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Up to 90 per cent of foreign companies have invested in the real estate sector such as marketing,
distribution, appraisal, investment consultancy and project management, while most domestic
realty firms are newly set up. Currently three companies, namely Savills Vietnam, Colliers and
CBRE, hold 90 per cent of the Vietnamese realty market share. They have much experience in
realty business. Savills has 15 years experience in Vietnam and tops the country in managing
Vietnamese service apartments.
Meanwhile, CBRE also has advantages in evaluation and office-for-rent office management with
nine years experience. With 14 years of operation in Vietnam, Colliers specializes in luxury
apartment management. Meanwhile, the number of local realty firms remains limited, with
several outstanding names such as Megagroup, Viet Rees, Eden and Him Lam. Despite a great
number of realty consulting and brokering companies established in recent years, their operation
scale is very limited and disparate.
According to the General Statistics Office of Vietnam, 2008 was considered a successful year of
foreign investment in the realty sector in Vietnam, which accounted for up to 88 per cent of the
country’s total FDI. The biggest projects included Ho Tram worth US$4.2 billion by Asian Coast
Development; golf course and sea tourism projects totalling US$130 million by VinaCapital and
its other projects capitalized at US$350 million in total near the Han River.
Despite the global economic downturn, South Korean, Singaporean, Japanese and Taiwanese
companies have continued invested in big tourism property projects in Vietnam. Meanwhile,
investors from the US, China, Switzerland and the Middle East did not miss opportunities to
invest in this sector. The US’s Oak Tree Group has recently said that it plans to pour US$5
billion into Sunrise Danang tourism resort.
How to attract investment of overseas Vietnamese?
Currently, around four million Vietnamese people are living in foreign countries and territories.
Meanwhile, only 140 among those were allowed to buy houses in Vietnam by the end of last
year. What is the barrier for them to invest in the country’s realty sector? Jim Hoang Nguyen, an
American Vietnamese living in California, said realty prices in Vietnam are very high and its
administrative procedures remain complicated, which discourages him from investing in the
sector. He added that, with US$100,000, he can buy a villa of between 250-300 m2 in the US,
while, the money is only enough to buy several dozen square metres of land in Vietnam. The
money is not even enough to buy a 100-square metre apartment in Vietnam.
A legal document on allowing overseas Vietnamese to buy houses and land in Vietnam took
effect from July 1, 2009, realty price hikes lessen foreign investment in the realty sector, which
was attributed to an on-year fall of 12.8 per cent in overseas remittance at US$6.283 billion. Ho
Chi Minh City, which has the biggest number of people living abroad, received US$3.2 billion of
overseas remittances, lower than the nearly US$5 billion in 2008. Last year, only 10 overseas
Vietnamese bought houses in Vietnam and all in Ho Chi Minh City. According to the Committee
for Overseas Vietnamese’s Ho Chi Minh City office, since 2006, just 140 overseas Vietnamese
invested in realty in Vietnam, including 100 in Ho Chi Minh City. Real estate prices in Hanoi are
much higher than those of Ho Chi Minh City, which explain why Ho Chi Minh City’s
investment rate is higher than Hanoi’s.
However, realty experts said, the document took effect but its guiding circulars have not yet been
passed, which affects foreign investment in the realty sector. Under the law, “Overseas
Vietnamese have rights to own houses attached to land ownership”, which many people
misunderstand to mean they are only allowed to buy houses, not land. Thus, the law should be
clarified to ease overseas Vietnamese concerns.
Nguyen Manh Ha, Head of the Construction Ministry’s Housing and Real Estate Market
Management Department, said the Ministry is compiling regulations on administrative procedure
reforms enabling overseas Vietnamese who live in Vietnam for three months to buy houses. The
Ministry is also proposing the government add two groups which can buy many houses in
Vietnam, comprising of people with special skills that the state needs and people whose spouse
lives in the country.
Legal improvements will hopefully boost overseas Vietnamese investment in the domestic real
estate sector.
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A US$65 million luxury hotel complex broke ground in the Hanoi suburbs Saturday
2007-07-30 22:50:00
The 21-storey, 363-room Crown Plaza will share a 13,000 sq.m plot in Tu Liem
district near the National Sport Complex with a 20-storey office block and a 14-
storey apartment tower.The complex is set to open in 2009, according to Tran
Hong Quan Company, the project’s main investor.The developer said the Crown
Plaza was designed to international standards and would meet the Vietnam
National Administration of Tourism’s five-start hotel criteria.It would be managed
by the Intercontinental Hotels Group.The construction of the Crown Plaza is one of
several major high-end hotel projects slated for Hanoi in the year’s second half. In
total, the hotel projects are worth over $1.17 billion.
