A Property Manager is a real estate agent who is hired by a real estate brokerage company or an individual to handle the operations and administration of property rentals for the principal, otherwise known as the owner. Let us know more detail about ‘Salaries For Property Manager’.
Salaries For Property Manager
If you’re looking for information on the salaries of your typical property manager, this article is your ticket to finding out how.
The property manager has a typical average salary of about $ 49,413 a year. The highest paying cities for property managers are Dallas, Los Angeles CA, Chicago, New York, Atlanta, Indianapolis, Charlotte, and Houston.
The property management career is an exciting, versatile one.
The property manager position is a much-needed position that is in great demand in the Real estate and multifamily property industry.
The property management career has a wide range of salaries depending on what kind of properties a property manager manages.
A property manager in the US makes an average salary of about $ 45,552 annually.
So most property managers in the US make between $ 30,000 and $ 74,000 a year. As far as depth goes, such property managers can get the apartments occupied which creates cash flow and income for the investors.
Factors That Affect The Salary Of A Property Manager
Location
The location of a property determines how much a property manager oversees it makes. For example, a property manager overseeing the same property in Purdue will not be making the same amount of money as the property manager overseeing a property in New York.
The Size Of The Property
The size of the property in the asset also determines to an extent, how much a property manager makes.
For example, if you’re overseeing a 60-unit property, you might be making less money compared to someone who is overseeing a 700-unit property. So the size of the property in an asset determines how much a property manager can make.
Product Type
The product type of the property also determines how much the property manager overseeing it plausibly makes.
A property manager administering a new construction lease-up is going to have a different salary than one overseeing an old property.
Certifications
There are different kinds of certificates you can get in multifamily property management.
For example, a Certified Property Manager may have a higher salary than a property manager with no certification.
Property Manager Bonuses
A lot of property managers get bonuses.
Most property managers in the US have some sort of bonus structure in their compensation. You can get a bonus of anywhere between $352 and $ 10,000 a year in the US.
Property Manager Profit Sharing
Even so, some property management companies and some investors do add a profit-sharing component into the salary structure of property managers.
That normally ranges from not doing a profit sharing at all to about $ 7,000 a year.
Property Manager Commission
Some property managers in the US also make commissions. The typical property manager makes a commission of about $ 600 a year to about $ 10,000 a year.
The Pros And Cons Of The Property Manager Career
There is so much responsibility that comes with a property management career. Owners will want managers to close leases quickly cross-coupled with managing other portfolios.
The buzz and rush of excitement of rising to the occasion are fun, but the downside is if you’re someone who wants to keep your head low, this is probably the most wrong job or career path for you.
Another PRO of the property management career is that it’s an opportunity to make a lot of money. The apartment industry is booming and there’s the savory environment to propel you to excel financially.
The CON is, that there is less time to be taught the nitty-gritty of property management- since there is no concrete schematic training system that teaches an individual about basic property management.
Another PRO of the property management career is that the industry is fast expanding and growing which is good for developing your career.
There’s also a tremendous opportunity to be promoted, and climb up the corporate ladder with this career. The career comes with a lot of perks, Commissions, and the lot that makes it enticing.
The CON here is that you will meet quite a lot of negative people that will try to bring you down to their level- it will be up to you to avoid the naysayers.
Property Managers Make A Lot Of Money
Property Managers make a lot of money. It seemingly is a bit complicated though, those with very good sales skills make much more money than bottom performers.
Even so, more multifamily apartment buildings are being built every day, and so if you learn some elite skills,( knowing how to sell yourself, knowing how to sell the property)all you need is to get hired and you could be spending a lot of cash to save in your bank.
Need A License To Be A Property Manager:
Only the state or the Federal government can give you a license. Private institutions can only issue credentials and certificates.
You do not necessarily need a license to operate as a property manager. But if you’re looking to be a broker, then having a real estate license to operate is crucial.
If you’re working at an apartment and performing the usual property manager duties such as answering phones, talking to tenants and solving their problems, and maintaining the aesthetics of the apartment and the lot, then you probably don’t need a license to operate.
Conclusion
The property manager role is not an easy task as it involves multi-tasking and the operational control and care of apartments for owners and principals.
However, you will find it a fun and exciting career as you take a stroll around different kinds of properties, overseeing them.
Property managers manage several property types such as residential, commercial, short-term multifamily property, and other fair housing mandates.
Frequently Asked Questions
1. What does the typical property manager do?
Answer: Property managers do a lot. They prepare properties for renting, screen applicants, inspect properties, and generally oversee that an apartment is maintained.
2. How do you become a property manager?
Answer: To become a property manager, you need to at least be 18 years of age or above, have a school diploma or GED, be a US citizen, and pass a state exam.
