So you’re planning to become a real estate manager?
That’s GREAT!
You can oversee stunning properties, manage budgets, handle a team, and the list can go on.
Yes, becoming a real estate manager is a fulfilling career…
But where do you begin?
We’re here to give you the steps on how to become a real estate manager.
We’ll also answer some frequently asked questions, including:
- How much do real estate managers make?
- What do real estate managers do?
- What are the relevant skills that a real estate manager should have?
- And much more!
So are you ready?
Let’s begin!
What is a Real Estate Manager?
Before we begin, let’s quickly look at what a real estate manager is.
The name itself gives you an idea.
A real estate manager supports private property owners.
They are responsible for overseeing commercial or high-end residential properties.
They perform various duties including bookkeeping, supervising staff, and tracking daily expenses.
More often than not, they have the authority to make decisions for the real estate property, including ordering landscaping, managing security, and hiring or firing contractors.
But most of all, real estate managers are in charge of buying and selling a property on behalf of the owner.
The 5 Steps to Become a Real Estate Manager
Here are the 5 steps to becoming a real estate manager:
- Complete related education
- Gain experience
- Obtain specialized skills and knowledge
- Get a real estate manager certification
- Land your first real estate manager job
Let’s take a close look at each one.
Step 1: Complete Related Education
Real estate manager-related education can make a significant difference in your career as a real estate manager.
Depending on your state, employer’s requirements, and the nature of the job, having a bachelor’s or master’s degree is the way to go.
While it’s possible to become a real estate manager with only a GED or high school diploma, a college degree will increase your chances of success in the field.
According to Zippia, around 68.6% of real estate managers have a bachelor’s degree and 12.4% have a master’s degree.
That’s almost all real estate managers in the country!
Now, you might be wondering, “What kind of education should I take?”
Here are the most commons ones:
- Real estate
- Business
- Finance
- Risk Management
- Property Management
- Business Administration
Step 2: Gain Experience
Besides education, experience is another must-have.
It’s no wonder that most real estate managers were once real estate agents or even managers or investors in other industries.
So before you can get to the manager stage, you first need to start low.
You can work as an assistant for a property manager or real estate broker. Some states don’t even require you to have a property manager license for this.
From there, you can work your way up — until you have enough experience to be a real estate manager.
Or, you can choose to work with an investment company.
With this, you can get lots of on-the-job training.
Step 3: Obtain Specialized Skills and Knowledge
Yes, a college degree is enough to prove you have a solid foundation…
On-the-job training will improve your techniques and skills.
But if you want to take it a step further, get specialized skills and knowledge.
Skills and knowledge focused on real estate management.
Find internship programs that provide valuable hands-on experience and an opportunity to learn from experienced real estate managers.
As an intern, you may be involved in conducting market research, assisting with property management tasks, and drafting contracts and agreements.
If you want, you can enroll for a household management specialist certificate at NAPO University.
Or why not go with the household manager title offered by the Starkey International Institute?
More than that, you can work on improving these vital real estate manager skills:
- Strong leadership
- Critical thinking
- Negotiation
- Problem-solving
- Communication
- Time management
Completing relevant training or internships makes you a more desirable candidate for potential employers. I mean, all this will show your commitment to professional growth and development.
What’s more, it will be a great opportunity to network and build connections within the industry.
Step 4: Get a Real Estate Manager Certification
If you want, you can get a real estate manager certification.
Here are the 7 most common certifications:
- Certified Property Manager (CPM)
- Certified Real Estate Inspector (CRI)
- Certified Facility Manager (CFM)
- Certified Sales Professional (CSP)
- Certified Management Accountant (CMA)
- Certified Construction Manager (CCM)
- Project Management Accountant (CMA)
Choose which path you want to take.
From there, look into how to obtain these certifications.
Remember, each state and organization will have its own set of requirements. So don’t forget to do your research.
Some states require you to hold a real estate license before certification.
Now, each state has different requirements to get a license. You can check here for our requirements by state chart.
Step 5: Land Your First Real Estate Manager Job
You’re one step away from fulfilling your dream job!
Now that you’ve developed a solid set of skills, it’s time to start searching for a real estate manager job that matches your interests and qualifications.
There are several steps you can take to ensure a successful job search.
- The first is to browse job boards and career websites for relevant postings. Seek listings that match your experience, interests, and skills.