Read more: broke , ground , million , Saturday
Danang’s largest domestic investor puts $180 mln into real estate
2007-07-16 18:57:00
Hoang Anh Gia Lai Corp. plans to invest $150 million to build a waterfront hotel-
apartment-office-shopping-complex along the Han River in Hai Chau district.Work
on building the complex is scheduled to start early next year and finish in
2010.The corporation, headquartered in the Central Highlands province of Gia Lai,
will also build an estimated $30 million worth of high-end apartments for sale in
Thanh Khe district.
Real estate experts have predicted a decrease in the prices of leased office space in Ho Chi Minh
City
2007-07-01 16:55:00
Representatives of the Maastricht University-affiliated Vietnam Research
Programme and Holland enterprises that are already present in Vietnam shared
their business experiences in the Southeast Asian country. Vietnam, they said, is a
developing country that needs a great amount of capital and is home to many
business opportunities for foreign enterprises.
Read more: office
US businesses are taking the lead in the new wave of investment into Vietnam
2007-06-28 19:41:00
Mr. Loc said that up to 150 Vietnam ese companies accompanied the President to
the US and this was a message showing Vietnam’s desire to strengthen economic
relations with the US. The visit is hoped will contribute to promote the investment
wave of the US into Vietnam. That’s why the Vietnamese mission spent a lot of
time meeting with American CEOs and groups.
Read more: businesses
Record growth in Vietnam visitor arrivals, hotel occupancy and room rates
2007-08-17 17:39:00
The survey shows that hotel developers and operators are now showing renewed
interest in the market in the five-star hotel, resort and spa sectors. Such groups
include Kingdom Hotels with the Raffles, 4 Seasons and Movenpick brands, Banyan
Tree, Colony Resorts and Intercontinental.With the huge volume of money being
channeled into investment funds focused on real estate investment in Vietnam , a
number of sales of interest in major hotel properties that took place in the last two
years included the Hilton, Sofitel Metropole and Guoman in Hanoi, the Duxton and
Omni in HCM City, and the Furama in Da Nang.
Read more: Record
The National Assembly may have given the green light to foreigners and overseas Vietnamese to
own housing in Vietnam but satisfaction at the measure remains in short supply.
Buying and owning a house in Vietnam remains a complex matter, even more so for foreigners. Although
foreigners in Vietnam - and especially foreign businesspeople - are often known for having strong
financial positions, they must still wait for legal provisions on land ownership rights for foreigners in
Vietnam to be executed thoroughly and analysed carefully before coming into effect.
This was the root of discussions between land and housing authorities and foreign businessmen prior to
the Vietnam Business Forum (VBF) held early last month. Mr Tran Hao Hung, Deputy Head of the Legal
Department at the Ministry of Planning and Investment (MPI) told the discussions that the Ministry of
Construction has already drafted a Circular guiding the implementation of the National Assembly (NA)’s
Resolution 19, which is proposed to be issued in May or June 2009. The Circular, though, remains in the
drafting stage.
Complicated issues
The complexity of the matter stems from the number of foreigners residing in Vietnam that are eligible to
buy houses or apartments, according to Ms Do Thi Loan, General Secretary of the Ho Chi Minh City Real
Estate Association (HoREA). According to Ministry of Construction figures, there are about 80,000
foreigners currently residing in Vietnam that are so eligible. But, Ms Loan noted, none of the official
studies by authorities reveals how many are single, how many are married, how many want to buy
residential houses, whether 80,000 people could possible corner Vietnam’s real estate market, and
whether the 2007 land fever was caused by foreigners or local people. “All of these questions should be
studied and analysed in a complete and scientific manner,” she said.
Since the NA introduced Resolution 19 on foreigners buying houses in Vietnam no such deals have gone
through. Mr Tran Hong Ky, Deputy Head of MPI’s Economic Zone Management Department admitted that
the NA Resolution extended the scope of subjects permitted to buy houses to foreigners but restricted this
to apartments and made them subject to other restrictions in terms of quantity and terms. “And foreigners
in Vietnam are not as yet allowed to own residential houses on land,” he said.
