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
Commercial Property Managers do not often transition into Regional Director of Property Management roles. The role averages $76K per year. When Commercial Property Managers are ready for the next step in their careers, they often become Senior Property Managers or Real Estate Asset Managers. Those roles pay an additional $14K and $14K, respectively.
Commercial Property Manager Job Listings
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Popular Skills for Commercial Property Manager
Commercial Property Managers seem to wield many skills on the job. Most notably, skills in Financial Reporting, Operations Management, Contract Negotiation, and Budgeting are correlated to pay that is above average, with boosts between 5 percent and 8 percent. Skills that seem to negatively impact pay include Quickbooks, Real Estate, and Customer Relations. Those familiar with Budget Management also tend to 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.
For Commercial Property Managers, more experience in the field does not usually mean bigger paychecks. The average worker who claims fewer than five years of experience earns around $49K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $63K. Commercial Property Managers bring in $68K after working for 10 to 20 years. Commercial Property Managers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $69K on average.
Pay Difference by Location
For Commercial Property Managers, busy San Francisco offers a higher-than-average pay rate, 34 percent above the national average. Commercial Property Managers can also look forward to large paychecks in cities like Los Angeles (+26 percent), Boston (+19 percent), Irvine (+16 percent), and Seattle (+7 percent). In Orlando, salaries are 16 percent below the national average and represent the lowest-paying market. Employers in Austin and Houston also lean toward paying below-median salaries (13 percent lower and 11 percent lower, respectively).