Property managers handle many different aspects of the real estate in their care. A property management degree could prepare you for these diverse responsibilities -- working with prospective tenants; managing money, mortgage and insurance premiums; and inspecting facilities.
There are different types of managers:
- Onsite property managers: The hands-on individuals responsible for day-to-day details of a single property
- Community association managers: For example, third-party property management firms in charge of home owner associations
- Real estate asset managers: Professionals more focused on acquisition, development, and the finances of owning one or more pieces of real estate
Property managers may be in charge of a wide range of facilities, including homes, office buildings, sprawling apartment complexes, and large retail or industrial sites.
Property management: education and training
Though property managers of smaller buildings may learn their skills on the job or with a basic associate degree or certificate, the U.S. Bureau of Labor Statistics notes that employers generally prefer to hire college graduates for these positions. Also, managers of larger or multiple properties are increasingly needing a bachelor's or master's degree in property management, real estate management or a related field.
Training courses typically include residential and commercial property management, as well as business administration. Some technical knowledge is useful, for example, familiarity with accounting software like Intuit QuickBooks or database tools such as Domin-8 Enterprise Solutions Tenant Pro.
Career outlook and salary
Property, real estate and community association managers earned mean annual wages of $62,400 in 2010, the BLS reports. An increase in employment opportunities is projected between 2008 and 2018, especially for those with bachelor's and master's degrees in the field.
Property and real estate managers are typically self-employed, according to the BLS; a degree in property management could help you navigate the career whether you join a property management firm or set out on your own.
What's affecting the field of property management?
The BLS expects good opportunities for specialists in managing housing for older people or running health care facilities. Some online programs may offer electives in specialized areas such as affordable housing administration or housing for an aging population. Also important is the need to follow non-discriminatory practices and comply with state and federal regulations.
Dedicated property management degree programs can help you tackle the specific challenges of managing facilities, finances, individuals and contracts in this field.
Property managers handle many different aspects of the real estate in their care. A property management degree could prepare you for these diverse responsibilities -- working with prospective tenants; managing money, mortgage and insurance premiums; and inspecting facilities.
There are different types of managers:
- Onsite property managers: The hands-on individuals responsible for …
