It is challenging to say an exact number without considering the factors. However, it is common for property managers to earn anywhere from $50,000 – $100,000 per year depending on their education and experience, plus the type of properties they manage. You may even see some senior-level managers with 10+ years of experience making over $200,000 per year if they are overseeing several dozen commercial or industrial properties.
How much does a property manager make? That is not an easy question because several factors go into the compensation of a professional property manager. It depends on how far you are in your career and what type of job you have. Also, if you become certified or attend college to become a property manager, you will see an increase in your earning potential.
Let’s look at some factors that go into how much money a property manager can make.
Jobs at real estate agencies typically only require a high school diploma or certain types of certificates for employment. However, having a bachelor’s degree is also helpful, especially if you want to work as the on-site manager of large businesses and organizations with hundreds (and sometimes thousands) of acres of land. Some companies may even require you to have at least ten years prior experience before even considering hiring you if you do not possess this qualification.
If you are seeking higher-paying, then education and certification will be your best bet. There are tons of organizations out there that offer certification in the property management industry. Some of these include the Institute of Real Estate Management, the Association of Real Estate License Law Officials, and many more.
These certifications will not only help you find better-paying jobs but also ones where your knowledge can be put to work right away with little supervision after you graduate. This will play a huge factor in the amount of money you receive once employed by an agency or company. It is typically recommended that aspiring managers obtain at least one designation before graduating college.
No matter how much education or certification you have under your belt, it does pay off until you get some experience on your resume. Most companies and real estate agencies will not hire you if you do not have any previous experience in the property management industry. Typically, a minimum of two years is required, but it may take longer depending on your location.
4. Property Type
The type of property you manage will play a huge factor in how much money you can make as a property manager. It is typically recommended that aspiring managers gain work experience in residential properties before moving to commercial or industrial types of landholdings.
You could also gain some valuable knowledge by managing mixed-use (residential/commercial) properties. This would be beneficial because it would allow you to offer more services to tenants renting out retail space or looking for office space for their business.
In today’s market, how much does a property manager make?
It is tough out there for aspiring professionals. There are lots of opportunities and not enough people who want them. Don’t let that discourage you, though; know that if you graduate with specific degrees and certifications and gain the appropriate amount of experience, you should be able to find a position somewhere eventually.
Responsibilities of a Property Manager
The role and responsibilities of a property manager vary greatly depending on the type and size of the property in question and its location and management style and generally speaking. However, a property manager is responsible for overseeing all aspects of managing a building or complex to ensure that it meets all legal requirements and operates smoothly, efficiently, and profitably.
Therefore, a successful property manager must be experienced in many different areas such as rental law, accounting, economics, and building maintenance.
Practical communication skills are also vital since their primary role is to liaise with the owner(s), tenants, and the various contractors to maintain buildings. This includes communicating any necessary or changes to these parties. Furthermore, an effective property manager will frequently liaise with insurance and legal organizations and ensure that the actions of all parties involved in a building process are compliant with relevant legislation.
The primary responsibility of a property manager is to collect rent from tenants, sign new leases and resolve any issues or complaints that arise within a building or complex. The tasks performed by managers in various jurisdictions may vary depending on local laws such as rent control, but generally speaking, these responsibilities include:
- Collecting rent payments from tenants.
- Maintaining tenant files/records.
- Market the building to potential renters when vacancies occur.
- Screen prospective tenants and perform reference checks.
- Prepare leases and other necessary documents for filing with local authorities.
- Keep building records up-to-date (contents, the status of rent payments, etc.).
- Process Fees and commissions owed to owners or tenants.
- Oversee the payment of bills for common areas within the property (e.g., water).
- Ensure that all necessary repairs are completed promptly (including after-hours/weekends when required).
- Monitor contractor performance to ensure completion on time and within budget projections.
- Promote owners’ interests within governing bodies such as condominium boards/associations; act as a liaison between the owner(s) and other parties involved with the maintenance of the building.
- Ensure compliance with any relevant legislation of each governing body.
- Ensure compliance with various stakeholder policies (e.g., rental law, tenant rights, etc.).
- Promptly resolve any complaints or issues brought to management’s attention by tenants, owners, or contractors.
- Maintain up-to-date knowledge of new ordinances and amendments that may affect the building through research or professional training programs.
- Enforce the rules set out in leases for tenants.