Real Estate Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a real estate manager. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a real estate manager.
Who is a Real Estate Manager?
Real estate managers supervise the operational section of properties. They prepare financial statements, oversee maintenance workers, and negotiate with suppliers, vendors, and contractors. They decide rental income rates. They also provide financial and legal counsel for property owners. Some property owners may trust real estate managers to the extent that they give them all their purchase, lease, or development and sales of property.
Real estate managers oversee the management of all factors either directly or indirectly that the value of commercial properties such as apartments, industries, and offices. The job responsibility of a real estate manager involves assisting homeowners in managing their properties, such as payment of taxes, rent, and insurance. In discharging their responsibilities, real estate managers identify prospective clients that have needs for property management. They can get in touch with clients via cold calls, arranged meetings, and emails to extend their services.
The role they play is; preparing business proposals that they present to potential clients to give them a glimpse of how they can effectively manage properties. Real estate managers can also supervise and train management staff and contractors. They also perform various financial transactions such as preparation of the financial budget, and collection of rent and they are also responsible for maintaining financial statements. They are also responsible for supervising activities or engagements that can lead to purchasing, development, and sales of estate property. They also provide owners with regular information or updates about recent developments in their properties. They also guarantee that all operations on properties adhere to governmental policies and procedures of housing. They also perform other tasks such as overseeing marketing and advertising building vacancies. They also ensure they repair or oversee the replacement of dilapidated buildings.
Real Estate Manager Job Description
Below are the real estate manager job description examples you can use to develop your resume or write a real estate manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
Real Estate Manager Responsibilities:
- Supervising the purchase, sale, rental, or development of properties.
- Administering real estate income and expenditure, as well as collecting payments.
- Determining rental income and negotiating lease agreements.
- Authorizing maintenance, repair, equipment, and supply expenditure.
- Dealing with contracts with vendors, suppliers, and contractors.
- Supervising maintenance workers, cleaning crews, contractors, and groundskeepers.
- Protecting owners informed on taxes, occupancy rates, and lease expiration dates.
- Settling complaints from residents and tenants.
- Preparing financial statements and records.
- Reporting to real estate owners and investors frequently.
- Handling and enforcing day-to-day operations of commercial properties.
- Answering and reacting to customer requests and inquiries.
- Processing customer work orders, needs, and requirements.
- Interacting and assuring smooth relationships between tenants and owners.
- Delivering lease administration for commercial properties
- Formulating financial budgets, reports, and statements relating to the real estate business.
- Instigating and implementing methodologies in managing properties.
- Commencing work processes to enhance business growth.
- Boosting and supporting administrative and field staff to maximize performance.
- Enforcing best practices, procedures, and standards in real estate operations.
- Dealing with all tenant-related matters, including complaints, disputes, and the collection of rental payments
- Performing regular inspections of properties and facilities to ensure that all is in order
- Hiring, supervising, and paying contractors
- Marketing vacant apartments, houses, or buildings in place of property owners
- Empowering owners with regular updates and reports and making relevant recommendations
- Proffering recommendations/advice to owners on a rental rate and expenditure estimates
- Supervising the marketing and advertising of building vacancies or properties up for sale
- Performing regular inspections of estate grounds and facilities to ensure they are in good condition
- Supervising the repair and replacement of damaged parts of a building or property.
Qualifications
Real Estate Manager Requirements:
- Bachelor’s degree in real estate, finance, business administration, or project management.
- A minimum of two experience in project management, real estate, or a similar role.
- Comprehensive experience in managing property purchases, sales, rentals, and development.
- Mastery in real estate management software, like Buildium and AppFolio.
- Experience in managing payments, negotiating contracts, and determining rental rates.
- In-depth understanding of applicable property law, taxes, and financial statements.
- Proficiency in property maintenance and procurement of vendors and suppliers.
- Ability to resolve resident and tenant complaints, as well as supervise workers and contractors.
- Progressive ability to keep property owners and investors updated.
- Terrific leadership and communication skills.
- Proficiency in relevant real estate laws and regulations
- Solid financial acumen to assist owners with financial activities
- Outstanding customer service skills to provide both owners and tenants with the service and support they require
- Good marketing skills to effectively market properties
Essential Skills
- Excellent Problem-solving Skills: as the name implies, real estate managers are responsible for managing the properties of customers. This job can be very tedious and as a result of this; challenges may spring up. It is the responsibility of the real estate manager to employ problem-solving skills to be able to bring solutions to challenges. For instance, a real estate manager and have a challenge in the issue of handling financial transactions on behalf of his or her client. It is the responsibility of the real estate manager to ensure that all the financial statements of the account are balanced and there is no error or mistake.
- Communication Skills: Real estate managers communicate with vendors, suppliers, and other building contractors throughout their daily work schedule. A real estate manager should know how to communicate vividly; he must ensure that he is never misunderstood by clients. A smart real estate manager employs his communication skills to build interpersonal relationships with landlords, tenants, vendors, and suppliers. They must also possess excellent listening skills.
Additionally, they must ensure they have excellent writing skills to draft proposals and other relevant documents.