Mr Hung also revealed that the government is considering expanding the provisions concerning the right
to own residential houses as well as the conditions to buy and own residential houses and structures
associated with land use rights (LUR) in Vietnam to foreign organisations and individuals by way of
minimising any discrimination against foreigners, maximising land resources use, mobilising external
capital sources, consistently developing the real estate market and creating a stimulus for national
economic development.
This theme was noted by Mr David Lim, partner at the Mayer Brown JSM law firm. “Due to the global
economic crisis, supply is now greater than demand in Vietnam’s real estate market,” he said. “The
government should consider broadening the rights of foreigners to buy immovable assets in order to
improve liquidity in the market.”
In reality, according to Mr Lim, foreign organisations and individuals are divided into two groups. One is
foreign organisations/individuals not residing in Vietnam who are subject to existing regulations and not
entitled to buy houses or immovable assets in Vietnam. Policies in other countries are more open, with
some not imposing any restrictions while others adopt certain restrictions.
“The expansion of the subjects would help to attract investment and develop infrastructure,” he said.
“There should not be any restrictions. This should be left to the market to decide and regulate by itself.”
The other group is foreign organisations/individuals residing in Vietnam, which Mr Lim believes are a
group of potential buyers when they are allowed to own immovable assets of Vietnam. But
implementation of the NA Resolution, which came into effect in January, has been delayed. “It is not
effectively enforced and none of its implementing regulations have been issued,” he said.
Having resided in Vietnam for many years, Mr Fred Burke, Managing Lawyer at Baker & McKenzie added
that NA Resolution 19 on the sale of houses to foreigners remains unattractive. The Resolution is seen as
the leasing of houses with advance payments for 50 years, but not absolute ownership. Moreover, the
Resolution contains some backward provisions as it only allows foreigners to buy apartments in
apartment buildings, while there was a previously-developed policy that allowed the sale of houses
together with the LUR to foreigners.
“However, such provisions cannot be realised, as there are no implementing guidelines for them,” he
pointed out. Consequently, the new moves are a small step forward and Mr Burke doesn’t think that such
small liberalisation of the housing market to foreign buyers will help stimulate demand for the many
condos coming onto the market next year. “The measures are not much different from the 1993 Decree
that purported to do the same thing - albeit with no 50-year term limit like this new measure,” he said.
Hope lives on
On the positive side, this means however that there is still room for Vietnam to stimulate demand for the
high-end housing sector if it desires to do so in the year ahead as the increase in supply catches up and
surpasses demand, and as bank loans for developers become due, Mr Burke continued. “For people like
me, who’ve lived and worked in Vietnam for more than 15 years, paying taxes and contributing to the
economy, it does seem that access to housing investment and ownership should be allowed, but people
like me are always going to be a very small market,” he said.
Despite the complexity of the matter, foreigners still hope to be able to buy and own a house in Vietnam.
A representative of real estate consultants Colliers International said that there may be certain restrictions
but foreigners want better access to buying apartments. Meanwhile, Mr Patrick Downey, Vice President of
the Australian Chamber of Commerce in Vietnam (Auscham) recommended that foreigners making
contributions to Vietnam should be assisted in buying residential houses.
Faced with such calls for opening up the country’s real estate market, Mr Hung from MPI insisted that in
international commitments such as those to join the WTO, Vietnam did not make any commitments
concerning the opening of its real estate market.
“This completely depends on the inherent demand of Vietnam, free from external pressure,” he said.
Vietnam is implementing numerous measures to attract foreign direct investment (FDI) in general and FDI
in real estate development in particular, but to what extent, according to Mr Hung, this market is to be
opened up very much depends on development of the socio-economy and legal framework. “This would
be hard to realise if the legal infrastructure is not yet in place or has been in place but is inconsistent,” he
emphasised. Foreign dreams of buying and owning house in Vietnam will remain just that for the time
being.
“What is more important for the national economy, to the property sector in general and the resort
industry in particular is the country’s ability to attract investment from smaller foreign investors who will
buy one or a few condos or villas in a resort for purposes of investment. They would need to be able to
put those properties into timeshare schemes and sublease them to begin to think about obtaining a
reasonable return on their investments, but the additional capital that could be mobilised to fund
construction of these resorts could be significant. Given the high number of jobs created by tourism,
mobilising this source of capital seems a logical next step for Vietnam.”
“Investors do not have enough land resources to develop the residential housing for low-income earners
market. It is not that investors do not want to develop cheap housing for low-income earners, but the
problem is they do not have the land resources to do so. The best solution for them is to develop high-
grade residential houses. It is recommended that further consideration be given to opening up this market
to enable investors to buy construction land at a reasonable price.”
