PROPERTY & REAL ESTATE MANAGERS California Occupational Guide Number 423 Interest Area 111998
THE JOB
PROPERTY AND REAL ESTATE MANAGERS are the primary link between the property owner or property management firm and the tenant. Property Managers oversee the day to day management of income-producing commercial and residential properties and manage the common property of condominium associations. Property Managers may handle the financial operations of the property which includes the payment of mortgages, taxes, insurance, payroll, and maintenance bills. They also negotiate contracts for construction, maintenance, security, garbage removal and groundskeeping services. Managers periodically report to the property owners as to the status of their property.
On-site Property Managers are responsible for daily operations for one piece of property instead looking after a number of properties at one time. The property may be an apartment complex, office building, or a shopping center. On-site Managers routinely visit the property to see if any repairs are needed, then make arrangements to fix the problem. Each month they collect rents, keep account of all transactions and submit regular reports to owners showing income, expenses, and vacancies. Managers are also expected to enforce rules and regulations and to investigate and handle residents' complaints. When necessary, they serve eviction notices.
Many Apartment Managers are On-site Managers. In addition to running the daily operation of the property, they show units to prospective tenants and collect and review applications. Generally they check the applicants' credit and verify employment. Most managers are also responsible for selecting the tenant and for completing and signing the rental agreement. When screening prospects for subsidized housing, managers must determine and certify each applicant's eligibility according to government regulations. Some Apartment Managers' duties may include cleaning common areas, changing light bulbs, and making minor repairs to the property.
Property Managers employed by condominium or homeowner associations are called Condominium Managers or Community Association Managers. These managers interact with homeowners daily. They oversee the maintenance of property and facilities that the homeowners use, such as pools, recreation rooms, tennis courts, and golf courses. They also take care of groundskeeping services. Often, Community Association Managers attend condominium board meetings to solve legal and environmental issues that may arise and to resolve disputes between neighbors.
All Property Managers must understand and fully comply with the Americans with Disabilities Act and the Federal Fair Housing Act, as well as local fair housing laws, to ensure non-discriminatory practices.
WORKING CONDITIONS
When managing large properties, Property Managers work in a project office, with two or three assistants. Offices are clean, modern, and well-lighted. In medium-sized buildings, where full-time managers usually perform some maintenance duties, they move throughout the building and grounds. Apartment Managers usually don't have a separate office and they are often required to live in the apartment complexes where they work, so they are available to handle emergencies that may occur during off duty times. Apartment Managers frequently work weekends showing vacant units to prospective tenants. They receive compensatory time off for night and weekend work and may receive time off during the week.
Property Managers often attend meetings in the evening with residents, property owners, boards of directors, or civic groups.
Managers must deal with all types of people. They do a lot of talking and moving around the facilities, especially when investigating complaints and problems. For these reasons the work can be physically and emotionally demanding, with very little uninterrupted free time.
EMPLOYMENT OUTLOOK
The following information is from the California Projections of Employment published by the Labor Market Information Division.
Estimated number of workers in 1993 24,550 Estimated number of workers 2005 32,670 Projected Growth 1993-2005 33% Estimated openings due to separations by 2005 6,190
(These figures do not include self-employment or openings due to turnover.)
Employment of Property Managers is expected to grow as fast as the average for all occupations through 2005. Increased demand for Property Managers will be due to commercial real estate and multi-family home expansion, which includes apartment complexes and residential communities. Most opportunities will be found in major metropolitan areas.
WAGES, HOURS, AND FRINGE BENEFITS
The median wage for Property Managers is $14.55 per hour. Salaries depend on the size and location of the business or multi-home complex, the nature of responsibilities, whether or not they are certified, and the hours worked. Property and Condominium Managers often earn more than Apartment Managers, but usually do not live on the premises in a rent- reduced or rent-free apartment. Most managers also get a monthly utility allowance and occasionally some fringe benefits.
Full time Property Managers work 40 hours or more a week, which includes evenings and weekends. Part-time managers work between 10 and 30 hours a week while.
Most employers provide paid vacation, sick leave, and medical insurance. Some provide dental and life insurance, and a few also offer retirement plans and vision insurance.
ENTRANCE REQUIREMENTS AND TRAINING
Most employers prefer to hire college graduates with a Bachelor's degree in business administration, finance, real estate, or public administration. Work related experience of three months to four years is also preferred. Employers look for workers with the ability to work independently, read and follow instructions, and maintain financial records. Legible and effective writing, good communication and public contact skills, knowledge of business math, and the ability to plan and organize the work of others also ranked high among employers.
In some metropolitan areas, basic and advanced courses in apartment management are given by industry groups such as the Institute of Real Estate Management (IREM), and local affiliates of the National Apartment Association. IREM awards national certification with the Accredited Resident Manager (ARM) certificate; the National Apartment Association offers a similar designation as Certified Apartment Managers (CAM). The California Apartment Association offers a certificate in residential management. Employers often encourage their Apartment Managers to complete this training and usually pay for the courses.
ADVANCEMENT
Working under the supervision of a Property Manager, those with little or no experience enter the job as an On-site Manager of an apartment complex or condominium. Experienced On-site Managers may advance to positions with more responsibilities and more pay while managing larger properties. Further opportunities exist in higher level positions in property management firms.
FINDING THE JOB
Prospective Property Managers should check newspaper classified ads or apply directly to property management firms (listed in the telephone directory yellow pages under "Real Estate Management'') or condominium homeowner associations. Referrals may also be found through the California Apartment Association.
ADDITIONAL SOURCES OF INFORMATION
California Apartment Association 980 9th Street, Suite 2150 Sacramento, CA 95814 (916) 447-7881 www.ca-apartment.org/
Institute of Real Estate Management 430 North Michigan Avenue Chicago, IL 60611-4090 (312) 329-6000 www.irem.org/
RELATED OCCUPATIONAL GUIDES
Real Estate Agents No. 90 Hotel and Motel Managers No. 114
OCCUPATIONAL CODE REFERENCES
DOT (Dictionary of Occupational Titles, 4th Ed., 1991) Manager, Apartment House 186.167-018 Manager, Property 186.167-046 Condominium Manager 186.167-062
OES (Occupational Employment Statistics) System Property and Real Estate Managers 150110
Source: State of California, Employment Development Department,
Labor Market Information Division, Information Services Group,
(916) 262-2162.
Home 
Job Key 
Wages 
Demand