Career Path: Property Management
Property Management as a Career
Property management involves the daily operation at the individual property level. It can include marketing and promotion, tenant screening and selection, managing rent, coordination of the maintenance and repair function, optimizing building efficiency and acting as a liaison between owners, investors, service providers and tenants.
The duties and expectations of property managers have grown over time with an increased focus on maintaining the bottom line.
The position involves a comprehensive understanding of the owner's strategy for a particular asset or assets in its real estate portfolio (short or long-term hold). The property manager is responsible for leasing and management to maximize returns for its owners and ensure the real estate's long-term viability.
BOMI credentials can ensure you have the critical knowledge and skills needed for personal and organizational success.
| JOB/POSITION | LOW SALARY | MEDIAN SALARY | HIGH SALARY |
| Senior Property Manager | $116,300 | $124,200 | $147,000 |
Property Manager I <250,000 SF) | $69,400 | $90,000 | $107,800 |
| Property Manager II <250,000 - 500,000SF) | $64,300 | $90,700 | $108,500 |
| Property Manager III <500,001-1Mil SF) | $87,200 | $100,800 | $119,000 |
| Property Manager IV (>1MIL SF) | $94,800 | $116,900 | $146,600 |
Source: BOMA International
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KEY FUNCTIONS
- Managing, coordinating and overseeing the daily operations of the property.
- Manage the financial marketing and leasing of the property. Prepare and submit and manage the property budget.
- Perform lease administrative duties, monitor rent, collections, and direct tenant retention programs.
- Ensure compliance with policy procedures, codes, and regulations. Focus on customer satisfaction by finding solutions that meet or exceed customer needs.