"Experience from other countries shows that there is no single model for a policy on opening up the real
estate market. It depends on the specific political, economic and social conditions of each country.
Vietnam will consider any further opening up of its real estate market based on studying international
experience and the actual conditions in Vietnam.”
http://news.vneconomy.vn/20091011070956688P0C4/dream-homes.htm
However, despite some advances, the labor force remains mostly unskilled, as nearly two-thirds (65.3 percent) do
not have any technical education. Of particular concern is the gender gap in technical education. Women have
limited access to vocational education because of gender biases in society, particularly in rural and mountainous
areas.
The average annual growth in employment between 2005 and 2009 was approximately 1.03 million, or 2.5
percent. However, this increase was slightly lower than the labor force growth rate over the same period, reflecting
the difficult challenge of employment creation in Vietnam. The number of employed workers expanded from 42.8
million to 47.7 million during this period, with the share of women workers in total employment increasing from
47.9 percent in 2005 to 48.1 per cent in 2009. The growing gender gap, which reached 3.8 percentage points,
reflects in part the inequality of employment opportunities that women have to face in the labor market.
Vietnam has a relatively low and stable unemployment rate (between 2-3 percent), as shown in Figure 1. The
unemployment rate jumped from 2.1 percent in 2005 to 2.4 percent in 2008 because of the global financial crisis.
While this low and stable unemployment rate is an encouraging sign, it would be too hasty to conclude that the
rate of employment creation is keeping up with the rate of labor force growth. Low unemployment is rather typical
in low and medium income countries where many workers are self-employed and are too poor to afford
unemployment insurance. For such countries, the real issue is underemployment. Unemployment is also more
prevalent in urban areas than in rural areas. This is not surprising: rural workers tend to be self-employed, so
underemployment rather than unemployment is more common.
Despite some advances, the labor force in Vietnam remains mostly unskilled, as in 2008 40 percent did not attend
any school or only primary school. Thirty-four percent completed lower secondary school and 21.5 percent
completed upper secondary school. Data indicates that only 4.5 percent went to junior college or higher. So the
labor force remains mostly unskilled, as 65.3 per cent did not receive any technical education in 2007.
Of particular concern is the gender gap in technical education. Moreover, data indicates that women face barriers
in terms of access to vocational training. They have limited access to vocational education because of gender
biases in society, particularly in rural and mountainous areas where limited resources or traditional ideas about
women not needing to study continue to be prevalent.
Figure 5 shows that there have been no changes in employment structure trends, with employment in the
agriculture sector still shifting to industry and services. In 2000, almost two-thirds (65 percent) of all workers were
employed in agriculture. However, by 2007 this had declined to 55 percent, indicating a rapid transition. In 2009
only half (48 percent) of all employees were working in agriculture, with industry making up 31 percent. Because
of the global financial crisis, employment growth stayed relatively stable from 2007 to 2009, but the real challenge
for Vietnam’s labor market is not creating more jobs and changing the employment structure, but creating
productive and equitable employment.
Vietnam ranked 75 out of 133 countries in 2009-2010 in the World Economic Forum’s Global Competitiveness
Index, a fall from 70 in 2008-2009. As with regional comparisons of labor productivity, Singapore’s ranking (3)
was the highest in the ASEAN region, followed by Malaysia (24), Thailand (36) and Indonesia (54). The low level of
productivity is therefore a concern for Vietnam’s future competitiveness in the context of enhanced market
integration and the process of moving up the value chain in regional and global production systems.
Wages
There was no official data in 2009 regarding wages but some unofficial data across all types of enterprises in
Vietnam indicates a positive and steady increase. Two main points stand out. First, the average hourly wage has
been rising over the years, consistent with the fact that labor productivity has been rising. Second, wage growth
was higher for higher levels of education, indicating a rise in the skill premium. Growth in wages at foreign-
invested companies as well as state-owned enterprises climbed fastest, at 8.6 percent annually, while wages in
household-based enterprises increased a modest 2.3 percent. Linked to average annual inflation of 4.1 per cent
during 2000-2008, workers actually saw real wages decline.
In terms of gender equality, the average wages of female workers were lower than male workers in the same
occupations. In general, the average monthly wage for women was equal to only 87.5 percent of male wages in
2008. The largest gap in wages and salary was in careers such as machinery installation and operation (where
female wages were 66 percent of male wages). However, from 2002 to 2008, wage growth for female workers was
slightly higher (16 percent) than for male workers (15 percent), which helped to narrow the gender-based wage
gap.
