What is real estate and property manager?
A real estate and property manager is a professional who oversees residential, commercial, or industrial properties. They act as the primary contact between property owners and tenants, handling all aspects of property management, from marketing and leasing to maintenance and financial management. Their role is to maintain the property's value and maximize the owner's return on investment.
Typical Education
A bachelor's degree in business, real estate, or a related field is typical, though some may start with a high school diploma and a real estate license.
Salary Range (United States)
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for real estate, property, and community association managers was $62,020 in May 2024. The lowest 10% earned less than $34,940, while the highest 10% earned more than $146,840.
Source: U.S. Bureau of Labor Statistics, Real Estate and Property Managers: Occupational Outlook Handbook
Day in the Life
How to Become a Real Estate and Property Manager
- Obtain a Real Estate License: Many states require a real estate license, which typically involves completing coursework and passing an exam.
- Earn a Bachelor's Degree (Optional): A degree in business, real estate, or a related field is often preferred by employers.
- Gain Relevant Experience: Start in an entry-level position as a leasing agent or assistant property manager.
- Develop Key Skills: Focus on improving your organizational, communication, and problem-solving abilities.
- Pursue Certifications: Certifications like the Certified Property Manager (CPM) can enhance credibility and career opportunities.
Essential Skills
- Communication: The ability to act as a liaison between owners and tenants and handle a variety of requests.
- Financial Management: Preparing and managing budgets, tracking expenses, and collecting rent payments.
- Problem-Solving: The ability to handle maintenance requests, tenant disputes, and other unexpected issues.
- Organizational Skills: Meticulously keeping track of all requests, properties, and paperwork.
- Legal Knowledge: A strong understanding of local landlord-tenant laws and regulations.
Key Responsibilities
- Tenant Management: Screening tenants, managing lease agreements, and handling tenant requests.
- Property Maintenance: Overseeing maintenance and repairs to ensure the property is well-maintained.
- Financial Oversight: Collecting rent, managing budgets, and preparing financial reports for owners.
- Marketing: Marketing the property to attract new renters and maintain high occupancy rates.
- Legal Compliance: Ensuring the property and all activities comply with local and federal laws.
Common Interview Questions
- "How would you handle a difficult tenant who is not paying rent on time?" This behavioral question assesses your communication and negotiation skills, as well as your ability to handle sensitive financial issues professionally.
- "Tell me about a time you had to deal with an unexpected maintenance issue, such as a burst pipe." The interviewer is looking for your problem-solving skills and your ability to act quickly to resolve an emergency.
- "What is your experience with screening potential tenants and why is it important?" This tests your organizational skills and your understanding of the legal and financial risks associated with tenant selection.
- "How do you ensure that all of your properties comply with local and state housing laws?" This evaluates your legal knowledge and your commitment to protecting both the owner and the tenant.
- "Describe your experience with managing a property's budget and preparing financial reports for the owner." This assesses your financial literacy and your ability to manage expenses and provide clear reporting.
Questions?
Ask in our Career Community!