- Career Options
- Property Real Estate Or Community Association Managers
Property, Real Estate, or Community Association Manager
Time or expertise needed for the day-to-day management of real estate investments or homeowners’ associations or residential, commercial, or industrial properties is the job of Property, Real Estate, or Community Association Manager. You should have right combination of skill set such as, excellent interpersonal skills, good communication as well as an ability to tactfully deal with people besides the academic requirements to become successful as property or real estate manager. These managers are employed either directly by the owner or indirectly through a contract with a property management firm. Work time is split between the office and being on-site at the property.
You can specialize in one of the following areas:
Property and real estate managers oversee the performance of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues.
Community association managers manage the common property and services of condominiums, cooperatives, and planned communities through their homeowners’ or community associations.
Onsite property managers are responsible for the day-to-day operation of a single property, such as an apartment complex, an office building, or a shopping center.
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.
Role of Property, Real Estate, or Community Association Managers
- They act as the owners' agents and often manage several properties
- Meet with, and show properties to, prospective renters
- Discuss the lease and explain the terms of occupancy
- Collect monthly fees from tenants
- Inspect all building facilities, including the grounds and equipment
- Prepare detailed budgets and financial reports for properties.
- Solicit and analyze bids from contractors for repairs, renovations, and maintenance.
- Direct and coordinate the activities of staff and contract personnel and evaluate their performance.
Skills of Property, Real Estate, or Community Association Manager
Customer-service Skills: Property, real estate, and community association managers must provide excellent customer service to keep existing clients and expand their business with new ones.
Interpersonal Skills: Because property, real estate, and community association managers interact with people every day, they must have excellent interpersonal skills.
Negotiating Skills: Real estate asset managers must be adept at persuading and working with people and good at analyzing data to assess the value of potential future value of a property.
Organizational Skills: Property, real estate, and community association managers must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.
Communication Skills: Property, real estate, and community association managers must understand leasing or renting contracts and must be able to clearly explain and answer any questions a tenant may have.
Tact: Property, real estate, and community association managers must be able to mediate disputes or legal issues between residents, homeowners, or board members.
Scope of Property, Real Estate, or Community Association Manager
The government's impetus to boost urban development and meet the 'Housing for All' agenda, has heightened the need for skilled professionals across job functions in the sector. In a country like India, scope of property managers is immense.
The growing population, overall economic growth of the country and rising income levels and increased foreign investment has led to an increased need for improved infrastructure across urban, semi-urban and rural India.
This increased demand for real estate, together with increased regulatory vigilance, leads to an unprecedented manpower requirement in this sector.
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