In the past Vietnam has relied on low labor costs in building export-oriented and labor-intensive industries such as
textiles, garments and footwear. But this cannot remain a comparative advantage in the years to come as the
country moves up the value chain in regional and global production networks and produces more technology and
capital-intensive products.
Older news:
· Vietnam Pharmaceutical Market Update (07/09)
· Vietnam Telecommunications Update (13/08)
· Vietnam’s Beverage Market Update (16/07)
· Vietnam’s Automobile Market Update (14/06)
· Vietnam’s Textile And Garment Market Update (01/05)
[ Back ]
http://www.vfr.vn/index.php?option=com_content&task=view&id=1158&Itemid=4
FAYETTEVILLE, N.C. — Finding work as a laborer should be easy for a man like Terrance Cruell, who has his age on his side, a
high school diploma and a driver's license.
But the 28-year-old has something many other applicants don't: a felony cocaine conspiracy conviction and a record that includes 4
1/2 years in federal prison.
For about a year now, Cruell says, he's put in applications, worked connections through friends and family, and talked to a job
coach. Yet most employers don't even bother calling him back, he said.
"I've been trying to do right, but it's kind of hard when you want to do right, and you can't, you know?" Cruell said. "They won't even
give you a chance."
Since the recession began, perhaps no other group has struggled more to find work than the thousands of North Carolinians who
have criminal records. With a labor pool flooded with well-qualified applicants, most employers can afford to be particular when
hiring for the few openings they've had.
Former inmates who can't get a job are three times more likely to return to prison than those who find steady employment, said
Keith Acree, spokesman for the North Carolina Department of Correction.
"The population is really a hard-to-place population to begin with," said LaFonda General, the regional former-offender coordinator
with the North Carolina Employment Security Commission. "In these economic times, it just makes it a little more difficult."
In August, the state had a prison population of more than 40,000 and more than 108,000 people on probation. North Carolina
prisons released 28,589 inmates between Oct. 1, 2009, and Sept. 30. Many of those people returned to their communities to find a
crowded work force. Unemployment in Cumberland County has hovered above 9 percent for most of the past year.
The DOC offers training and other programs to help ex-cons explain their pasts and prepare for job interviews, Acree said. But the
poor economy has made it difficult even for the state's Work-Release Program, which allows inmates to work at businesses outside
prison.
"We're only working about half the number of inmates that we normally would in a good economy," Acree said. "A lot of our regular
work-release employers just don't have the business and don't have the positions to hire these workers that they used to need."
Vickie Parrot is a job developer for the Offender Employment and Training Initiative in Cumberland County. She said she's booked
until mid-November with appointments with ex-cons who want work. The initiative, which started in January with seed money from
the federal economic stimulus package, placed 11 people like her across the state to help former inmates rejoin society.
In Cumberland County, the program drew about 31 people looking for work in February, Parrot said. By June, Parrot had 75
appointments.
Some of those people could be good workers but aren't given a chance because of their records, she said.
"No one puts a gun to their heads to make them commit these crimes in the first place, and it is their fault and their responsibility,"
Parrot said. "But at the same time, a lot of people make stupid mistakes. When they come out at a young age with a felony charge,
it haunts them for the remainder of their lives and they usually don't become gainfully employed. They usually just fall back into the
easy money."
Not all want to work. Many of them do, and they have skills, she said. To get them past the checked felon box on job applications,
Parrot helps them write a letter explaining their crimes in addition to directing them to get general equivalency diplomas and driver's
licenses.
According to the Correction Department, offender-friendly industries include manufacturing, construction, food services, hospitality,
landscaping and maintenance. Some small businesses are willing to give offenders a chance, but major corporations often won't
because of strict policies, Parrot said.
"If you don't have employment, you can't eat. You can't provide for your family. I can only imagine how they feel devastated and
hopeless," Parrot said. "These employers, because they're so strict on their guidelines, are in a sense keeping these individuals
from doing better. They ultimately end up going back, committing another crime, which means there is another victim, which means
there is another $27,000 a year (in prison costs) paid by the taxpayers' dollars because we couldn't get him a job."
Employers can take advantage of incentives to hire ex-criminals, said General, of the Employment Security Commission. The
government offers a work opportunity tax credit of up to $2,400 for each ex-convict hired within a year of conviction or release from
prison, she said.
