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Career profile Real Estate Manager

Also known as Apartment Manager, Community Association Manager, Community Manager, Lease Administration Supervisor, Leasing Manager, Occupancy Director, On-Site Manager, Property Manager, Real Estate Manager, Resident Manager

Real Estate Manager

Also known as Apartment Manager, Community Association Manager, Community Manager

Interests Profile
  • Enterprising
  • Conventional
  • Social
Pay Range
$31,330 - $134,570 (annual)
Required Skills
  • Speaking
  • Reading Comprehension
  • Active Listening
Knowledge Areas
  • Customer and Personal Service
  • Administration and Management
  • Economics and Accounting
Core tasks
  • Prepare detailed budgets and financial reports for properties.
  • Manage and oversee operations, maintenance, administration, and improvement of commercial, industrial, or residential properties.
  • Plan, schedule, and coordinate general maintenance, major repairs, and remodeling or construction projects for commercial or residential properties.
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What does a Real Estate Manager do?

Real Estate Managers plan, direct, or coordinate the selling, buying, leasing, or governance activities of commercial, industrial, or residential real estate properties.

In addition, Real Estate Managers includes managers of homeowner and condominium associations, rented or leased housing units, buildings, or land (including rights-of-way).

What kind of tasks does a Real Estate Manager perform regularly?

Real Estate Managers are often responsible for overseeing or executing some or all of the following tasks:

  • Prepare detailed budgets and financial reports for properties.
  • Manage and oversee operations, maintenance, administration, and improvement of commercial, industrial, or residential properties.
  • Plan, schedule, and coordinate general maintenance, major repairs, and remodeling or construction projects for commercial or residential properties.
  • Direct collection of monthly assessments, rental fees, and deposits and payment of insurance premiums, mortgage, taxes, and incurred operating expenses.
  • Meet with clients to negotiate management and service contracts, determine priorities, and discuss the financial and operational status of properties.
  • Direct and coordinate the activities of staff and contract personnel and evaluate their performance.
  • Prepare and administer contracts for provision of property services, such as cleaning, maintenance, and security services.
  • Market vacant space to prospective tenants through leasing agents, advertising, or other methods.
  • Act as liaisons between on-site managers or tenants and owners.
  • Investigate complaints, disturbances, and violations and resolve problems, following management rules and regulations.
  • Inspect grounds, facilities, and equipment routinely to determine necessity of repairs or maintenance.
  • Meet with boards of directors and committees to discuss and resolve legal and environmental issues or disputes between neighbors.
  • Maintain records of sales, rental or usage activity, special permits issued, maintenance and operating costs, or property availability.
  • Solicit and analyze bids from contractors for repairs, renovations, and maintenance.
  • Maintain contact with insurance carriers, fire and police departments, and other agencies to ensure protection and compliance with codes and regulations.
  • Confer with legal authorities to ensure that renting and advertising practices are not discriminatory and that properties comply with state and federal regulations.
  • Purchase building and maintenance supplies, equipment, or furniture.

The above responsibilities are specific to Real Estate Managers. More generally, Real Estate Managers are involved in several broader types of activities:

Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.

What is a Real Estate Manager salary?

The median salary for a Real Estate Manager is $59,660, and the average salary is $73,210. Both the median and average roughly describe the middle of the Real Estate Manager salary range, but the average is more easily affected by extremely high or low salaries.

Many Real Estate Managers earn significantly more or less than the average, due to several factors. About 10% of Real Estate Managers earn less than $31,330 per year, 25% earn less than $42,330, 75% earn less than $86,320, and 90% earn less than $134,570.

Between the years of 2020 and 2030, the number of Real Estate Managers is expected to change by 3.1%, and there should be roughly 29,100 open positions for Real Estate Managers every year.

Median annual salary
$59,660
Typical salary range
$31,330 - $134,570
Projected growth (2020 - 2030)
3.1%

What personality traits are common among Real Estate Managers?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Real Estate Manager are usually higher in their Enterprising and Conventional interests.

Real Estate Managers typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Also, Real Estate Managers typically have strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Real Estate Manager tend to value Independence, Achievement, and Working Conditions.

Most importantly, Real Estate Managers strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Second, Real Estate Managers strongly value Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

Lastly, Real Estate Managers moderately value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Real Estate Managers must consistently demonstrate qualities such as integrity, dependability, and stress tolerance.

Below, you'll find a list of qualities typically required of Real Estate Managers, ranked by importance:

Integrity
Job requires being honest and ethical.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Initiative
Job requires a willingness to take on responsibilities and challenges.

What education and training do Real Estate Managers need?

Many Real Estate Managers will have a four-year bachelor's degree, but some do not.

Real Estate Managers usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Real Estate Managers

  • 3.9% did not complete high school or secondary school
  • 19.0% completed high school or secondary school
  • 24.0% completed some college coursework
  • 9.9% earned a Associate's degree
  • 31.7% earned a Bachelor's degree
  • 9.0% earned a Master's degree
  • 2.4% earned a doctorate or professional degree

Knowledge and expertise required by Real Estate Managers

Real Estate Managers may benefit from understanding of specialized subject areas, such as customer and personal service, administration and management, or economics and accounting knowledge.

The list below shows several areas in which most Real Estate Managers might want to build proficiency, ranked by importance.

Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Public Safety and Security
Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.

Important Abilities needed by Real Estate Managers

Real Estate Managers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Real Estate Managers need abilities such as oral comprehension, written comprehension, and oral expression in order to perform their job at a high level. The list below shows several important abilities for Real Estate Managers, ranked by their relative importance.

Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Written Expression
The ability to communicate information and ideas in writing so others will understand.
Problem Sensitivity
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.

Critical Skills needed by Real Estate Managers

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Real Estate Managers frequently use skills like speaking, reading comprehension, and active listening to perform their job effectively. The list below shows several critical skills for Real Estate Managers, ranked by their relative importance.

Speaking
Talking to others to convey information effectively.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
Coordination
Adjusting actions in relation to others' actions.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

If you have any questions or suggestions about this information, please send a message.