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Degrees and Schools
A bachelor's or master's degree in business administration, finance, accounting or real estate management are the most relevant degrees for those who want to work as a property manager. There are also a limited number programs that allow students to major or minor in property management or facility management. Non-degree programs that lead to professional certification as a property manager are also available. These programs are often offered by community colleges or continuing education programs and have varying admissions qualifications which may include prior college education or work experience.
Coursework
Programs in property or facility management will typically include coursework similar to that listed below.
- residential property law
- commercial property law
- property advertising
- building codes
- financial management
- accounting
- operations and maintenance management
- environmental health and safety
- heating, ventilation and air-conditioning
- real estate and property development
Online Classes and Programs
Due to the limited availability of programs that focus on property management at traditional colleges, individuals looking for education in this field may find it more convenient to take courses online. There are a number of online business degree programs available which allow students to focus on property management or facilities management. Certificate programs can also be found online.
Employment Requirements
Requirements for property manager positions vary widely depending on the employer, the size of the property, whether it is residential or commercial and the responsibilities the position includes. Entry level positions or positions managing small properties may only require a high school diploma while positions managing a large apartment complex or commercial building may require a bachelor's degree and professional certification. The Institute of Real Estate Management and the National Property Management Association both provide industry recognized professional certifications. Managers of public housing must be certified and in a few states, property association managers must be licensed. Individuals considering this type of work should have good customer service and organizational skills and have strong knowledge of word processing and spreadsheet software.
How to Evaluate Schools and Programs
When selecting a property management or business program, prospective students should consider the following questions:
- Coursework - Does the coursework cover all the topics the student feels are necessary to meet their career goals. For students with work experience, does the coursework fill in gaps in their knowledge? Can a student avoid taking courses in topics they have already mastered?
- Certifications - Does the program meet requirements of the property management certification that the student is pursuing? Does it prepare students for property management certification exams?
- Costs - What are the tuition and fee costs? Will the increase in income as a result of the degree or certificate offset the costs?
- Graduate success - Have graduates of the program found positions similar to what the student expects to find?
- Employer Perception - Do potential employers value the degree or certificate that will be earned? Will the degree or certificate make the student eligible for higher level positions?
Property Managers Job Description
Most of us take for granted that the building we work in or the apartment we live in is a comfortable temperature, is clean and has working elevators and bathrooms. Property managers are the people who, behind the scenes, make sure buildings are maintained and kept clean and who take care of administrative and financial tasks involved with managing a property. They make sure rents are paid, that space is occupied, bills are paid and costs are kept under control.
Community Association managers have similar roles but only take care of communal areas that are part of a condo or homeowners' association. A related position of real estate asset manager, is responsible for buying, selling and developing real estate on the behalf of investors or businesses. Property, real estate and community association managers are primarily employed by property management companies, real estate agents, community associations and government agencies.
The responsibilities of property, real estate and community association managers cover a wide range of financial, personnel and administrative duties such as those listed below:
- recruit, hire, train and supervise personnel
- collect and deposit rents or fees
- manage service contracts
- prepare and manage budget
- pay invoices
- manage occupant requests and complaints
- perform evictions
- ensure all laws and regulations are adhered to
- keep records and prepare reports
Resources
Institute of Real Estate Management - IREM is a membership organization of real estate management professionals that offers education, professional certifications, publications and conferences. It is an affiliate of the National Association of Realtors.
National Property Management Association - The NPMA provides certifications and education to its membership as well a magazine publication, manuals, research papers and other publications.
Property Management Association - The PMA provides education via monthly meetings and seminars as well as via several publications.
National Association of Residential Property Managers - The NARPM is a trade organization for those who manage single-family and small residential rental properties. They support the professional and ethical practices of rental home management through conferences, legislative advocacy, educational courses and professional designations.
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