Commercial Property Manager Salary
Job Description for Commercial Property Manager
Commercial property managers provide support services for the commercial property or properties that they oversee. They usually have a management agreement with the property tenants that list what they are able to assist with and what are the tenants' responsibility. Commercial property managers typically maintain the interior and exterior of the buildings (such as the mowing the yard and painting) , collect rent from the tenants, create and keep documents up to date, and make sure tenants follow building regulations.Read More...
Travel is a large part of this job, and commercial property managers should expect to make regular trips to their building(s) to conduct inspections and meet with tenants. Since these professionals most often oversee more than one single building, these managers must be excellent at multitasking and time management. They also need to have excellent communication skills, be detail orientated, be able to work under pressure, and provide excellent customer service to tenants.
The educational requirements to becoming commercial property managers generally include a high school diploma (or equivalent). Having a bachelor's degree in business or a related field may be preferred; alternatively, some postsecondary institutions offer a certificate for property management for residential or commercial properties. In addition, people with experience in business, finance, accounting, and/or real estate may be preferred.
Commercial Property Manager Tasks
- Collect rent and track financial data.
- Act as primary contact with all tenants, respond to inquiries, provide estimates, and coordinate moves.
- Track all property information, including tenants, vacancies, rent statements, disbursements, and facility management.
- Market properties, find tenants to fill vacancies, showproperties, and update the exteriors.
Common Career Paths for Commercial Property Manager
While Commercial Property Managers do not often become Regional Directors of Property Management, the job pays $76K per year on average. A common career progression for a Commercial Property Manager is to become a Senior Property Manager or a Real Estate Asset Manager. Compared to Commercial Property Managers, the first group earns $14K more on average, and the second group earns $14K more.
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Popular Skills for Commercial Property Manager
Survey participants wield an impressively varied skill set on the job. Most notably, skills in Financial Reporting, Operations Management, Contract Negotiation, and Budget Management are correlated to pay that is above average, with boosts between 6 percent and 8 percent. Skills that pay less than market rate include Quickbooks, Real Estate, and Customer Service. Most people who know Budget Management also know Contract Negotiation and Customer Relations.
Pay by Experience Level for Commercial Property Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Commercial Property Managers do not generally earn higher incomes from more experience in the field. Workers in their first five years can expect to earn $49K, but people who have been around for five to 10 years earn a noticeably bigger sum of $63K. The average pay reported by folks with 10 to 20 years of experience is around $69K. Individuals who have achieved more than 20 years of experience don't seem to earn any more than people who have 10 to 20 years under their belts.
Pay Difference by Location
For Commercial Property Managers, working in the bustling city of New York has its advantages, including an above-average pay rate. Commercial Property Managers will also find cushy salaries in San Francisco (+29 percent), Los Angeles (+25 percent), Irvine (+16 percent), and Dallas (+8 percent). Austin is home to the smallest salaries in the field, lagging the national average by 13 percent. A couple other locations with smaller-than-average paychecks include Portland (13 percent lower) and San Diego (10 percent lower).
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