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The real estate industry is a profitable business for many investors
and homeowners, but requires the professional expertise of a real
estate management group to oversee operations. A certified property
manager is commonly a part of a real estate management team, and can
help to coordinate all financial and administrative operations of
real estate investments. Property managers are often involved with
rent collection, mortgages, insurance, payroll, and adhering to
community guidelines. Property management training can provide
prospective real estate managers and apartment managers with skills
and experience for a long-term career.
Job Description
and Responsibilities of a Property Manager
A certified
property manager can work independently to work in daily operations,
or serve as part of a real estate management team as a liaison.
Property managers that work onsite are often involved with owners of
different properties and their tenants. Some property manager may
also serve on real estate management boards to work with projects
concerning financial planning, asset management, and resident
regulations. The most common responsibilities for a certified
property manager are:
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Working with
community association managers
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Complying with
provisions of the Federal Fair Housing Amendment Act and local
fair housing laws
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Ensuring that
all renting practices are not discriminatory
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Making sure
the property complies with local, state, and national laws
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Inspecting
grounds and facilities
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Enforcing
rental regulations and guidelines
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Initiating
lease agreements
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Serving as the
liaison between owners and the real estate management team
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Marketing and
advertising the property
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Providing
asset management reports to real estate management supervisors and
committees
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Showing
apartments or homes to prospective tenants
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Working with
building engineers, janitorial departments, and maintenance
services
Real Estate
Management and Property Management Career Options
Property management
training can prepare students for a rewarding career in real estate
property management and related fields. Although certification is
not always required, a certified property manager can grow in the
business to pursue managerial and supervisory opportunities. Real
estate property management courses can lead to a career in:
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Real estate firms
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Community association management companies
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Civic groups
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Real estate director positions
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Property supervising offices
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Real estate sales
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Real estate marketing firms
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Cooperatives
Common positions for those who attend property
management school include:
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Assistant Property
Manager
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Community
Association Manager
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Portfolio Manager
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Marketing Director
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Onsite Manager
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Real Estate Lawyer
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Real Estate Asset
Manager
Training
Required for a Property Management Career
A property management career requires formal training at a 2-year or
4-year educational institution. Property management courses are
available through many business and liberal arts programs, and the
field is becoming a highly attractive career choice that can lead to
a long-term career. Some students of a property management school
choose to run their own business immediately after graduation, while
others choose a steady career path in the field of apartment
management.
Property management training encompasses a variety of courses to
provide a well-rounded education. Students interested in business,
administration, and real estate will enjoy a career in this
profession. Real estate property management school courses are
designed to cover the key areas in the field, and provide students
with ands-on experience with simulations and sample transactions.
Common courses within a property management training program
include:
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Property Analysis
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Tenant Relations
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Managing Commercial Property
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Leases
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Forms and Administration
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Legal Issues in Property Management
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Marketing
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Economics of Property Management
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Apartment Management Operations and Procedures
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Systems and Reports
Becoming a
Certified Property Manager
A successful
real state investment career may require property management
certification. In order to receive CPM (Certified Property Manager)
status, students must complete a series of courses offered by the
Institute of Real Estate Management (IREM). The eight courses
required are:
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Marketing and
Leasing: Retail Properties
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Human Resource
Essentials for Real Estate Managers
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Property
Management and Risk Management
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Investment
Real Estate: Financial Tools
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Investment
Real Estate Financing and Valuation-Part 1
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Investment
Real Estate Financing and Valuation-Part 2
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Investment
Real Estate Financing and Valuation-Part 3
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Property
Management Plans: The IREM Model
In addition to
completing the necessary property management courses, students must
attend and pass the exam for Ethics for the Real Estate Manager.
This requires ongoing adherence to the IREM Code of Professional
Ethics. The CPM Certification Exam can then be taken with an
independent proctor from any location. Key areas of competency
covered for certification include:
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Human resource management
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Asset management
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Legal and risk management
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Marketing and leasing
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Financial operations
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Maintenance and operations
Property
Management Training Programs
Property management training can be completed through an online
education, independent study, or at a formal property management
school. The field of real estate management is diverse, and includes
many business and administration courses as well. Most employers
choose to hire graduates who have completed an education in real
estate, finance, public administration, or business. Qualification
requirements vary depending on the field of interest.
Property
Management Career Potential and Employment Prospects
Job opportunities for property managers, real estate management
companies, and community association managers are expected to grow
as fast as average through 2014. The real estate industry is growing
with increased housing options, renovations, and conversions. While
the national stock of homes increases, the demand for professional
real estate management companies and the well-educated, certified
property manager are also expected to rise. Apartment management is
becoming an attractive industry for those with a basic business or
real estate degree. Median annual salaries of real estate managers
were $39,980 in 2004. Related occupations include:
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