- Knowledge of Real Estate Laws and Regulations: Every society has stipulated laws and policies for real estate. A real estate manager must be familiar with such policies and employ them when he is discharging his duties. A real estate manager also gives direction to employees and so he must ensure that they comply with the stipulated real estate policies. The real estate laws may vary state by state; a real estate manager who travels to other regions to manage properties must ensure he discovers the real estate laws of that state and employ them.
- Customer Service Skills: Real estate managers serve as a liaison between property owners and property buyers. They must ensure they provide the best customer service to both buyers and tenants. To provide excellent customer service, they must possess extensive knowledge of both property buyers and owners’
- Outstanding Marketing Skills: A Real estate manager is responsible for marketing a property to customers. He or she must know how to convince a client to buy or rent a property. He must convince the client on the terms that the client will enjoy the property once the client purchases A real estate manager must also be able to convince the property owner not to set up a high price but a standard one. Real estate managers stabilize the prices of properties.
- Organizational Skills: Real estate managers may handle multiple or numerous projects at a particular time. They need to employ organizational skills to be able to handle these projects effectively. They must know how to also keep records of relevant documents, especially documents that have to do with financial transactions so that they can refer to them any time they like.
How to Become a Real Estate Manager
- Earn a Bachelor’s Degree
The first step to becoming a real estate manager is to earn a bachelor’s degree in real estate, finance, business administration, project management, or any related field. This degree serves as the starting point of their career because it will help them harness some salient skills that will enable them to become successful in their career. This degree usually takes four years to complete and it goes a long way to expose you to the fundamentals of real estate. During this degree, you can visit building sites or properties to get experience on how real estate is done.
Additionally. A real estate manager is a top-notch position that may demand a master’s degree. This is because the position is a managerial one and some employees may prefer a candidate with a master’s degree. You can enroll for a master’s degree in real estate, business administration, and any other related field. A master’s degree will also boast your career and earn you a promotion in a short time.
- Get Experience
A Real estate manager is a managerial position and experience is highly essential. You should get at most two experiences in a similar role. This experience can be gotten when you take up entry-level jobs such as real estate agent, real estate appraiser, or any other related role. You can also enroll in a part-time or full-time internship to have experience in managing property purchases, rentals, development, and sales. You should also acquire extensive knowledge of applicable property laws, taxes, and financial statements. Real estate managers also employ computer and technological skills to ease their work; you can also be familiar with real estate management software such as Buildium and AppFolio.
- Get Certifications
There are various professional certifications you can acquire to build your skills and expertise. These certifications may not be mandated by employees but they will boast your job prospects. The Association of Residential Letting Agents (ARLA) offers certifications in the Level 2 Award in Introduction to Residential Property Management Practice or the Level 3 Award In Residential Letting and Property Management. You can acquire any of these certifications.
- Prepare Your Resume:
This is a crucial step; you need to prepare a marketable resume that will highlight your job experiences, skills, qualifications, and other relevant certifications. When preparing your resume focus on the job experience because most employers will prefer a real estate manager that has experience. You can also present a portfolio of the projects you have carried out in the past. Once you have prepared your resume; look out for open job vacancies around you and then apply. Ensure that the job description matches your skills and competencies.
Where to Work as a Real Estate Manager
Real Estate works in the building industry marketing owners’ property to property buyers. They can work in governmental real estate, mortgage banks, subdivisions, private estate companies, and international real estate organizations managing properties, rentals and development, and also sales.
Real Estate Manager Salary Scale
The salary scale of a real estate manager varies across different countries and below are some countries:
- In the United States, the average real estate manager’s salary in the USA is $73,248 per year or $37.56 per hour. Entry-level positions commence their career with $50,000 per year while most experienced workers make up to $119,965 per year. The average real estate manager’s salary in New York is $86,970 per year or $44.60 per hour. Entry-level positions commence their career with $65,000 per year while most experienced workers make up to $139,413 per year. The average real estate manager salary in California is $90,052 per year or $46.18 per hour. Entry-level positions commence their career with $60,000 per year while most experienced workers make up to $150,000 per year.
- In the United Kingdom, The average real estate manager’s salary in the United Kingdom is £59,972 per year or £30.75 per hour. Entry-level positions start at £47,500 per year while most experienced workers make up to £77,693 per year.
- In Canada, The average real estate manager’s salary in Canada is $75,050 per year or $38.49 per hour. Entry-level positions start their career at $52,500 per year, while most experienced workers make up to $105,000 per year.
- In Nigeria, A person working in Real Estate in Nigeria typically earns around 384,000 NGN per month. Salaries range from 141,000 NGN (lowest average) to 655,000 NGN (highest average or the actual maximum salary is higher).
- In Australia, The average real estate manager’s salary in Australia is $105,000 per year or $53.85 per hour. Entry-level positions start their career at $90,625 per year, while most experienced workers make up to $150,000 per year.
- In India, The average real estate manager’s salary in India is ₹ 550,000 per year or ₹ 282 per hour. Entry-level positions start their career at ₹ 400,000 per year, while most experienced workers make up to ₹ 1,500,000 per year.