Property owners hire managers to handle the day-to-day running of real estate properties. The manager may work in a property management firm or as an independent manager providing services to a variety of clients. Real estate managers perform a number of services for property owners who may not have the time or skills to manage a property effectively.
A real estate manager may handle the financial management of properties for clients. The manager may collect rents from tenants personally or payments may be sent to the manager’s office. Real estate managers handle payments for the property owner such as mortgage, taxes, utilities, insurance and maintenance fees. The manager reports to the owner of the property periodically on the status of rental payments and costs.
The real estate manager may handle new rentals for the property owner by advertising the property, screening tenants and handling lease agreements for new renters. The property owner may determine the amount of rent to charge new tenants, or the real estate manager may use his expertise to calculate the appropriate rent for a rental unit. Managers also keep track of expiring leases and handle evictions and complaints from tenants. The real estate manager must be familiar with landlord tenant laws regulating the renting of residential and commercial properties.
The real estate manager hires maintenance services for the property such as lawn care, pest control, cleaning services, trash removal and security services. Property managers also monitor the work of vendors to ensure the property is maintained properly.
A manager contracts with repair services such as home repair, electricians, plumbers and construction contractors to make repairs to the property when necessary. A real estate manager may consult with the property owner before making repairs to the property to determine the budget for and the necessity of repairs. The manager must be familiar with building codes and regulations when scheduling repairs on the property. A manager may inspect the property to determine when repairs are needed.
2016 Salary Information for Property, Real Estate, and Community Association Managers
Property, real estate, and community association managers earned a median annual salary of $57,040 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, property, real estate, and community association managers earned a 25th percentile salary of $39,910, meaning 75 percent earned more than this amount. The 75th percentile salary is $83,110, meaning 25 percent earn more. In 2016, 317,300 people were employed in the U.S. as property, real estate, and community association managers.
- Bureau of Labor Statistics: Property, Real Estate, and Community Association Managers
- Education Portal: Real Estate Manager: Job Description and Requirements for a Career in Real Estate Management
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Property, Real Estate, and Community Association Managers
- Career Trend: Property, Real Estate, and Community Association Managers