Career Definition for a Commercial Property Manager
Commercial property managers oversee the day-to-day operations of buildings and complexes, such as malls or office parks. Their duties typically include collecting rent, negotiating leases and supervising cleaning and maintenance activities. Commercial property managers may also process payrolls or pay insurance, mortgage and tax bills. Additional duties include communicating with owners about occupancy levels and property conditions or preparing financial statements.
|Required Education||Ranges from a high school diploma to a master's degree in real estate management or a related field|
|Job Skills||Strong communication and customer service skills; multitasking; organizational skills; knowledge of building and legal codes|
|Median Salary (2018)*||$58,340 (all property, real estate and community association managers)|
|Job Outlook (2016-2026)*||10% growth (all property, real estate and community association managers)|
Source: *U.S. Bureau of Labor Statistics
Educational requirements for commercial property managers can range from a high school diploma to a master's degree in business or pubic administration, finance or real estate management, among other fields of study. Individual states may require a real estate license; optional certifications can be found through a number of industry organizations, such as the Institute of Real Estate Management. Assistant property managers train on the job; employer-sponsored training may also be required. Professional training programs may cover topics in accounting procedures, personnel, tenant relations and real estate law.
Commercial property managers have strong communication and customer service skills. Knowledge of building and legal codes is essential; multitasking and organizational abilities are also important.
Employment and Salary Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment of property, real estate and community association managers, including commercial property managers, is expected to increase by a faster than average rate of 10% from 2016 to 2026. As reported by the BLS, professionals employed in these positions in May 2018 earned median annual salaries of $58,340 (www.bls.gov).
Alternate Career Options
Here are some examples of alternative career options:
Administrative Service Managers
Administrative service managers can be employed by educational or health services, finance companies or the government, and areas of specialization may include information and recordkeeping, contract administration or facilities management. Formal education requirements can range from a high school diploma to a 4-year degree in business, facility management or another related area; professional certifications are available from the International Facility Management Association. Like commercial property managers, administrative service managers will see a 10% growth in employment from 2016-2026. According to the BLS, an administrative service manager who was employed in May 2017 earned a median annual salary of $94,020 (www.bls.gov).
Food Service Managers
Food service managers oversee the day-to-day operations of fast-food and fine dining establishments, cafeterias or catering businesses. Minimum hiring requirements include a high school diploma and major industry experience; high-end establishments and large chains may show a preference for graduates of 4-year food service or hospitality management programs. The BLS reports that food service managers will see a 9% increase in employment opportunities through 2026, as many of their supervisory duties continue to be assumed by first-line supervisors. As of May 2018, food service managers were paid a median annual salary of $54,240, with those employed in traveler lodging and restaurant and eating place positions earning an average of $69,830 and $56,140, respectively (www.bls.gov).