The federal bonding program also offers coverage against employee theft or dishonesty for up to $5,000 at no cost to the employer
as an incentive to hire applicants who are considered a risk.
"Even with those incentives, we kind of have a hard time," said Priamos Williams, a job coach with Preferred Alternatives Inc., a
private group that helps disabled people and ex-convicts. The company ceased operations this week.
Williams said he goes out with job seekers, many of them felons, to approach employers and advocate for his clients, reminding
prospective employers of the incentives.
"Some people are more open than others," Williams said. "For the most part, people aren't really willing to listen to you once they
notice that there's a felon that you're advocating for, but it depends on the business."
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Looking for quick statistics for your sales meeting or a customer brochure? Need a quick fact to make
your point? Information Central has compiled some of the most requested statistics for quick and easy
access. Find the information that you need, as well as its source, at a glance. (K. Janisch, Information
Specialist)
A quick list of up-to-date Housing and Economic Indicators is available from NAR Research.
Despite the current economic slowdown, the housing sector still contributed nearly $2.1 trillion to the
national economy in 2007, accounting for 15 percent of overall economic activity. The construction of new
homes, value-added contributions of REALTORS®, and mortgage banking activity all directly add to
economic output, job creation, and income generation. In addition, commercial real estate, which
expanded solidly in 2007, contributed an additional $483 billion to the nation’s economy.
Gross personal income by hours worked: $48,000 (median for 40-59 hrs.)
• Zero: 37%
Sides per agent: For all REALTORS® in 2009, the typical brokerage specialist completed 7 transaction
sides or commercial deals
• Employee: 6%
• Other: 13%
• Internet: 90%
The first-time homebuyer share climbed in both 2007 and 2008, and then surged in 2009. First-time
purchasers rose from 36 percent of all homebuyers in 2006 to about 45 percent in 2009. The increase in
share added roughly 306,000 sales in 2008-9. Without this gain, existing home sales for the year would
have fallen by 63,000.
An important catalyst for the jump in first-time homebuyers in 2009, however, was the first-time
homebuyer tax credit program. Various estimates place the impact of the tax credit on either pulling
demand forward or releasing pent-up demand at 200,000-400,000 additional buyers- similar to last year’s
increase in first-time sales.
Source: State of the Nation's Housing 2010 (Harvard University - Joint Center for Housing Studies)
FSBOs accounted for 13% of home sales in 2008. The typical FSBO home sold for $153,000 compared
to $211,000 for agent-assisted home sales.
• Friends/neighbors . . . 33%
• Newspaper ad . . . 22%
Source: 2009 National Association of REALTORS® Profile of Home Buyers and Sellers
• The typical REALTOR® spent up to $1,200 on technology for real estate purposes in
2008.
• The top three tools that respondents plan on purchasing or replacing in the next year are:
smartphone with email/Internet connection (42%); notebook/laptop (34%), and digital camera (26%).
• The most popular smartphones are Blackberry (32%), Palm Treo (14%), and iPhone
(10%).
• The top places where REALTORS® place their listings are REALTOR.com, their broker's
website, their local MLS site, and their own website.
Hidden gems:
• REALTOR® Magazine Media Kit (NAR) - Follow links under Learn more for
demographic data on REALTORS®.
• State of the Nation's Housing (Harvard University - Joint Center for Housing Studies) -
Appendix tables include useful historic data on homeownership.
• City Reviews (National Real Estate Investor) - Metro area reviews include recent data
on commercial property sectors.
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
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policies. These links are provided for your convenience only and you rely on them at your own risk.
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Association Managers
FINANCIAL
OPERATIONS • Nature of the Work
• PROFESSIONAL
COMPUTER • Training, Other Qualifications, and Advancement
AND
MATHEMATICA
• Employment
L
ARCHITECTS, • Job Outlook
SURVEYORS,
AND
• Projections
CARTOGRAPH
ERS • Earnings
ENGINEERS
• Wages
DRAFTERS • Related Occupations
AND
ENGINEERING • Sources of Additional Information
TECHNICIANS
LIFE
SCIENTISTS
PHYSICAL
SCIENTISTS Significant Points
SOCIAL
SCIENTISTS
AND RELATED
SCIENCE
TECHNICIANS • Opportunities should be best for those with college degrees in
COMMUNITY
business administration, real estate, or related fields and for
AND SOCIAL
SERVICES those with professional designations.
