Careers in Real Estate Management
The role of a Property and real estate managers is to see that real estate investments realize their expected revenues by managing the performance of income-generating residential and commercial properties. Community association managers supervise the common property and services of condominiums, cooperatives, and planned communities by means of homeowners’ or community associations.
Owners of apartments, office buildings, and retail or industrial properties who lack the time or knowledge necessary to directly manage their real estate investments or homeowners’ associations often hire property, real estate, and community association managers. Managers either work directly for the owner or are work through contracts with a property management firm. In most arrangements, property and real estate managers take care of the financial operations of the property; they make sure that tenants pay their rent, and they are responsible for paying mortgages, taxes, insurance premiums, payroll, and maintenance bills on time. While members of community associations do not pay rent and handle their own real estate taxes and mortgages, community association managers still collect association dues. Asset property managers have a different function; they prepare financial statements for property owners, periodically updating them on important issues, such as maintenance needs, occupancy rates, and dates of lease expirations. Other responsibilities for a property manager include employing contractors/laborers for maintenance of all infrastructures.
The minimum qualification needed to start a career in Property and Real Estate Management is MBA (Real Estate Management) which is offered by a number of institutes in India. Eligibility for this MBA course is graduation. Candidates seeking admission into this course have to go through written test, group discussion and personal interview conducted by the institute concerned.
Career Prospects of Real Estate Manager
Property & Real estate Managers can work with real estate departments in banks, NBFCs and trust companies. Most of these managers prefer to work with real estate firms. Besides job options in community association management companies and national and international property management firms are also available for these managers. A Real Estate Manager also can work independently to work in daily operations, or serve as part of a real estate management team as a liaison. Some property manager may also serve on real estate management boards to work with projects concerning financial planning, asset management, and resident regulations. Besides jobs in civic groups, real estate sales and marketing firms and cooperatives are also open to these professionals.
Most positions in the segment are salaried that also include allowances and benefits. Initially real estate manager can expect Rs 20,000-25,000 per month. An assistant property manager should expect to make 40,000-50,000 per month. On the top level a real estate manager can earn a salary of 70,000-1 lakh per month and also can expect an annual bonus along with other fringe benefits.
Real Estate Management Institutes in India
Different courses in Property and Real Estate Management are offered by many institutes in India.Please click here for a list of institutes offering courses in Real Estate Management in India.