- It’s a wise move to reach out to your professional network and let them know that you are actively looking for a job. They may be able to provide valuable information or refer you to potential employers.
- You may want to consider reaching out to companies that you find interesting. This will display your initiative and enthusiasm, helping increase your chances of getting hired.
Once you land your real estate manager role, it’s important to stay in the loop and know the latest news and trends to be successful in your career.
Frequently Asked Questions About Becoming a Real Estate Manager
How Much Do Real Estate Managers Make?
According to the U.S. Bureau of Labor Statistics, the national average salary for real estate managers is $31.58 per hour or $65,690 per year.
The salary of a real estate manager is influenced by factors such as location, level of experience, the size and type of property they manage, and the responsibilities associated with their role.
In addition to the salary, some employers may also offer clothing allowances, travel funds, and private housing.
What Do Real Estate Managers Do?
As a real estate manager, one responsibility is to oversee the day-to-day operation of the owner’s property.
This may include managing staff such as farm workers, chefs, butlers, and gardeners, to name a few.
Remember, the specific duties of a real estate manager depend on the type of property they are managing.
For instance, if managing a vineyard, a real estate manager may need to handle logistics for offering tours to visitors.
As you can tell, the duties and responsibilities are very varied, but some common ones include:
- Buying and selling properties for the owner
- Manage agricultural activities and ensure the land is used to its full potential.
- Hire and terminate contractors for the estate.
- Develop and implement best practices for estate operations.
- Plan events and gatherings at the estate.
- Use suitable marketing channels to promote the estate’s business.
- Meet with the owner of the estate to discuss their needs, plans, and upcoming events.
- Create and maintain budgets for the estate.
- Manage maintenance, repairs, and renovation projects on the estate.
- Oversee and train all estate employees.
- Submit insurance claims on behalf of the estate.
What are the Skills that a Real Estate Manager Should Have?
If you’re looking to become a real estate manager, you need to develop strong communication and interpersonal skills.
This is because you’ll be dealing with different types of people, from property owners to vendors.
It’s also a wise decision to gain knowledge of farming and agriculture. Most real estate managers help in the care of the estate’s plants and livestock.
Here are other relevant skills that are commonly expected of real estate managers:
- Financial analysis
- Project management
- Leadership abilities
- Due diligence
- Property management
- Negotiation
- Strong research skills
- Problem-solving
- Time management
Which State is the Best for Real Estate Managers?
It’s worth noting that some states offer more favorable conditions when beginning a career as a real estate manager.
And according to the U.S Bureau of Labor Statistics, these are the top 5 states to work as a real estate manager:
- Connecticut
- Average salary: $108,194
- Top 10% salary: $163,00
- New York
- Average salary: $104,445
- Top 10% salary: $158,000
- New Jersey
- Average salary: $98,999
- Top 10% salary: $149,000
- Massachusetts
- Average salary: $93,567
- Top 10% salary: $142,00
- Rhode Island
- Average salary: $95,486
- Top 10% salary: $144,000
What is the Difference Between a Real Estate Manager and a Property Manager?
At first glance, real estate managers and property managers seem like the same role.
And they are very similar.
But there is a difference.
Property managers tend to take a more hands-on approach to manage properties under their care.
Furthermore, they have a wide range of tasks, from advertising and leasing vacant units to addressing maintenance issues and responding to tenant complaints.
On the other hand, real estate managers are more focused on the bigger picture of management.
They ensure that the property as a whole is functioning smoothly, and may delegate specific duties to other members of their team.
Another key difference is the types of property they manage.
Real estate managers often manage a single residence, such as a high-end property or a large estate.
While property managers may oversee a variety of properties including townhouses, apartment complexes, and condominiums.
Finally, it’s worth noting that property managers generally do not manage a team of employees. Instead, they work closely with leasing agents, maintenance staff, and other professionals to keep the property running smoothly.
Real estate managers may be responsible for managing a larger team, depending on the size and complexity of the property they oversee.
Conclusion
And that is how to become a real estate manager!
If you really want to excel, then it’s important to work toward success.
Complete the proper education.
Gain experience.
Get specialized skills and knowledge.
Get a certification, too.
You can say that these are all requirements — because who wants to hire a manager with no experience and accreditations?
So put in the work and you’ll reach the top.
Good luck on your journey!