PROPERTY MANAGERS TAKE CARE OF RESIDENTIAL, COMMERCIAL AND INDUSTRIAL PROPERTIES.
In addition to overseeing the daily operation and maintenance of these properties, their duties may include meeting with prospective renters, collecting monthly fees, keeping financial records, and paying bills, insurance, taxes or other fees. In order to ensure their properties are well-maintained and running properly, they may be required to inspect all buildings, grounds and equipment and arrange for any necessary repairs or updates. As the on-site representative, acting on behalf of the building- or homeowner, these management professionals must guarantee that proper procedures and laws are followed, and are sometimes called upon to handle problems, complaints and disturbances.
Property managers are employed at commercial, industrial, resort and residential properties such as apartment buildings, office complexes and shopping centers. They may also be employed by community associations, and the U.S. Bureau of Labor Statistics (BLS) reports that about two in five are self-employed.
According to the BLS, although a college degree is not required, many employers prefer that their property managers have a degree in business administration, finance or real estate. If they are buying and selling property, they need a real estate license, and some states require all property and community association managers to have a real estate license. BLS also notes that managers of public housing subsidized by the federal government must hold certifications.
The U.S. Department of Labor's Occupational Outlook Handbook reports that in May 2016, the median annual income for property managers was $57,040, with the highest 10 percent earning more than $126,390.
The Occupational Outlook Handbook projects that employment for property managers will grow approximately eight percent from 2014 to 2024. This growth is attributed to an increase in the number of people living in properties such as apartment buildings, condominiums and senior housing, as well as an increased awareness by property owners that good management makes their properties more profitable.
By Susan Reese
For more information about the career of property manager and the education and training it requires, here are some places to turn.
Community Associations Institute
Community Association Managers International Certification Board
Institute of Real Estate Management
National Association of Residential Property Managers
National Strength and Conditioning Association
National Property Management Association
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|Title Annotation:||CAREER CURVE|
|Article Type:||Occupation overview|
|Date:||Nov 1, 2017|
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