Career Profile: Commercial Property Manager
Why Is Commercial Property Management a Job of Tomorrow?
Despite the slowdown in the housing industry, jobs for property managers are expanding as more people discover the value of a well-managed piece of real estate. Employment opportunities for commercial property managers are expected to increase 15 percent, according to the Bureau of Labor Statistics. Commercial property managers earn an average salary of $43,070 annually.
What Does a Commercial Property Manager Do?
Commercial property managers are responsible for the performance of commercial real estate sites, ensuring they reach their expected revenue goals. Commercial property managers often work for people who own office or retail buildings but who cannot oversee the sites themselves for whatever reason. Managers work through a contract with a property management firm and take on the responsibility of the sites to which they are assigned. They manage the financial aspects of the properties, ensuring that all rent, bills, taxes and other fees are paid on time, and that regular maintenance is done to keep the buildings at a high resale value. They also handle bids for janitorial, groundskeeping and other outside work, as well as deal with the complaints and concerns of tenants or clients.
What Kind of Training Do I Need to Become a Commercial Property Manager?
Commercial property managers must have a bachelor’s degree in business administration, real estate, accounting, finance or another related field of study. A bachelor’s degree takes four years to complete, and courses include accounting and budgeting. Many employers prefer to hire new college graduates despite their lack of professional working experience, so property management is an excellent field for driven individuals to join. Official certification is not required, but can be earned by commercial property managers to increase their marketability. Managers who deal with the buying and selling of commercial properties must obtain licensure from the state in which they work.