers must live on the property where they work.

Property managers control the financial aspects of different types of properties: from apartments and condos to office buildings and retail locations. Comparably little technical knowledge is required in this position for how well it can pay. As of 2011, the Bureau of Labor Statistics states that the mean annual wage for property managers was $62,400, with the top tenth percentile earning an average of $111,320.

Education Requirements

A college degree can boost your job opportunities and salary as a property manager. A degree in business administration or real estate is optimal, though a degree in finance, accounting or even liberal arts might suffice if your coursework taught you about business and management. If you want to manage commercial property or work in contract management, it will help you immensely to have a master’s degree, according to the Bureau of Labor Statistics.

Licensure

In some states, though not all, property managers must be licensed. If you manage a property that is subsidized by the government, you must be licensed by the federal government. To see what your state requires, visit your state’s website (see “Resources”), and visit the page for its department of labor or licensing. You might need to meet an age requirement, pass a state-approved property management course and pay a fee to obtain a license.

Experience

Although nearly half of property managers are self-employed as of 2011, rarely does a property manager start in this high-level position. Usually, he will work as an assistant to an established manager, learning about maintaining buildings, insurance and law, communications and accounting. Also, working as a real estate agent first can help you hone your communication and sales abilities, which will prepare you for the responsibilities of being a property manager.

Job Duties

As property manager, you are ultimately responsible for all financial operations of your property. You must be able to meet financial goals for your property, ensure that you receive rent or mortgage payments from tenants on time, and pay insurance and maintenance costs for your property. If you are an onsite property manager for a single property, you must deal with tenants directly and review the property to determine whether it needs repairs or other changes. Offsite managers deal with the more complex financial aspects of multiple, and larger, properties.

References

• Bureau of Labor Statistics; Property, Real Estate, and Community Association Managers; September 2010
• Bureau of Labor Statistics; Occupational Employment and Wages, May 2010: Property, Real Estate and Community Association Managers; May 2011
• South Carolina Department of Labor, Licensing and Regulation; Licensure Requirements

Resources

• USA.gov: State Government Websites