This profession is divided into two categories. Property and real estate managers oversee the performance of investment properties: income-producing commercial or residential properties that need supervision in order to maximize revenue. Community association property managers supervise the maintenance of condominium projects that have common open space and common heating, lighting or water systems.
The careers in property management are with commercial and residential investment properties. These can range from managing a couple of apartment buildings to oversight of a major high rise. Property managers usually handle the finances on a property: collecting rent, paying bills and making sure that taxes and insurance are paid. They also maintain a maintenance schedule, providing oversight for the individuals or contracted firm that keeps the building clean.
Firms that own or manage commercial property are increasingly seeking out property managers with bachelor's degrees in accounting, business, real estate or finance. Community property managers are generally individuals with experience in building maintenance. In large property management firms new hires may start out as assistants, learning how to assemble a budget for a building's maintenance and any capital costs that may be necessary, as well as studying how to market a building to potential tenants.
There were 329,000 professionals working in property management in 2006, according to the Department of Labor. Many worked for real estate firms and property management companies. Others were employed by corporations with large real estate holdings; however over half were self employed.
The profession is expected to grow by 15% over the next several years, faster than the projected growth for jobs overall. Continued construction of residential and commercial properties that rent or lease space will require additional managers.
10th Percentile $21,860
Median Salary $46,130
90th Percentile $102,250
Source: U.S. Department of Labor