Career Development

What Does a Real Estate Manager Do?

Find out what a real estate manager does, how to get this job, and what it takes to succeed as a real estate manager.

Real estate managers are responsible for overseeing all aspects of a real estate business. They may be involved in everything from hiring and training agents to managing client relationships, marketing strategies, and more.

Real estate managers often work with agents who specialize in different areas of the industry. For example, some agents might focus on residential properties while others handle commercial or industrial properties. The manager helps ensure that each agent is working toward the same goals and objectives as part of the larger team.

Real Estate Manager Job Duties

A real estate manager typically has a wide range of responsibilities, which can include:

  • Analyzing data to identify potential problems that may impact the value of a property such as crime rates or flood zones
  • Managing the total operation of a company’s real estate holdings such as leasing space in retail or industrial facilities
  • Coordinating with architects and contractors to ensure that new construction projects meet local building codes and zoning requirements
  • Negotiating contracts with tenants, brokers, and other parties involved in commercial real estate transactions
  • Preparing budgets for new projects based on projected rental income, operating expenses, and capital expenditures
  • Conducting physical inspections of properties to identify maintenance needs or defects requiring repairs
  • Reviewing and approving lease agreements to ensure that terms are fair and that legal requirements are met
  • Establishing and enforcing policies regarding security, maintenance, tenant satisfaction, and other aspects of property management
  • Planning, marketing, and managing the sale of real estate holdings such as residential homes, commercial buildings, or land plots

Real Estate Manager Salary & Outlook

Real estate managers’ salaries vary depending on their level of education, years of experience, and the size and location of the company. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $62,500 ($30.05/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of real estate managers is expected to grow at an average rate over the next decade.

Demand for real estate managers depends on the health of the real estate market. As real estate markets continue to grow, more real estate managers will be needed to oversee the leasing and management of commercial properties. However, the decline in the number of large commercial property leases may limit job growth for real estate managers.

Real Estate Manager Job Requirements

A real estate manager typically needs to have the following qualifications:

Education: A minimum of a bachelor’s degree in real estate, business or a related field is often a requirement to become a real estate manager. Some employers may prefer a master’s degree in real estate or business. Relevant coursework includes real estate law, finance, economics, business law and accounting.

Training & Experience: Real estate managers typically receive on-the-job training in the form of an apprenticeship or internship. During these periods, they learn the skills and knowledge necessary to perform their job duties. Real estate managers can also receive training through courses and seminars.

Certifications & Licenses: While certifications are not always required for real estate manager positions, they can be a valuable tool for increasing your competitiveness during hiring processes.

Real Estate Manager Skills

Real estate managers need the following skills in order to be successful:

Communication: Communication is the act of conveying information through speech, writing or other methods. As a real estate manager, you use communication skills to convey information to clients, other real estate agents and other professionals. You also use communication skills to convey feedback to your team and to explain complex ideas.

Negotiation: Negotiation is the ability to persuade others to agree with your point of view. Real estate managers may use negotiation skills to help their clients buy or sell a property. For example, a real estate manager may negotiate with a seller to reduce the price of a home to help a client buy it.

Organization: Real estate managers oversee many projects at once, so organizational skills can help them manage their workload. Organization skills can also help them keep track of important documents and information.

Time management: Time management is the ability to plan and execute tasks within a set time frame. Real estate managers often have many tasks to complete in a day, so time management skills can help them prioritize their work and meet deadlines.

Marketing: A real estate manager oversees the marketing of a property, including the listing, negotiation and closing of a sale. They may also be responsible for creating advertisements and other marketing materials. A real estate manager should have a thorough understanding of marketing strategies and tactics.

Real Estate Manager Work Environment

Real estate managers typically work in an office environment, although they may spend considerable time traveling to properties that they manage or that are for sale. They work regular business hours, although they may be required to work evenings and weekends to attend meetings or open houses. Real estate managers may also work long hours during periods when they are trying to buy or sell property. The work can be stressful, especially when deadlines are tight or when dealing with difficult clients. However, most real estate managers find the work to be exciting and challenging, and they enjoy the satisfaction of helping people find the right property.