LEGAL
EDUCATION, • Particularly good opportunities are expected for those with
TRAINING,
LIBRARY, AND experience managing housing for older people or with
MUSEUM
ART AND experience running a healthcare facility.
DESIGN
ENTERTAINER • About 46 percent of property, real estate, and community
S AND association managers are self-employed.
PERFORMERS,
SPORTS AND
RELATED
MEDIA AND Nature of the Work About this section
COMMUNICATI
ON-RELATED
To homeowners, a well-managed property looks nice, operates
HEALTH
DIAGNOSING smoothly, and preserves the resale value of the property. To businesses
AND
TREATING and investors, properly managed real estate may result in greater
HEALTH
TECHNOLOGIS income and profits. Property, real estate, and community association
TS AND
TECHNICIANS managers maintain and raise the value of real estate investments by
OTHER
PROFESSIONA handling the logistics of running a property. Property and real estate
L AND
RELATED managers oversee the operation of income-producing commercial or
OCCUPATIONS
• SERVICE
residential properties and ensure that real estate investments achieve
HEALTHCARE their expected revenues. Community association managers manage the
SUPPORT
PROTECTIVE communal property and services of condominiums, cooperatives, and
SERVICE
FOOD planned communities through their homeowner or community
PREPARATION associations.
AND SERVING
RELATED
BUILDING AND
GROUNDS When owners of residential homes, apartments, office buildings, or retail
CLEANING
AND or industrial properties lack the time or expertise needed for the day-to-
MAINTENANCE
PERSONAL day management of their real estate investments or homeowner
CARE AND associations, they often hire a property or real estate manager or a
SERVICE
OTHER
community association manager. Managers are employed either directly
SERVICE
OCCUPATIONS by the owner or indirectly through a contract with a property
• SALES
SALES management firm.
OCCUPATIONS
OTHER SALES Generally, property and real estate managers handle the financial
AND RELATED
OCCUPATIONS operations of the property, making certain that rent is collected and that
• ADMINISTRATIVE
mortgages, taxes, insurance premiums, payroll, and maintenance bills
FINANCIAL
CLERKS are paid on time. Some oversee the preparation of financial statements
INFORMATION
AND RECORD and periodically report to the owners on the status of the property,
CLERKS
MATERIAL occupancy rates, expiration dates of leases, and other matters. When
RECORDING,
SCHEDULING,
vacancies occur, property managers may advertise the property or hire
DISPATCHING
AND
a leasing agent to find a tenant. They also may suggest to the owners
DISTRIBUTING
MISCELLANEO what rent to charge. In community associations, homeowners pay no
US OFFICE rent and pay their own real estate taxes and mortgages, but community
AND
ADMINISTRATI association managers collect association fees that help pay for a variety
VE SUPPORT
OCCUPATIONS
of services such as playground, clubhouse, and swimming pool
OTHER OFFICE
AND maintenance.
ADMINISTRATI
VE SUPPORT
• FARMING Often, property managers negotiate contracts for janitorial, security,
FARMING,
FISHING, AND landscaping, trash removal, and other services. They monitor the
FORESTRY
OCCUPATIONS performance of contractors and investigate and resolve complaints from
OTHER
FARMING,
residents and tenants when services are not properly provided.
FISHING, AND
FORESTRY Managers also purchase supplies and equipment for the property and
OCCUPATIONS
make arrangements with professionals for repairs that cannot be
• CONSTRUCTION
• INSTALLATION handled by regular property maintenance staff.
ELECTRICAL
AND
ELECTRONIC In addition to fulfilling these duties, property managers must understand
EQUIPMENT
MECHANICS, and comply with pertinent legislation, such as the Americans with
INSTALLERS
AND Disabilities Act, the Federal Fair Housing Amendment Act, and local fair
REPAIRERS
VEHICLE AND housing laws. They must make certain that their renting and advertising
MOBILE
EQUIPMENT practices are not discriminatory and that the property itself acts in
MECHANICS,
INSTALLERS, accordance with all of the local, State, and Federal regulatory and
AND
REPAIRERS building codes.
