Property, Real Estate, and Community Association Managers
1. OVERVIEW
Property, real estate, and community association managers are responsible for overseeing various aspects of residential, commercial, or industrial properties. Their work includes ensuring properties are well-maintained, operational, and that they retain their value over time. These professionals also handle financial operations, interact with tenants, and resolve issues that may arise. Their work is crucial for property owners or community associations that lack the time or expertise to manage day-to-day operations.
2024 Median Pay: $66,700 per year
Job Growth (2023–2033): 3% (As fast as average)
Typical Education: High school diploma or equivalent (bachelor's degree for higher positions)
Work Experience in a Related Occupation: Less than 5 years
On-the-job Training: Short-term on-the-job training
2. Role Breakdown by Level
Entry-Level Role: Property, Real Estate, and Community Association Manager
Job Titles: Property Manager, Community Association Manager, Onsite Manager
Education: High school diploma or equivalent; some employers may prefer candidates with a bachelor’s degree in real estate, business administration, or a related field.
Experience: Typically, less than 5 years of related work experience, such as in property management or customer service.
Certifications: In some states, a real estate license or property management certification may be required.
Core Duties:
Show properties to prospective tenants or owners.
Handle leasing agreements, collect rent, and manage finances.
Oversee property maintenance and repairs.
Respond to tenant complaints or requests.
Salary Range: $39,360 – $66,700 per year
Key Skills:
Customer service skills
Communication and negotiation
Basic financial and budgeting skills
Organizational skills
Mid-Level Role: Senior Property, Real Estate, and Community Association Manager
Job Titles: Senior Property Manager, Community Association Manager
Education: Bachelor’s degree in real estate, business, or finance may be preferred.
Experience: Several years of experience in property management, overseeing larger properties, and managing a team.
Certifications: Professional certifications such as Certified Property Manager (CPM) or Certified Manager of Community Associations (CMCA) can be beneficial.
Core Duties:
Manage multiple properties or a larger real estate portfolio.
Prepare budgets and financial reports for clients or associations.
Negotiate contracts with service providers and vendors.
Supervise junior staff or assistants.
Oversee legal compliance in leases, contracts, and maintenance.
Salary Range: $66,700 – $90,000 per year
Key Skills:
Leadership and team management
Advanced financial management
Contract negotiation
Problem-solving
Senior-Level Role: Property and Real Estate Director
Job Titles: Property Director, Real Estate Asset Manager, Community Association Executive
Education: Master’s degree or specialized real estate, business administration, or property management education is advantageous.
Experience: 10+ years of experience in property management with advanced responsibilities such as strategic planning and financial oversight.
Certifications: Licensure and certification from professional organizations, such as CPM or Accredited Residential Manager (ARM).
Core Duties:
Develop and implement strategic goals for property portfolios or community associations.
Oversee the management of large-scale residential, commercial, or mixed-use properties.
Ensure compliance with local laws, regulations, and fair housing practices.
Lead a team of managers and coordinate efforts across different properties.
Liaise with property owners, investors, or community association boards.
Salary Range: $90,000 – $141,040 per year
Key Skills:
High-level leadership and strategic planning
Expertise in financial analysis, budgeting, and forecasting
Legal and regulatory knowledge
Negotiation and conflict resolution
3. How to Become a Property, Real Estate, or Community Association Manager
Education Requirements
Entry-Level: Typically requires a high school diploma or equivalent. Some positions may require a bachelor’s degree in real estate, business, finance, or public administration.
Mid-Level: A bachelor’s degree in real estate, business administration, or finance is often preferred for career advancement.
Senior-Level: A master’s degree or professional certification may be beneficial for advancement to executive roles.
Work Experience in a Related Occupation
Experience in real estate, property management, or customer service is typically required. For example, experience as a real estate agent or in sales is often helpful.
Licenses and Certifications
Real Estate License: Required for real estate brokers and those involved in buying or selling properties.
Property Management License: Some states may require specific licensing for property managers.
Certifications: Many organizations offer certifications for property, real estate, and community association managers, such as the Certified Property Manager (CPM) or Certified Manager of Community Associations (CMCA).
Training
Many managers gain on-the-job training by working under more experienced managers and through formal professional development programs offered by organizations like the Institute of Real Estate Management (IREM) or BOMI International.
4. Skills & Tools
Core Skills
Customer Service: Handling resident and tenant concerns and providing solutions.
Communication: Effectively conveying information to residents, owners, contractors, and boards.
Organization: Managing multiple properties or complex tasks, from maintenance schedules to financial reporting.
Problem-Solving: Resolving tenant complaints, maintenance issues, or conflicts between residents and management.
Tools & Equipment
Property Management Software: Programs like Yardi, Buildium, or AppFolio for lease management, billing, and accounting.
Communication Tools: Email, phone systems, and property websites for tenant communication.
Maintenance Coordination Tools: To track repair requests and contractor services.
5. Work Environment
Property, real estate, and community association managers typically work full-time in office settings, although much of their work may take them out into the field to inspect properties or meet with tenants. Onsite managers spend significant time walking properties, addressing concerns, and overseeing repairs. Some managers may be required to live on-site at the property they manage.
Work Schedule: Generally full-time, though evening or weekend work may be required to accommodate meetings or emergencies.
Work Locations: Office environments, onsite at properties, or traveling between multiple sites.
6. Pay
Median Annual Wage (2024): $66,700 per year
Salaries by Specialty:
Real Estate Managers: $63,680
Community Association Managers: $66,070
Onsite Managers: Salary can vary based on property size and location.
7. Job Outlook
Job Growth: 3% (As fast as average) from 2023–2033.
Annual Openings: Approximately 15,100 openings each year, due to growth in the housing market and the need to replace retiring workers.
8. Related Occupations
Real Estate Brokers and Agents: Help clients buy, sell, and rent properties.
Lodging Managers: Oversee the operations of accommodation facilities.
Food Service Managers: Manage the daily operations of restaurants or other food establishments.
9. Resources for Learning & Advancement
Books:
"The Property Management Tool Kit" by Mike Beirne
"The Real Estate Manager's Handbook" by Robert C. Jones
Online Courses:
LinkedIn Learning offers property management courses.
Coursera provides courses in real estate and property management basics.
Certifications:
Certified Property Manager (CPM) from the Institute of Real Estate Management (IREM)
Certified Manager of Community Associations (CMCA) from the Community Associations Institute
Communities:
Reddit: r/PropertyManagement for tips, advice, and networking
YouTube: Channels offering property management advice and tutorials.
