Photo: Donald Trung Quoc Don (Chữ Hán: 徵國單) - Wikimedia Commons - © CC BY-SA 4.0 Intern (CC BY-SA 4.0)
Job description
Managers prepare budgets and financial reports, direct collection of rent, fees, and assessments, and pay insurance, mortgage, and tax bills tied to a property. They also plan and schedule maintenance, repairs, and remodeling projects, meet with clients to negotiate service contracts and discuss a property's financial and operational status, and supervise the staff and contractors who do the hands-on work. The role includes managers of homeowner and condo associations as well as rented housing, buildings, and land, and it runs on structured procedures even though dealing with frustrated tenants or owners is a regular part of the job.
Pros
- Faster than average projected job growth (3.6% over the next decade)
- Nearly 39,000 positions nationwide, among the more widely available management roles
- Wide variety of responsibilities, from budgets and maintenance planning to client negotiation
Cons
- Above-average hours, expect more than a standard 40-hour work week
- Regularly dealing with frustrated tenants, owners, or clients over money and maintenance issues
- Responsible for collecting rent, assessments, and payments, which can mean uncomfortable conversations over money
A typical day
The property manager's morning starts with the overnight log: a burst pipe in unit 4B already has a plumber en route, and the manager calls the affected tenants before they call first. Mid-morning is a walk of the building with the maintenance lead — a scheduled roof inspection, a lobby light out, a lease-violation grill on a balcony. The afternoon runs the business side: reviewing rent-roll delinquencies, approving invoices, prepping the monthly financial packet for the owner, and showing a vacant unit at 4pm. For association managers, add an evening HOA board meeting where the budget — and residents' opinions of it — take center stage.
Tasks at the job
- 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.
Workplace & working conditions
Work happens indoors in a climate-controlled setting.
There's a regular, moderate amount of time pressure, and you're expected to exercise significant independent judgment day to day. The work is highly structured, following set procedures. You'll regularly deal with frustrated or upset people as part of the job.
Education necessary or common
Bachelor's degree
Common college majors
Licenses & certifications
- State real estate license (required for many roles)
- CAM (Certified Apartment Manager)
- CMCA (for community association managers)
- CPM (Certified Property Manager, later)
Career path
Related fields
Courses to take
- Business/Accounting — budgets, rent rolls, and owner reports
- Consumer Math/Personal Finance — the daily numbers of the job
- English — leases, notices, and diplomatic emails
- Psychology — tenants, owners, and boards are all people problems
- Shop or Construction basics — knowing what maintenance actually involves
Clubs, activities & competitions
- DECA or FBLA — real estate and business management events
- Student government — committee and budget experience
- A part-time job with customer-facing responsibility
- Manage logistics for a school facility or event space
First steps you can take now
- Interview a property manager at a local apartment complex about a typical week
- Learn to read a simple lease — find a sample online and annotate it
- Take a free intro real estate course or start studying your state's license materials
- Volunteer to manage bookings or upkeep for a school or church facility
