ESTATE MANAGEMENT

CHOOSING A CAREER IN REAL ESTATE MANAGEMENT
If you’re like nearly every other person out there and are evaluating your career options, there are probably two principle questions that keep entering your mind about the careers you are considering:
1. What would I do in the job?
2. How would I get started in the field?

What would I do in the job?

Just what is real estate management? Real estate management is the administration, operation, marketing, and maintenance of real estate in order to achieve the objectives of the owner of that real estate. The work real estate managers perform varies greatly depending on the position they hold and the organization or company they work for, as well as the type of real estate they manage. Specific jobs within the broader field of real estate management generally fall into three categories:
1. Resident or site management
2. Property management
3. Real estate asset management

T H E R E S I D E N T O R S I T E M A N A G E R

Most site managers deal with residential properties (apartments, cooperatives or condominiums) and, if they reside on the properties they manage, they are known as “resident managers.” Site managers form an essential link between the residents and the property manager. In some cases, they may assist the property manager in supervising maintenance personnel or contractors performing a variety of services to the property. The site manager is on hand to oversee the day to day operations of a property. The site manager deals not only with technical operations, such as mechanical and electrical systems, but with current residents and potential residents (e.g., meeting with lease applicants or collecting rents). Strong communication and “people” skills are required to perform effectively as a site manager. The site manager is the key to maintaining accurate records of the property’s income and expenses,
which enables the property manager to chart the financial performance of the property.

T H E P R O P E R T Y M A N A G E R

The property manager functions as the liaison between the property owner or owner’s agent, frequently an asset manager, and site personnel. The property manager is primarily responsible for the tangible asset which the property represents and focuses on managing the physical property— overseeing the day-to-day operations of site managers and other site personnel or work being contracted by the management firm. The property manager follows a management plan that he or she has designed and the owner has approved. This plan governs all aspects of the physical plant, financial operation, tenant relations, market positioning, and community image building. Property managers are directly responsible for maintaining and creating value in properties. This is mainly carried out by improving the net operating income of a property, which is accomplished through efficient operating procedures and optimization of rental income.

T H E R E A L E S T A T E A S S E T M A N A G E R

The real estate asset manager focuses on managing real estate as a financial asset and makes decisions which will govern the financial performance of the property. Some refer to asset management as a “numbers game.” The emphasis is on managing the property as an investment, focusing on activities that will add value to each property under management. Operational functions and caretaker roles are left to the property and site managers. The asset manager always has an eye toward longterm appreciation of the property as well as shortterm cash flow. In many cases, performance goals for the property are established by the asset manager then implemented by the property manager. Asset management is still being defined withinmany organizations, and the responsibilities an asset manager holds may vary greatly from one professional setting to the next. Overall, when performing asset management
functions, the manager progresses through the property’s life cycle and may become involved in acquisition, day-to-day management, or sale of the property. This requires the asset manager to pay careful attention to changing market opportunities, economic factors affecting tenancy, and financial developments which can lead to alterations in the physical or financial structure of the project itself always designed to enhance property value. The asset manager’s role may take on the entire life cycle of the property or any part thereof. These are broad descriptions of the positions available in the field of real estate management. At the property and asset manager level, many job responsibilities overlap. The job title and duties given to real estate managers will vary greatly depending on the type of organization and the kind of property being managed.

T Y P E S O F P R O P E R T I E S

Just as the work you would do varies with the position you would hold in the company, what you would do in the job also depends on the type of property you would manage. There are a wide variety of property types, each with its own peculiarities and demands on the manager of that real estate. Nevertheless, all types of properties need the services of a real estate manager to at least some degree.
• Apartments
• Condominiums and cooperatives
• Community and homeowners’ associations
• Rental single-family homes
• Office buildings
• Retail stores
• Shopping centers of all sizes
• Malls and outlet centers
• Industrial properties
• Mobile home parks
• Public housing
• Federally-assisted housing
• Facility or corporately owned properties
• University facilities

How would I get started in the field?

To know how you would get started, you have to know two things: who hires real estate managers, and how you can get your foot in the door of firms that do. One way to get started is to have family members already in real estate management. For the majority of you evaluating career options, however, you need to search further for sources of information. We provide here basic information about the kinds of firms that hire real estate managers and some ideas on getting started.

T H E O R G A N I Z A T I O N S T H A T E M P L O Y R E A L E S T A T E M A N A G E R S :

Property management firms.

These are companies that specialize in providing real estate management services to individual and institutional owners of real estate in exchange for a fee. For this reason, these managers often are referred to as “fee managers.”

Full-service real estate companies.

These companies provide a full range of professional real estate services with real estate management being one of them. Their management departments function in the same
way as fee managers.

Development companies.

Real estate managers on staff at development companies are managing company owned properties. These property managers are involved in many aspects of property development, including renovation and marketing properties to prospective investors.
Commercial banks.

Banks have moved beyond their
traditional role of providing clients with a source of
mortgage money for investment properties and may act
as equity participants in properties. Property and asset
managers are on staff to manage the banks’ portfolios of
investment properties as well as properties held in trust
by the bank. They also are on staff to take over management
of properties that have been turned over to the
banks as a result of foreclosures.
Real estate investment trusts.

Real estate managers provideexpertise managing investment properties for groups of investors who pool their funds together to purchase a portfolio of properties. Asset managers use their financial skills to assist owners in evaluating the profitability of the properties in the
portfolio.
Corporations.

Many large corporations have property and asset managers working in their in-house real estate divisions. They are responsible for managing the companies’ owned properties which are used for conducting their business. A corporate real estate manager will be involved in determining the best uses for corporate property and the terms for buying, selling, and leasing real estate occupied or owned by the corporation.
Government agencies.

Real estate managers are on staff managing government housing programs and development programs through municipal, state, and federal housing authorities and nonprofit sponsors.
Insurance companies.

Property and asset managers get involved managing investment property owned directly by insurance companies or in portfolio management of investment properties for large institutional investors and pension funds.
Mortgage brokerage firms.

Real estate management services are provided in connection with financial lenders as well as marketing properties to potential investors.
Other users.

Property managers may work for the military services, the federal, state, and local government, as well as colleges and universities, and religious or charitable organizations.

So now you know some of the firms that hire real estate managers. How do you get your foot in the door? There are all sorts of ways to get started. The most common starting point in this field is working in various capacities in the real estate management office or on site as maintenance workers or leasing agents and/or site managers. As these people learned more about the field and what it has to offer, they obtained additional training or coursework in the concerns of real estate management. Subsequently, theywere able to begin moving into management positions.

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