Real Estate Manager Trends

Here are three trends influencing how real estate managers work. Real estate managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Rise of the Real Estate Broker

The real estate industry is changing rapidly, and one of the most significant changes is the rise of the real estate broker.

As more and more people buy and sell homes online, the need for a traditional real estate agent is decreasing. This is because buyers and sellers can now do most of the work themselves, without the help of a professional.

However, real estate brokers are still needed to help with the process, and they will need to be well-versed in online marketing in order to stay competitive. In addition, brokers will need to be able to manage their time effectively in order to handle all the tasks that come with the job.

More Focus on Customer Experience

Real estate managers are increasingly focusing on customer experience as a way to differentiate themselves from the competition.

This trend is being driven by the fact that customers are becoming more demanding. They want a great experience from start to finish, and they are willing to pay extra for it. As a result, real estate managers need to focus on providing a great customer experience throughout the entire process.

Greater Use of Technology

Technology is playing an ever-increasing role in the real estate industry. From virtual tours to social media advertising, technology is helping agents connect with potential clients in new and innovative ways.

As technology continues to play a larger role in the real estate industry, real estate managers will need to learn how to use these tools to their advantage. This includes learning how to create virtual tours, use social media to promote properties, and utilize other technologies that can help them connect with potential clients.

How to Become a Real Estate Manager

A real estate manager career can be a great way to get started in the real estate industry. It’s a good idea to start by getting your real estate license, which will allow you to work with both buyers and sellers. You can then build up your experience by working for different companies in different areas of real estate. This will give you a better understanding of the industry and help you decide what area you want to specialize in.

Once you have some experience under your belt, you can consider starting your own business or becoming a real estate manager. This is a great way to make money in real estate without having to buy property yourself.

Related: How to Write a Real Estate Manager Resume

Advancement Prospects

There are many different paths to advancement in the field of real estate management. One common path is to start out as a property manager and then move up to a position as a regional manager or portfolio manager. Another path is to start out as a leasing agent and then move up to a position as a property manager. Some real estate managers also start their own property management companies.

In order to advance in the field of real estate management, it is important to have a solid understanding of the real estate market and of the various aspects of property management. It is also important to be able to effectively communicate with tenants, landlords, and other real estate professionals.

Real Estate Manager Job Description Example

At [CompanyX], we believe that the key to success in real estate is a combination of strong market analysis, creative thinking, and sound decision making. We are looking for an experienced real estate manager to join our team and help us achieve our goals. The ideal candidate will have a proven track record in real estate development, acquisitions, and management. He or she will be a strategic thinker with the ability to see opportunities and potential problems before they arise. The real estate manager will be responsible for overseeing all aspects of our real estate portfolio, including but not limited to: acquisitions, dispositions, development, leasing, and asset management.

Duties & Responsibilities

  • Develop and implement strategies to increase occupancy and drive revenue growth
  • Monitor the performance of the property against budget and take corrective action where necessary
  • Oversee the preparation of marketing plans and materials, and manage advertising campaigns
  • Negotiate and execute leases with new and existing tenants
  • Manage all aspects of tenant relations, including lease renewals, rent collection, and resolving maintenance issues
  • Supervise on-site staff, including security, janitorial, and maintenance personnel
  • Prepare regular reports on the financial performance of the property for senior management
  • Develop and maintain strong relationships with local businesses, government agencies, and community groups
  • Stay abreast of market trends and changes in the real estate industry
  • Conduct regular property inspections to ensure that it is being well-maintained
  • Handle all aspects of insurance coverage for the property
  • Coordinate with outside vendors to provide services such as landscaping, snow removal, and repairs

Required Skills and Qualifications

  • Bachelor’s degree in business, real estate, or related field
  • 10+ years experience in commercial real estate, property management, or related field
  • Proven track record of successful real estate transactions
  • Strong understanding of real estate law, regulations, and best practices
  • Excellent negotiation skills
  • Exceptional written and verbal communication skills

Preferred Skills and Qualifications

  • MBA or other advanced degree
  • CCIM or other professional designation
  • Experience with real estate investment trusts (REITs)
  • Working knowledge of real estate accounting software

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