* * * This is NOT a job offer * * * The purpose of this occupational guide is to provide you with useful information to help you make career decisions. If you are searching for a job, please go to CalJobs (for jobs in California)     OR      JOBcentral (for jobs nationwide)

More Occupational Guides

Property and Real Estate Managers

THE JOB

PROPERTY AND REAL ESTATE MANAGERS are the primary link between the
property owner or property management firm and the tenant.  Property
Managers oversee the day to day management of income-producing
commercial and residential properties and manage the common property of
condominium associations.  Property Managers may handle the financial
operations of the property which includes the payment of mortgages,
taxes, insurance, payroll, and maintenance bills.  They also negotiate
contracts for construction, maintenance, security, garbage removal and
groundskeeping services.  Managers periodically report to the property
owners as to the status of their property.

On-site Property Managers are responsible for daily operations for one
piece of property instead of looking after a number of properties at one
time.  The property may be an apartment complex, office building, or a
shopping center.  On-site Managers routinely visit the property to see
if any repairs are needed, then make arrangements to fix the problem.
Each month they collect rents, keep account of all transactions and
submit regular reports to owners showing income, expenses, and
vacancies.  Managers are also expected to enforce rules and regulations
and to investigate and handle residents' complaints.  When necessary,
they serve eviction notices.

Many Apartment Managers are On-site Managers.  In addition to running
the daily operation of the property, they show units to prospective
tenants and collect and review applications. Generally they check the
applicants' credit and verify employment. Most managers are also
responsible for selecting the tenant and for completing and signing the
rental agreement. When screening prospects for subsidized housing,
managers must determine and certify each applicant's eligibility
according to government regulations.  Some Apartment Managers' duties
may include cleaning common areas, changing light bulbs, and making
minor repairs to the property.

Property Managers employed by condominium or homeowner associations are
called Condominium Managers or Community Association Managers.  These
managers interact with homeowners daily. They oversee the maintenance of
property and facilities that the homeowners use, such as pools,
recreation rooms, tennis courts, and golf courses.  They also take care
of groundskeeping services. Often, Community Association Managers attend
condominium board meetings to solve legal and environmental issues that
may arise and to resolve disputes between neighbors.

All Property Managers must understand and fully comply with the
Americans with Disabilities Act and the Federal Fair Housing Act, as
well as local fair housing laws, to ensure non-discriminatory practices.


WORKING CONDITIONS

When managing large properties, Property Managers work in a project
office, with two or three assistants.  Offices are clean, modern, and
well-lighted.  In medium-sized buildings, where full-time managers
usually perform some maintenance duties, they move throughout the
building and grounds.  Apartment Managers usually don't have a separate
office and they are often required to live in the apartment complexes
where they work, so they are available to handle emergencies that may
occur during off duty times.  Apartment Managers frequently work
weekends showing vacant units to prospective tenants. They receive
compensatory time off for night and weekend work and may receive time
off during the week.

Property Managers often attend meetings in the evening with residents,
property owners, boards of directors, or civic groups.

Managers must deal with all types of people.  They do a lot of talking
and moving around the facilities, especially when investigating
complaints and problems.  For these reasons the work can be physically
and emotionally demanding, with very little uninterrupted free time.


EMPLOYMENT OUTLOOK

The following information is from the California Projections of
Employment published by the Labor Market Information Division.

Estimated number of workers in 1993              24,550
Estimated number of workers 2005                 32,670
Projected Growth 1993-2005                          33%
Estimated openings due to separations by  2005    6,190

(These figures do not include self-employment or openings due to
turnover.)

Employment of Property Managers is expected to grow as fast as the
average for all occupations through 2005.  Increased demand for Property
Managers will be due to commercial real estate and multi-family home
expansion, which includes apartment complexes and residential
communities.  Most opportunities will be found in major metropolitan
areas.


WAGES, HOURS, AND FRINGE BENEFITS

The median wage for Property Managers is $14.59 per hour.  Salaries
depend on the size and location of the business or multi-home complex,
the nature of responsibilities, whether or not they are certified, and
the hours worked. Property and Condominium Managers often earn more than
Apartment Managers, but usually do not live on the premises in a rent-
reduced or rent-free apartment.  Most managers also get a monthly
utility allowance and occasionally some fringe benefits.

Full time Property Managers work 40 hours or more a week, which includes
evenings and weekends.  Part-time managers work between 10 and 30 hours
a week.

Most employers provide paid vacation, sick leave, and medical insurance.
Some provide dental and life insurance, and a few also offer retirement
plans and vision insurance.


ENTRANCE REQUIREMENTS AND TRAINING

Most employers prefer to hire college graduates with a Bachelor's degree
in business administration, finance, real estate, or public
administration.  Work related experience of three months to four years
is also preferred.  Employers look for workers with the ability to work
independently, read and follow instructions, and maintain financial
records.  Legible and effective writing, good communication and public
contact skills, knowledge of business math, and the ability to plan and
organize the work of others also ranked high among  employers.

In some metropolitan areas, basic and advanced courses in apartment
management are given by industry groups such as the Institute of Real
Estate Management (IREM), and local affiliates of the National Apartment
Association.  IREM awards national certification with the Accredited
Resident Manager (ARM) certificate; the National Apartment Association
offers a similar designation as Certified Apartment Managers (CAM).  The
California Apartment Association offers a certificate in residential
management.  Employers often encourage their Apartment Managers to
complete this training and usually pay for the courses.  


ADVANCEMENT

Working under the supervision of a Property Manager, those with little
or no experience enter the job as an On-site Manager of an apartment
complex or condominium.  Experienced On-site Managers may advance to
positions with more responsibilities and more pay while managing larger
properties.  Further opportunities exist in higher level positions in
property management firms.


FINDING THE JOB

Prospective Property Managers should check newspaper classified ads or
apply directly to property management firms (listed in the telephone
directory yellow pages under "Real Estate Management'') or condominium
homeowner associations.  Referrals may also be found through the
California Apartment Association.  


ADDITIONAL SOURCES OF INFORMATION

California Apartment Association
980 9th Street, Suite 2150
Sacramento, CA  95814
(916) 447-7881
www.ca-apartment.org/

Institute of Real Estate Management
430 North Michigan Avenue
Chicago, IL  60611-4090
(312) 329-6000
www.irem.org/


RELATED OCCUPATIONAL GUIDES

Real Estate Agents         No.  90
Hotel and Motel Managers   No. 114


OCCUPATIONAL CODE REFERENCES

DOT (Dictionary of Occupational Titles, 4th Ed., 1991)
Manager, Apartment House   186.167-018
Manager, Property          186.167-046
Condominium Manager        186.167-062


OES (Occupational Employment Statistics) System
Property and Real Estate Managers    150110


Source: State of California, Employment Development Department,
        Labor Market Information Division, Information Services Group,
        (916) 262-2162.