Construction and property management companies rely on real estate development managers to supervise construction projects from the building to the leasing stages. Many of these project managers work in commercial real estate, monitoring the schedules and budgets of contractors, and sharing amenities, features and leasing costs of properties with prospective tenants. If you want to work in this field, you need at least a bachelor's degree. You can expect your salary to vary according to the state or region in which you work.
Salary and Qualifications
The average salary of a real estate development project manager was $89,000 as of 2013, according to the job site Indeed. To work in this job, you need at least a bachelor's degree in construction management, architecture or civil engineering, and one or more years of experience in real estate project management. Other essential qualifications include analytical, time management, communication, decision-making, negotiating and computer skills.
In 2013, average salaries for real estate development project managers varied most significantly in the West region, according to Indeed, where they earned the lowest salaries of $58,000 in Hawaii and the highest of $97,000 in California. Those in the Northeast made $77,000 to $108,000 per year in Maine and New York, respectively. If you worked as a real estate development project manager in South Dakota or Illinois, you'd earn an average of $66,000 or $99,000, respectively -- the lowest and highest salaries in the Midwest. In the South region, you'd make the least in Louisiana or most in Washington, D.C., at $76,000 or $106,000, respectively.
While real estate development project managers earned $89,000 in 2013, according to Indeed, average salaries for construction managers were $90,960 as of May 2012, according to the U.S. Bureau of Labor Statistics. Construction managers oversee and manage the construction of residences, commercial buildings, roads and bridges. The top 10 percent of all construction managers made more than $144,520, according to the BLS. In comparison, real estate sales agents earned average salaries of $51,930 annually, based on 2012 BLS statistics, while the top 10 percent earned in excess of $95,540.
The BLS doesn't forecast jobs for real estate development project managers. It predicts a 17 percent increase in jobs for construction managers from 2010 to 2020, which is statistically about average. Population increases and business growth will increase demand for more houses, office buildings, stores, hospitals and schools, which should increase jobs for construction managers. You may also find similar increases in employment as a real estate development project manager, especially if the construction industry continues improving with the economy in the next decade.
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: What Construction Managers Do
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: How to Become a Construction Manager
- U.S. Bureau of Labor Statistics: Construction Managers: Job Outlook
- U.S. Bureau of Labor Statistics: Occupational Employment Statistics: Construction Managers
- Indeed: Real Estate Development Project Manager Salary
- Indeed: Real Estate Development Project Manager Salary in Maine, and New York
- Indeed: Real Estate Development Project Manager Salary in Hawaii, and California
- Indeed: Real Estate Development Project Manager Salary in Louisiana, and Washington, DC
- Indeed: Real Estate Development Project Manager Salary in South Dakota, and Illinois
- U.S. Bureau of Labor Statistics: Occupational Employment Statistics: Real Estate Sales Agents
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