Real Estate Property Management
Yes. Property management licensing requirements vary by state, but most states require property management companies to be licensed by the local real estate board. Property owners should make sure that the firms they hire are properly licensed.
Real Estate Property Management
Property managers can charge in many different ways including flat fee, but the most common arrangement is a percentage of monthly rent. On average, property managers may charge 7%-12% of gross monthly rent."}},"@type": "Question","name": "What do property managers look for during an inspection?","acceptedAnswer": "@type": "Answer","text": "Property managers are expected to do carry out routine inspections of both the interior and the exterior of the building. For exterior inspections, they would consider inspecting landscaping or paint. Interior inspections would include common areas of the properties as well as interior of units, as and when tenants get ready to transition."]}]}] .cls-1fill:#999.cls-6fill:#6d6e71 Skip to contentThe BalanceSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.BudgetingBudgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps View All InvestingInvesting Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps View All MortgagesMortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates View All EconomicsEconomics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy View All BankingBanking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates View All Small BusinessSmall Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success View All Career PlanningCareer Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes View All MoreMore Credit Cards Insurance Taxes Credit Reports & Scores Loans Personal Stories About UsAbout Us The Balance Financial Review Board Diversity & Inclusion Pledge View All Follow Us
Budgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps Investing Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps Mortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates Economics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy Banking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates Small Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success Career Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes More Credit Cards Insurance Taxes Credit Reports & Scores Loans Financial Terms Dictionary About Us The Balance Financial Review Board Diversity & Inclusion Pledge InvestingAssets & Markets Real Estate InvestingWhat Do Real Estate Property Managers Do?ByJim Kimmons Jim KimmonsJim Kimmons is a real estate broker and author of multiple books on the topic. He has written hundreds of articles about how real estate works and how to use it as an investment and small business.learn about our editorial policiesUpdated on September 19, 2022Fact checked byMrinalini KrishnaIn This ArticleView AllIn This ArticleWhat Is a Property Manager?Responsibilities of a Property ManagerHow To Become a Property Manager?Frequently Asked Questions (FAQs) Photo: Marko Geber / Getty Images
Coupled with your undergraduate business degree, this certificate will help you forge a career path in multifamily (market rate and/or affordable housing apartments) or commercial property (office buildings, retail centers, industrial) management. Career options include:
Most property, real estate, and community association managers work full time. They usually work in an office setting but may spend part of their workday on tasks away from the office, such as showing apartments, inspecting the grounds, or meeting with owners.
Property, real estate, and community association managers typically need a high school diploma combined with several years of related work experience for entry-level positions, although employers may prefer to hire college graduates. Some managers also must have a state-issued license.
Despite limited employment growth, about 33,300 openings for property, real estate, and community association managers are projected each year, on average, over the decade. Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Property, real estate, and community association managers oversee many aspects of residential, commercial, or industrial properties. They ensure that the property is well maintained, has a nice appearance, operates smoothly, and preserves its resale value.
Real estate proprietors who lack the time or expertise needed for the day-to-day management of their properties often hire a property or real estate manager or a community association manager. These managers are employed either directly by the proprietor or indirectly through a contract with a property management firm.
Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. They handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They may oversee financial statements, and they periodically report to the proprietors on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, these managers may advertise the property or hire a leasing agent to find a tenant. They may also suggest to the proprietors how much to charge for rent.
Most property, real estate, and community association managers work in an office setting. However, managers may spend much of their time away from their desks. Onsite managers, in particular, may spend a large part of their workday showing units, checking on the maintenance staff, or investigating problems reported by residents. Real estate asset managers may spend time away from home while traveling to company real estate holdings or searching for properties to buy.
Most property, real estate, and community association managers work full time. Work schedules may vary; for example, they may need to respond to emergencies during off-duty hours or attend evening meetings with residents, property owners, or community association board members. Some managers are required to live onsite at the properties they manage.
Property, real estate, and community association managers typically need a high school diploma combined with several years of related work experience for entry-level positions. Some managers also must have a state-issued license.
Property, real estate, and community association managers typically need several years of work experience in a related occupation. For example, real estate brokers and sales agents also show commercial properties to prospective tenants or buyers, and customer service representatives gain experience dealing with many types of people.
Many states require property, real estate, and community association managers to obtain professional credentials or licensure. Requirements vary by state, but managers working in states without requirements may still obtain designations to show competence and professionalism. For example, BOMI International, the Community Associations Institute, the Institute of Real Estate Management (IREM), the National Association of Residential Property Managers (NARPM), and the Community Association Managers International Certification Board (CAMICB) offer various designations, certifications, and professional development courses. Most states require recertification. For more information, contact your state licensing agency.
Employers typically require managers to attend formal training programs available through professional and trade real estate associations. These programs may help to develop managerial skills and expand knowledge of specialized fields, such as insurance and risk management, tenant relations, and accounting and financial concepts. With related job experience, completing these programs and receiving a satisfactory score on a written exam may lead to certification or professional designation by the sponsoring association.
Property, real estate, and community association managers who participate in professional training programs may prepare themselves for positions of increased responsibility. People may start as onsite managers of properties, such as apartment buildings, office complexes, or community associations. As they gain experience, they may advance to assistant property manager positions in which they handle a broad range of duties. 041b061a72