An Overview of Real Estate Management Firm Jobs
Basically, real estate management firm jobs will put you in the position to oversee someone else's property to ensure that it generates the anticipated amount of revenue and that its residents are supplied with their basic needs. These firms are hired by property owners who either want a professional handling their property or do not feel as if they have sufficient time to take care of the property accurately. Most of the properties with which you work will be rental homes, apartments, or condominiums.
In your position, you will be responsible for many aspects of the property's daily operation. For one, you will handle the financial aspects of the property, including collecting rent, association dues, and/or other bills that are required to be paid by residents. In addition to these efforts, you will also have to report to the owners of the property about how many empty units are available, which leases are expiring soon, which condos are being put up for sale, and more.
Besides these basic responsibilities for the owner, you will also be in charge or hiring any service providers for the property. For example, if your property is going to be wired for high speed Internet this is a contract that will need to be negotiated by you with that telecommunications provider. You may have to work out these contracts with utility companies, maintenance staff, security workers, and others. Obviously, in these negotiations you'll be looking to keep costs low but also to ensure the needs of the property will be met. That can be a challenging line to walk.
Your job is also to ensure that your property is adhering to national laws, such as the Americans with Disabilities Act. With input from the property owners, people who are holding real estate management firm jobs may also be asked to create the terms of lease or association agreements, including rules about pets, parking, and other issues related to the property. Generally, the firm will put someone onsite to manage the property directly and to ensure that these terms are adhered to.
You may also find yourself being in charge of advertising or marketing available units in order to keep them from sitting empty and costing the property's owner revenue.
As far as the work environment goes, you will probably be working in a comfortable office part of the time. You will be in contact with the owner, onsite property managers, and property residents so you will need access to a telephone, fax machine, and/or email most of the time. While you will typically be working during the day, you may also have to attend functions with residents and may have to visit the property periodically even if you are not the onsite manager.
Education & Training Requirements
When you are preparing for real estate management firm jobs, you may be surprised to learn that no specific educational requirements exist. However, you would do well to have some college under your belt, especially in business administration or another field that would give you management preparation. Having a master's degree in business or public administration or another business-related field would further increase your ability to secure a position in this field.
If you are going to working as an onsite manager, you might also do well to gain some experience in the real estate industry elsewhere before attempting to secure real estate management firm jobs. This background in real estate can help you when you need to find new residents for the property and can give you an advantage when caring for the property because you will have a good idea of what potential and current residents would find appealing.
In most cases, you will join a management firm at a low-level position unless you have significant experience and/or education. Many people begin as assistants before moving upward in the firm.
In terms of personal requirements, you should have excellent interpersonal skills because dealing with others is going to be a major part of your job. You must be comfortable dealing with financial matters. You must be well-organized and often self-motivated. Additionally, strong verbal and written communication skills are necessary.
Job Outlook for Real Estate Management Firm Jobs
Until 2016, this career is expected to see fast growth. Part of the reason for this trend will be the increasing demand for these properties as the real estate industry continues to go down. The best prospects for these positions will be found in metropolitan areas that have fast growing populations because new residents to the area often find themselves in these properties because it is more convenient. Having good experience in real estate and a strong foundation in management will improve your opportunities as well.
Salary Outlook
The average salary for real estate management firm jobs is between $40,000 and $80,000. The property you manage and your experience can have an impact on how much you earn. Working with subdivisions can be one of the most lucrative avenues.
Conclusion
If you are interested in working in the real estate industry but don't necessarily want to be an agent, these careers can provide the best of both worlds. You'll be able to work with residents and property owners to make sure these separate groups are satisfied.
