Most employers prefer to hire college graduates for property management positions. Entrants with degrees in business administration, accounting, finance, real estate, public administration, or related fields are preferred, but those with degrees in the liberal arts also may qualify. Good speaking, writing, computer, and financial skills, as well as an ability to deal tactfully with people, are essential in all areas of property management.
Many people enter property management as onsite managers of apartment buildings, office complexes, or community associations or as employees of property management firms or community association management companies. As they acquire experience working under the direction of a property manager, they may advance to positions greater responsibility at larger properties. Those who excel as onsite managers often transfer to assistant property manager positions, in which they can acquire experience handling a broad range of property management responsibilities.
Previous employment as a real estate sales agent may be an asset to onsite managers because it provides experience that is useful in showing apartments or office space. In the past, those with backgrounds in building maintenance have advanced to onsite manager positions on the strength of their knowledge of building mechanical systems, but this path is becoming less common as employers place greater emphasis on administrative, financial, and communication abilities for managerial jobs.
Although many people entering jobs such as assistant property manager do so by having previously gained onsite management experience, employers increasingly are hiring inexperienced college graduates with bachelor’s or master’s degrees in business administration, accounting, finance, or real estate for these positions. Assistants work closely with a property manager and learn how to prepare budgets, analyze insurance coverage and risk options, market property to prospective tenants, and collect overdue rent payments. In time, many assistants advance to property manager positions.
The responsibilities and compensation of property, real estate, and community association managers increase as these workers manage more and larger properties. Most property managers, often called portfolio managers, are responsible for several properties at a time. As their careers advance, they gradually are entrusted with larger properties that are more complex to manage. Many specialize in the management of one type of property, such as apartments, office buildings, condominiums, cooperatives, homeowners’ associations, or retail properties. Managers who excel at marketing properties to tenants might specialize in managing new properties, while those who are particularly knowledgeable about buildings and their mechanical systems might specialize in the management of older properties requiring renovation or more frequent repairs. Some experienced managers open their own property management firms.
Persons most commonly enter real estate asset manager jobs by transferring from positions as property managers or real estate brokers. Real estate asset managers must be good negotiators, adept at persuading and handling people, and good at analyzing data in order to assess the fair-market value of property or its development potential. Resourcefulness and creativity in arranging financing are essential for managers who specialize in land development.
Many employers encourage attendance at short-term formal training programs conducted by various professional and trade associations that are active in the real estate field. Employers send managers to these programs to improve their management skills and expand their knowledge of specialized subjects, such as the operation and maintenance of building mechanical systems, the enhancement of property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, accounting and financial concepts, and reserve funding. Managers also participate in these programs to prepare themselves for positions of greater responsibility in property management. The completion of these programs, related job experience, and a satisfactory score on a written examination leads to certification, or the formal award of a professional designation, by the sponsoring association. (Some organizations offering such programs are listed as sources of additional information at the end of this statement.) In addition to seeking these qualifications, some associations require their members to adhere to a specific code of ethics. In a few States, community association managers must be licensed.
Managers of public housing subsidized by the Federal Government are required to be certified, but many property, real estate, and community association managers who work with all types of property choose to earn a professional designation voluntarily, because it represents formal recognition of their achievements and status in the occupation. Real estate asset managers who buy or sell property are required to be licensed by the State in which they practice.