Commercial Property Manager: Job Duties & Requirements
Read about the job duties and educational requirements for commercial property managers. Find information about employment outlook and salary here, and make an informed decision about your career and education.
Commercial property managers oversee the day-to-day operations of buildings and complexes, such as malls or office parks. Their duties typically include collecting rent, negotiating leases and supervising cleaning and maintenance activities. Commercial property managers may also process payrolls or pay insurance, mortgage and tax bills. Additional duties include communicating with owners about occupancy levels and property conditions or preparing financial statements.
How to Become a Commercial Property Manager
Educational requirements for commercial property managers can range from a high school diploma to a master's degree in business or pubic administration, finance or real estate management, among other fields of study. Individual states may require a real estate license; optional certifications can be found through a number of industry organizations, such as the Institute of Real Estate Management. Assistant property managers train on the job; employer-sponsored training may also be required. Professional training programs may cover topics in accounting procedures, personnel, tenant relations and real estate law.
Commercial property managers have strong communication and customer service skills. Knowledge of building and legal codes is essential; multitasking and organizational abilities are also important.
Employment and Salary Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment of property, real estate and community association managers, including commercial property managers, is expected to increase by an average rate of 12% from 2012 to 2022. As reported by the BLS, professionals employed in these positions in May 2012 earned median annual salaries of $52,610 (www.bls.gov).
Alternate Career Options
Administrative Service Managers
Administrative service managers can be employed by educational or health services, finance companies or the government, and areas of specialization may include information and recordkeeping, contract administration or facilities management. Formal education requirements can range from a high school diploma to a 4-year degree in business, facility management or other related area; professional certifications are available from the International Facility Management Association. Like commercial property managers, administrative service managers will see a 12% growth in employment from 2012-2022. According to the BLS, an administrative service manager who was employed in May 2012 earned a median annual salary of $81,080 (www.bls.gov).
Food Service Managers
Food service managers oversee the day-to-day operations of fast-food and fine dining establishments, cafeterias or catering businesses. Minimum hiring requirements include a high school diploma and major industry experience; high-end establishments and large chains may show a preference for graduates of 4-year food service or hospitality management programs. The BLS reports that food service managers will see very little change in employment opportunities through 2022, as many of their supervisory duties continue to be assumed by first-line supervisors. As of May 2012, food service managers were paid a median annual salary of $47,960, with those employed in lodging and restaurant positions earning $54,850 and $46,360, respectively (www.bls.gov).
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