Property Management Career Options, Duties and Employment Outlook
Property managers have a variety of responsibilities, including overseeing the maintenance of rental buildings and grounds, handling tenant issues and taking care of finances associated with the property. Careers in property management range from residential on-site management of apartment buildings to corporate jobs working for management companies who handle large retail, commercial or industrial properties.
Career Options in Property Management
There are many different career options in property management. Property managers for residential homes or apartments may work on or off-site for the property owner or property management company. Retail, industrial and commercial properties are usually overseen by management companies that hire both on and off-site staff. These companies often have several properties that they manage.
Additional career options in property management include working for real estate companies or real estate departments at banks. The property management field also includes opportunities to manage senior housing and healthcare facilities, homeowner or community associations, or government-subsidized public housing.
Duties of a Property Manager
Property managers have many duties to perform, including collecting rent and late fees, evicting late or troublesome tenants, processing refunds of security deposits, corresponding with tenants and showing vacancies to potential tenants. They are also responsible for scheduling contractors for maintenance, landscaping, trash removal and janitorial services.
Some property managers are responsible for handling financial operations, including preparing financial statements for owners or investors, taxes, insurance dues, payroll and payroll taxes. Community and homeowner association managers collect association dues and use them for various services provided to the community, such as landscape, playground, swimming pool or clubhouse maintenance.
Property Management Employment Outlook
According to the U.S. Bureau of Labor Statistics (BLS), property managers held 304,100 jobs in 2008; 21% worked for management or real estate companies, 46% were self-employed and others worked for government agencies (www.bls.gov). The BLS predicts that employment in property management should grow by 8% from 2008 to 2018.
The BLS reports that median yearly income for property managers was $46,130 in May 2008. On-site managers, whether independent or working for a company, often live on the property rent-free as part of their compensation.
Formal education isn't required to enter into property management, but opportunities are best for those with degrees in real estate management, business administration, accounting or finance. Opportunities are expected to be good in the senior housing and healthcare areas.
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