Property, Real Estate, and Community Association Managers

Property, real estate, and community association managers oversee many aspects of residential, commercial, or industrial properties. They ensure that the property is well maintained, has a nice appearance, operates smoothly, and preserves its resale value.

Duties

Property, real estate, and community association managers typically do the following:

• Meet with prospective tenants or owners and show them properties
• Discuss the lease and explain the terms of occupancy or ownership
• Collect monthly fees from tenants or individual owners
• Inspect building facilities, including the grounds and equipment
• Arrange for new equipment or repairs as needed
• Pay bills or delegate bill payment for such expenditures as insurance, maintenance, payroll, and taxes
• Contract for landscaping, maintenance, trash removal, and other services
• Investigate and settle complaints, disturbances, and violations
• Keep records of rental activity and owner requests
• Prepare budgets and financial reports
• Comply with anti-discrimination laws, such as the Americans with Disabilities Act and the Federal Fair Housing Amendment Act, when advertising or leasing properties

Real estate proprietors who lack the time or expertise needed for the day-to-day management of their properties often hire a property or real estate manager or a community association manager. These managers are employed either directly by the proprietor or indirectly through a contract with a property management firm.

Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. They handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They may oversee financial statements, and they periodically report to the proprietors on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, these managers may advertise the property or hire a leasing agent to find a tenant. They may also suggest to the proprietors how much to charge for rent.

Community association managers work on behalf of property members in a geographic group, such as homeowners in a subdivision, to manage common areas and services of condominiums, cooperatives, and planned communities. Usually hired by a community association’s volunteer board of directors, these managers supervise the daily affairs and maintenance of its property and facilities. Like property managers, community association managers collect monthly fees, prepare financial statements and budgets, negotiate with contractors, and help to resolve complaints. Community association managers also help homeowners and non-owner residents comply with the association's rules and regulations.

The following are examples of types of property, real estate, and community association managers:

Onsite property managers are responsible for the day-to-day operation of a single property, such as an apartment complex or a shopping center. To ensure that the property is well maintained, onsite managers routinely inspect the grounds, facilities, and equipment. They meet with current residents or tenants to handle requests for repairs or to resolve complaints. They also meet with prospective residents or tenants to show vacant units. In addition, onsite managers enforce the terms of the lease and an association’s governing rules. For example, they make sure that tenants pay their rent, follow restrictions on parking or pets, and follow the correct procedures when the lease is up. Other important duties of onsite managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the senior-level property manager or proprietor.

Real estate asset managers plan and direct the purchase, sale, and development of real estate properties on behalf of businesses and investors. They focus on long-term strategic financial planning, rather than on day-to-day operations of the property. In deciding to acquire property, real estate asset managers consider several factors, such as property value, zoning, and traffic volume. After a site is selected, they negotiate contracts to buy or lease the property. Real estate asset managers review their company’s real estate holdings periodically and identify properties that are no longer financially profitable. They then negotiate the sale of the properties or arrange for the end of leases.

Property, real estate, and community association managers held about 466,100 jobs in 2024. The largest employers of property, real estate, and community association managers were as follows:

Most property, real estate, and community association managers work in an office setting. However, managers may spend much of their time away from their desks. Onsite managers, in particular, may spend a large part of their workday showing units, checking on the maintenance staff, or investigating problems reported by residents. Real estate asset managers may spend time away from home while traveling to company real estate holdings or searching for properties to buy.

Work Schedules

Most property, real estate, and community association managers work full time. Work schedules may vary; for example, they may need to respond to emergencies during off-duty hours or attend evening meetings with residents, property owners, or community association board members. Some managers are required to live onsite at the properties they manage.

Property, real estate, and community association managers typically need a high school diploma combined with several years of related work experience for entry-level positions, although employers may prefer to hire college graduates. Some managers also must have a state-issued license.

The median annual wage for property, real estate, and community association managers was $66,700 in May 2024.

Employment of property, real estate, and community association managers is projected to grow 4 percent from 2024 to 2034, about as fast as the average for all occupations.

About 39,000 openings for property, real estate, and community association managers are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.