A building or property manager is responsible for overseeing the day-to-day happenings of a building with multiple tenants such as office buildings, apartment houses, or shopping centers.
A building or property manager is a combination of administrator, rental agent, accountant, public relations expert, purchasing agent, and maintenance person. The manager may simply have an office on the premises, or he or she may live there in an apartment supplied by the owners of the building.
In a single building with only a handful of tenants, the manager handles everything with the help of a small clerical and maintenance staff. In large units, the manager supervises a large staff that handles the details of maintenance, security, leases and rent collection, accounting, and other matters.
One of the most important duties of a building manager is securing tenants for the facility. That involves showing available units to prospective tenants, arranging leases, and providing renovations to suit commercial tenants. Each of these activities is of prime importance to the profitable operation of the building. The reputation of the building manager and staff for competence and service may influence the prospective tenant's decision to move into a building.
Most building managers are employed by real estate and development firms, banks or trust companies, or insurance companies that own investment property. Government agencies employ building managers in subsidized public housing projects. Some building managers are self-employed.
A beginner in this field usually works under the supervision of an experienced manager. To gain experience, the beginner might be given responsibility for a small building or hired as a resident supervisor or maintenance manager.
A related job is real estate agent/broker.
Places of employment and working conditions
Building and property managers work in offices, but they often spend a great deal of time away from their desks visiting the properties that they manage. They confer with various members of the maintenance staff and tenants.
Building managers must recognize that tenants can sometimes be demanding, troublesome, and unreasonable, and the building manager is on call at all times for emergencies and problems.
Qualifications, education, and training
Reliability, good judgment, tact, and diplomacy are all necessary. A building manager must also have initiative and a well-developed sales ability.
High school preparation should include business courses and the development of communication skills.
A college education is becoming more and more important in this field. A background in accounting, law, finance, management, government, or economics is helpful; a business degree with a major in real estate is ideal. Junior and community colleges offer two-year programs leading to an associate degree, which is also acceptable to many employers.
Various professional and trade organizations involved in the real estate field offer short-term formal training programs. A number of organizations also offer certification programs; certification is granted to those who complete training programs, meet job experience standards, and pass written examinations.
Potential and advancement
There are about 225,000 building and property managers. Large metropolitan areas, retirement and resort communities, and industrial areas all provide numerous job opportunities. Growth in the demand for office buildings, retail establishments, and apartments and houses should create a demand for building and property managers through the 1990s. Those with bachelor's degrees in business administration and related fields should have the best opportunities.
Income
Earnings vary greatly depending on geographic area, size of buildings, and level of responsibility. Beginners earn about $225 a week, sometimes with living facilities provided.
Experienced managers earn from $16,000 to $42,000 a year or more. Owners of management firms earn as much as $100,000 to $135,000.
On-site apartment managers earn an average of $28,000 a year; property managers responsible for multiple apartment properties earn an average of $55,100 a year; those responsible for office buildings earn an average of $67,100 a year; and managers of shopping centers earn an average of $60,800 a year.
Additional sources of information
American Industrial Real Estate Association, Los Angeles, CA 90071
Building Owners and Managers Institute International, Chicago, IL 60611
