Condominium managers have several options for training. An Associate of Applied Science (A.A.S.) in Property Management serves as an introduction to the field and establishes a path for further study. A Bachelor of Science (B.S.) in Property Management qualifies graduates for positions such as associate property manager or tenant relations coordinator. A Master of Science (M.S.) in Property Management equips graduates for advanced positions. Students learn about laws and regulations unique to condominium ownership as well as general property management skills and principles. Graduates are qualified to seek licensing as real estate agents as well as pursue professional certification in the field of property management.
A high school diploma or GED certificate is required prior to beginning of the associate's program. For the master's program, applicants must hold a bachelor's degree in property management or in areas such as real estate, finance, or business administration from an accredited college or university. Most institutions require candidates to have professional work experience in property management, real estate or a related discipline.
Associate of Applied Science in Property Management
Students learn the principles of managing and marketing residential and commercial real estate. These programs focus on core theoretical and practical concepts, but also feature technical electives in order to provide a thorough overview of effective property management designed to satisfy tenants.
This associate's degree program comprises classes teaching students to review property listings, interview prospective occupants, show properties, and negotiate terms of lease or sale. Many programs include required pre-licensing education for a particular state's real estate license examination. Subjects covered in the curriculum include:
- Appraisal process
- Tenant relations
- Managerial accounting
- Real estate law
- Code and regulation compliance
Bachelor of Science in Property Management
Candidates study and develop the necessary competencies to function in roles specific to residential property management. These programs emphasize legal and financial matters, communication skills, and leadership techniques in order to address tenant and administrative concerns.
A baccalaureate program requires classes addressing practical real-estate and property-management procedures along with critical thinking, logic, communications, and problem-solving. The following are possible subjects:
- Real estate fundamentals
- Property management overview
- Housing policy
- Consumer economics
- Marketing and leasing of residential properties
Master of Science in Property Management
Master's degree candidates focus on the review, analysis, and application of best practices in property management. They study financing and budgeting, tenant relations, personnel management, and strategic decision-making. A capstone project encompassing individual and group effort is generally required to satisfy the degree curriculum. Some programs provide the opportunity for students to sit for the Certified Apartment Manager (CAM) exam, approved by the National Apartment Association.
A graduate degree program features classes addressing property law, financial analysis, and risk management. Subjects included:
- Strategic financial analysis
- Maintenance for managers
- Risk management
- Government and assisted housing
- Environmental policy
Popular Career Options
Degree-holders are generally qualified to seek managerial- and senior-level positions. Some career options include:
- Property manager
- Tenant relations director
- Homeowners' association liaison
Employment Outlook and Salary Information
Degree-holders generally can pursue entry-level positions in property, real estate or community association management. The Bureau of Labor Statistics (BLS) reported that in May 2018, there were 363,000 property, real estate and community association managers employed in the United States; the median annual salary for these managers was $58,340.
The BLS reported that jobs for property, real estate and community association managers were expected to increase at the rate of 7% from 2018-2028. Prospects may be the brightest for applicants with a college degree in a relevant field and/or professional certification.
Certification and Licensure
All 50 states require real estate managers who buy or sell property to be licensed by the state where they practice. Pre-licensing courses are administered by state real estate commissions and can be taken in a variety of locations, including local colleges and universities. Topics covered include basic principles for salespersons and building codes and regulations. In addition, voluntary certification for property managers is offered through the Institute of Real Estate Management. Possible courses include marketing and leasing of rental properties, property maintenance and risk management, and real estate financing and valuation.
Property management degree programs prepare students to become tenant relations directors or property managers and qualify them for other senior-level positions. Some graduates go on to pursue real estate licenses or other professional and voluntary certifications to increase their knowledge and job opportunities.