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The uptick in rental demand across the US has transformed rental management into a significant segment of the real estate industry, offering a rewarding and sustainable career path. This article will break down the average property manager salary and the various factors that influence how much one can expect to earn. In addition, it will look at what the position of a property manager entails and the requirements to become one.
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What does a property manager do?
Property managers are employed either directly by the property owner or indirectly through a contract with a property management firm.
Their services offer the perfect solution for real estate investors who desire a more hands-off approach and prefer a professional managing their property.
A property manager’s responsibilities include:
- Establishing and collecting rent and other fees;
- Showing the property to prospective tenants;
- Advertising rentals and negotiating lease terms;
- Managing property finances by preparing reports, paying all necessary taxes and keeping records of rental payments;
- Resolving tenant complaints, settling disturbances, enforcing occupancy rules;
- Hiring and supervising staff employed on the property;
- Inspecting vacant units and planning renovations;
- Managing tenant screenings and evictions;
- Carrying out property valuations;
- Maintaining the property, ensuring regular upkeep of the building;
- Landscape maintenance;
- Securing the property and premises, instituting and enforcing preventative policies and procedures, responding to emergencies.
Educational requirements
While property managers are generally not required any particular educational background or credentials (except for a high school diploma or equivalent GED), in today’s competitive job market, you might want to consider obtaining:
- A real estate license (often required by state law);
- More specialised certifications such as Certified Manager of Community Associations, Residential Management Professional (RMP®), Certified Property Manager (CPM), or Certified Apartment Manager (CAM);
- A Bachelor’s degree in business administration, real estate, accounting, public administration, or finance.
Essential skills/qualifications
Certain skills and qualifications are crucial for a property manager. These include:
- Outstanding knowledge of the property and real estate market;
- Strong leadership and communication skills;
- Teamwork;
- First-class customer service;
- Technical property know-how;
- Adequate computer skills;
- Administrative and managerial skills;
- Being up-to-date with local landlord-tenant laws and regulations.
Workplace
In terms of workplace settings, a property manager’s role can vary significantly. They may be:
- Self-employed or working for a property management company;
- Spending considerable amounts of time out of the office, investigating problems reported by residents or showing/checking rental units;
- Live close by or at the apartment complexes where they work, so they can handle emergencies even when off duty.
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Factors determining a property manager’s salary
1. Property type
One of the most critical factors affecting your salary is the type of real estate property you manage. There are four types of property management: residential, commercial, industrial, and particular purpose, and salaries vary notably depending on which kind you choose to work for.
2. Level of education
The minimum educational requirement for managing rental properties is a high school diploma. Nevertheless, since various duties are related to marketing, finance and business planning, employers prefer hiring those with extra qualifications. Therefore, obtaining a Bachelor’s or Masters degree can significantly better your chances at obtaining a much heftier paycheck. Worth considering, though, is the student debt you will indisputably collect and whether it will even out the raise in salary.
Alternatively, if higher education is not the route you’re willing to take, getting certified by the state is one way of showing prospective employers that you are a professional that understands the market and is more knowledgeable than the average property manager. It is worth considering the various certifications and formal training programs on offer; this will set you apart and help you grow your career.
3. Location
The national average property manager salary (base) is approximately $54,000, with Sacramento, Los Angles and Austin leading with the highest median salaries. However, it is crucial to note that a higher paycheck will often mean higher living costs, especially in metropolitan areas.
4. Experience
Generally, the property manager’s salary will increase with years of experience and continuous employment.
Salary by experience level
Entry-level (less than 1-year experience)
An entry-level property manager can expect to earn an average base salary of $44,097.
Early-career (1-4 years of experience)
An early-level property manager can expect to earn an average base salary of $49,616.
Mid-career (5-9 years of experience)
A mid-level property manager can expect to earn an average base salary of $54,332.
Experienced (10-19 years of experience)
An experienced property manager can expect to earn an average base salary of $63,079.
Senior (20+ years of experience)
In their late career, a property manager can expect to earn an average base salary of $83,939.
Perks and benefits of the job
On top of a fair salary, a property manager can expect various perks, including:
- Health, vision and dental insurance;
- 401 (k) retirement savings plan;
- Paid vacation;
- Disability insurance;
- Flexible spending account;
- Employee assistance programme;
- AD&D insurance;
- Flexible spending account;
- Commuter assistance.
In conclusion
To sum up, those interested in becoming a property manager should always consider the various factors in salary. While years of experience promise a steady growth in pay, the main thing to think about is the type of property you would like to sell, with commercial property managers guaranteed a much heftier cash flow. Essential to remember as well that while metropolitan areas might offer beefier pay, the cost of living often cancels that out, making relocation something to review rigorously.
FAQs about the property manager salary
What is the average property manager salary?
The median base salary for a property manager in the United States is $54,000 per year. However, the average pay can vary between $50,000 to $90,000 because of numerous factors, including skills, experience, employer, bonuses, tips, and location.
What factors play into a property managers' salary?
Salaries can depend on several circumstances, including the skillset, education and experience of a property manager, as well as their geographical location. One of the main factors is the type of real estate industry they manage, where property managers running commercial properties tend to be the highest-paid.
What are the tasks of a property manager?
A property manager takes on the role of the middle man between the landlord/property owner and the tenants. They are tasked with maintaining the property, which among many things, includes preparing vacant units, setting and collecting rent, taking care of property maintenance and service, as well as dealing with tenant complaints and emergencies.
How can you become a property manager?
The minimum qualification to become a property manager is to hold a high school diploma and pass a Real Estate Licensing Examination (not required by all states). To boost your job prospects and salary expectations, consider completing certification courses or obtaining an appropriate degree in higher education.
How much is an assistant property manager salary?
According to Salary.com, as of December 2023, the average salary for an assistant property manager in the US is $50,930. However, this figure typically varies, with the range most commonly falling between $41,941 and $65,078.
How much is a regional property manager salary?
According to Salary.com, as of December 2023, the base salary for a regional property manager typically ranges from $64,113 to $94,300, with an average base salary being around $77,157.
How much is a commercial property manager salary?
According to Glassdoor, as of December 2023, the total estimated salary for a commercial property manager in the US averages at $84,122, with a median salary of $77,337 per year. The estimated additional pay, which may include bonuses, commissions, tips, and profit sharing, is about $6,784 per year.
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