MISCELLANEO
US
INSTALLATION Onsite property managers are responsible for the day-to-day operations
,
MAINTENANCE of a single property, such as an apartment complex, an office building, a
, AND REPAIR
OCCUPATIONS shopping center, or a community association. To ensure that the
OTHER
INSTALLATION property is safe and properly maintained, onsite managers routinely
,
MAINTENANCE inspect the grounds, facilities, and equipment to determine whether
, AND REPAIR
• PRODUCTION repairs or maintenance is needed. In handling requests for repairs or
ASSEMBLERS
trying to resolve complaints, they meet not only with current residents,
AND
FABRICATORS but also with prospective residents or tenants to show vacant
FOOD apartments or office space. Onsite managers also are responsible for
PROCESSING
METAL enforcing the terms of rental or lease contracts, such as rent collection,
WORKERS
AND PLASTIC
parking and pet restrictions, and termination-of-lease procedures. Other
WORKERS
PRINTING important duties of onsite managers include keeping accurate, up-to-
TEXTILE, date records of income and expenditures from property operations and
APPAREL, AND
FURNISHINGS submitting regular expense reports to the senior-level property manager
WOODWORKE
RS or the owner(s).
PLANT AND
SYSTEM
OPERATORS Some property and real estate managers, often called real estate asset
MISCELLANEO
US managers, plan and direct the purchase, sale, and development of real
PRODUCTION
OCCUPATIONS estate properties on behalf of businesses and investors. These
OTHER
managers focus on long-term strategic financial planning, rather than on
PRODUCTION
OCCUPATIONS
day-to-day operations of the property. In deciding to acquire property,
• TRANSPORTATION
AIR real estate asset managers consider several factors, such as property
TRANSPORTAT
ION values, taxes, zoning, population growth, transportation, and traffic
MOTOR
volume and patterns. Once a site is selected, they negotiate contracts
VEHICLE
OPERATORS for the purchase or lease of the property, securing the most favorable
RAIL
TRANSPORTAT terms. Real estate asset managers review their company's real estate
ION
WATER holdings periodically and identify properties that are no longer
TRANSPORTAT
ION financially profitable. They then negotiate the sale of, or terminate the
MATERIAL
MOVING lease on, such properties.
OCCUPATIONS
• ARMED FORCES
Community association managers, by contrast, do work that more
• SPECIAL FEATURES
SOURCES OF closely compares to that of onsite property managers. They collect
CAREER
INFORMATION monthly assessments, prepare financial statements and budgets,
FINDING AND
APPLYING FOR negotiate with contractors, and help to resolve complaints. Usually hired
JOBS AND
EVALUATING by a volunteer board of directors of the association, they manage the
OFFERS
OCCUPATIONA daily affairs, and supervise the maintenance, of property and facilities
L
INFORMATION
that the homeowners own and use jointly through the association.
INCLUDED IN
THE
Community association managers also assist the board and owners in
HANDBOOK
DATA FOR complying with association and government rules and regulations.
OCCUPATIONS
NOT COVERED
IN DETAIL Some associations cover thousands of homes and employ their own
ASSUMPTIONS
AND
onsite staff and managers. In addition to administering an association’s
METHODS
USED IN
financial records and budget, managers may be responsible for the
PREPARING
EMPLOYMENT operation of community pools, golf courses, and community centers and
PROJECTIONS
OCCUPATIONA for the maintenance of landscaping and parking areas. Community
L association managers regularly meet with the elected boards of
INFORMATION
NETWORK directors to discuss and resolve legal issues or disputes that may have
COVERAGE
ACKNOWLEDG an effect on the owners, as well as to review any proposed changes or
EMENTS
IMPORTANT improvements by homeowners to their properties, to make sure that
NOTE
ADDITIONAL they comply with community guidelines. They may also meet to address
INFORMATION association finances or discuss long-term planning.
ABOUT THE
2008-18
PROJECTIONS
Top of Form Work environment. Nearly all property, real estate, and community
http://w w w .bls.g association managers work out of an office. However, many managers
SEARCH OOH spend a significant portion of their time away from their desks. Onsite
Licensure. Real estate managers who buy or sell property are required
to be licensed by the State in which they practice. In a few States,
property association managers must be licensed. Managers of public
housing subsidized by the Federal Government are required to be
certified.
Property,
real
estate,
and
11- [PD [XL
communit 304,100 329,700 25,600 8
9141 F] S]
y
associatio
n
managers
NOTE: Data in this table are rounded. See the discussion of the
employment projections table in the Handbook introductory chapter on
Occupational Information Included in the Handbook.
The above wage data are from the Occupational Employment Statistics
(OES) survey program, unless otherwise noted. For the latest National,
State, and local earnings data, visit the following pages:
Education administrators
Lodging managers
Disclaimer:
Links to non-BLS Internet sites are provided for your convenience and
do not constitute an endorsement.
URL: http://guides.newman.baruch.cuny.edu/realestate