Real estate manager

Real estate managers

Description

Real estate managers handle and oversee the operational aspects of commercial or residential properties such as private apartments, office buildings and retail stores. They negotiate contracts for lease, identify and plan new real estate projects and construction of new buildings by partnering with a developer to identify the appropriate site for new buildings, coordinate the feasibility study for new constructions and supervise all the administrative and technical aspects involved in expanding the business. They maintain the premises and aim to increase its value. They hire, train and supervise personnel.

The duties of a real estate manager include, but are not limited to:

  • Managing the purchase, sale, rental, or development of properties.
  • Monitoring real estate income and expenditure, as well as collecting payments.
  • Determining rental income and negotiating lease agreements.
  • Authorizing maintenance, repair, equipment, and supply expenditure.
  • Negotiating contracts with vendors, suppliers, and contractors.
  • Overseeing maintenance workers, cleaning crews, contractors, and groundskeepers.
  • Keeping owners informed on taxes, occupancy rates, and lease expiration dates.
  • Resolving complaints from residents and tenants.
  • Preparing financial statements and records.
  • Reporting to real estate owners and investors on a regular basis.

Other titles

The following job titles also refer to real estate manager:

property management agent
co-ownership property manager
retail real estate manager
property rental coordinator
estate administrator
regional real estate manager
building rental manager
estate coordinator
property administrator
property rental manager
real estate officer
estate manager
property management officer

Working conditions

Real estate managers typically work in an office environment, although they may spend considerable time traveling to properties that they manage or that are for sale. They work regular business hours, although they may be required to work evenings and weekends to attend meetings or open houses.

Real estate managers may also work long hours during periods when they are trying to buy or sell property. The work can be stressful, especially when deadlines are tight or when dealing with difficult clients. However, most real estate managers find the work to be exciting and challenging, and they enjoy the satisfaction of helping people find the right property.

Minimum qualifications

There are no fixed education or training requirements fto become a real estate manager. Whereas some real estate managers have a high school diploma, most of them hold at least a bachelor’s degree in real estate, finance, business administration, or a related field. Some employers may prefer a master’s degree in real estate or business.

The level of experience a real estate manager needs depends on the position. Some employers may ask that candidates show previous experience in commercial or residential property management. Others may be satisfied if candidates have previous experience working in real estate or a professional customer service environment. Depending on the position, candidates may need to meet specific requirements, such as knowledge of relevant legislation or experience in managing a portfolio of high-end properties.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Real estate manager is a Skill level 3 occupation.

Real estate manager career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to real estate manager.

property acquisitions manager
real estate leasing manager
housing manager
real estate investor
bank account manager

Long term prospects

These occupations require some skills and knowledge of real estate manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of real estate manager with a significant experience and/or extensive training.

insurance product manager
insurance claims manager
fundraising manager
bank treasurer
budget manager

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of real estate manager.

  • Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
  • Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
  • Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
  • Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
  • Budgetary principles: Principles of estimating and planning of forecasts for business activity, compile regular budget and reports.
  • Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
  • Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

Essential skills and competences

These skills are necessary for the role of real estate manager.

  • Trace financial transactions: Observe, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanagement.
  • Audit contractors: Examine and document different industry contractors, in order to determine whether they comply with regulations and standards in relation to safety, environment and quality of design, construction and testing, etc.
  • Enforce financial policies: Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
  • Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
  • Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
  • Control financial resources: Monitor and control budgets and financial resources providing capable stewardship in company management.
  • Provide cost benefit analysis reports: Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
  • Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
  • Manage personnel: Hire and train employees to increase their value to the organisation. This includes a range of human resources activity, developing and implementing policies and processes to create an employee-supportive work environment.
  • Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
  • Collect rental fees: Receive and process payments from tenants of properties, such as residential or commercial properties, ensuring that the paid rent is in accordance with the contract and that rental fees are paid in a timely manner.
  • Supervise property development projects: Supervise the operations of new projects relating to property development, such as renovation, re-leasing, purchasing of land, building projects, and sale of improved properties. Ensure that the operations are profitable, occur in a timely manner, and are compliant with regulations.
  • Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
  • Analyse financial performance of a company: Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
  • Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes.
  • Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
  • Plan health and safety procedures: Set up procedures for maintaining and improving health and safety in the workplace.
  • Create insurance policies: Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.
  • Execute feasibility study: Perform the evaluation and assessment of the potential of a project, plan, proposition or new idea. Realise a standardised study which is based on extensive investigation and research to support the process of decision making.
  • Monitor contractor performance: Manage the performance of the contractor, assess whether they are meeting the agreed standard and correct underperformance if needed.
  • Analyse insurance risk: Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.
  • Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
  • Follow company standards: Lead and manage according to the organisation’s code of conduct.
  • Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.
  • Organise a damage assessment: Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of real estate manager. However, mastering this knowledge allows you to have more opportunities for career development.

  • Modern portfolio theory: The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.
  • Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of real estate manager. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Manage budgets: Plan, monitor and report on the budget.
  • Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
  • Recruit employees: Hire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.
  • Attend trade fairs: Attend exhibitions organised to enable companies in a specific sector to demonstrate their latest products and services, study the activities of their competitors, and observe recent market trends.
  • Negotiate with property owners: Negotiate with owners of properties who wish to rent or sell them in order to obtain the most beneficial agreement for the potential renter or buyer.
  • Inform on renting agreements: Inform landlords or tenants of a property on the duties and rights of the landlord and tenant, such as the landlord’s responsibility for the upkeep of the property and the eviction rights in the event of a breach of contract, and the tenant’s responsibility to pay rent in a timely manner and avoid negligence.
  • Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
  • Examine the conditions of buildings: Monitor and assess the conditions of buildings in order to detect faults, structural problems, and damages. Assess general building cleanliness for grounds maintenance and real estate purposes.
  • Value properties: Examine and evaluate land and buildings in order to make valuations about their price.
  • Develop professional network: Reach out to and meet up with people in a professional context. Find common ground and use your contacts for mutual benefit. Keep track of the people in your personal professional network and stay up to date on their activities.

ISCO group and title

3334 – Real estate agents and property managers


References
  1. Real estate manager – ESCO
  2. Real Estate Manager Job Description: Salary, Duties, & More – Climb the Ladder
  3. Real Estate Manager Job Description | Indeed
  4. Real Estate Manager Job Description – Betterteam
  5. Featured image: By U.S. Army Corps of Engineers from USA – Real Estate making a difference around the world – Uploaded by AlbertHerring, CC BY 2.0,
Last updated on February 6, 2023

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