Real estate asset managers: Salary, career path, job outlook, education and more
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 the day-to-day operations of the property. In deciding to acquire property, real estate asset managers consider several factors, such as property values, taxes, zoning, population growth, transportation, and traffic volume and patterns. Once a site is selected, they negotiate contracts to buy or lease the property on the most favorable terms. Real estate asset managers review their companys 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.
- Education Required
- A high school diploma or equivalent is typically required for most onsite property management positions. However, many employers prefer to hire college graduates for commercial management positions and offsite positions dealing with a propertys finances or contract management. A bachelors or masters degree in business administration, accounting, finance, real estate, or public administration is preferred for these types of positions.
- Job Outlook
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The projected percent change in employment from 2016 to 2026: 11% (Faster than average)
(The average growth rate for all occupations is 7 percent.) - Advancement
- Many people begin property management careers as assistant managers, working closely with a property manager. In time, many assistants advance to property manager positions.
- Licenses/Certifications
- Real estate managers who buy or sell property must have a real estate license in the state in which they practice. In a few states, property and community association managers also must have a real estate license. Managers of public housing subsidized by the federal government must hold certifications.
- Median pay: How much do Property, Real Estate, and Community Association Managers make?
- $57,040 Annual Salary
- $27.42 per hour
Careers for Property, Real Estate, and Community Association Managers
- Apartment managers
- Building rental managers
- Community association managers
- Condominium association managers
- Homeowner association managers
- Land acquisition managers
- Leasing property managers
- Onsite property managers
- Property and real estate managers
- Property managers
- Real estate managers