Property Manager Career Guide

What is a property manager?

A property manager is someone who looks after different types of buildings like houses, apartment complexes, or offices. Their main job is to keep these places in great shape and make sure they are worth as much as possible for a long time. They work as the go-between for the people who own the properties and those who live or work there, helping both sides stay happy.

Duties and responsibilities

• Keep things running smoothly: They take care of the building and grounds, keeping everything neat and tidy.
• Deal with tenants: From finding new people to move in, to sorting out leases and handling any complaints, property managers do it all.
• Money matters: They collect rent, manage the budget, and make sure all the bills like taxes and insurance are paid on time.
• Stay on top of things: Regular checks and updates on the property help keep it in top condition.

Work environment

Property managers might spend a lot of time in an office, but they also need to visit properties regularly to check on things and meet with tenants. They might work for a company, a real estate firm, or themselves. The job can be busy and sometimes stressful, especially if there are emergencies or difficult situations, but it’s also rewarding for those who like solving problems and helping people.

Typical work hours

Most property managers work full time, and often more than 40 hours a week, including evenings and weekends. They need to be ready to handle emergencies at any time, which can mean odd hours. However, they also get to make their own schedules to a certain extent, which many find to be a big plus.

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How to become a property manager

Becoming a property manager means you’re in charge of keeping buildings and their tenants happy. Here’s how you can get into this cool job:

Step 1: Finish high school

Start by getting your high school diploma. Pay attention to classes like math, business, and English. These will help you understand the basics of managing properties, dealing with money, and communicating well.

Step 2: Consider a bachelor’s degree

While it’s not always required, a bachelor’s degree in business, real estate, or public administration can really boost your chances. These programs teach you about the laws, marketing, and finances involved in real estate.

Step 3: Gain some experience

Try to get a job related to real estate, like helping a property manager or working as a leasing consultant. This experience is gold—it teaches you about handling properties, dealing with tenants, and managing leases.

Step 4: Get licensed

Depending on where you live, you might need a license to be a property manager. This could be a real estate broker’s license or a specific property management license. Also, think about getting certified—like becoming a Certified Property Manager (CPM)—which shows you know your stuff.

Step 5: Grow your network

Knowing the right people can make a big difference. Join property management groups or go to industry events. This helps you meet other pros, learn about jobs, and keep up with the latest in real estate.

Step 6: Keep learning

Laws and real estate trends change all the time. Stay sharp by reading up on new information, going to workshops, or taking extra courses. Being up-to-date makes you a stronger candidate for jobs.

Step 7: Apply for jobs

Now, you’re ready to look for a property manager job. Write a great resume and cover letter that show off your skills and experience. Check job boards and network sites for openings, and get ready to impress in your interviews.

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How much do property managers make?

Property manager salaries will vary by experience, industry, education, location, and organization size. Certain factors like property size, the type, number of units managed and its geographical location are also influential in determining their compensation.

Highest paying industries

• Insurance Carriers: $77,810
• Scientific Research and Development Services: $76,230
• Management of Companies and Enterprises: $74,970
• Computer Systems Design: $73,690
• Securities Contracts Intermediation and Brokerage: $72,580

Browse property manager salary data by market

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Types of property managers

There are several types of property managers, each with their own areas to focus on. Let’s check them out:

Residential property manager

These managers take care of places where people live, like houses, apartments, and condos. Their job is to make sure tenants are happy, the rent is paid, and the buildings are in tip-top shape. They handle everything from fixing a leaky faucet to making sure the grass is cut.

Commercial property manager

These pros manage properties used for business, like office spaces, stores, or big factories. They focus on keeping these places running smoothly so businesses can thrive. This includes handling the lease agreements, managing budgets, and making sure the building looks good and works well.

Rental property manager

Rental property managers are all about rental spaces. They work to keep tenants happy, make sure rents are paid on time, and take care of any repairs that need to be done. Their goal is to make sure the property owner gets the best return on their investment.

Lease administration manager

These managers specialize in leases—they handle everything from setting up new lease agreements to making sure current ones are followed. They keep track of when leases end and work out any changes that need to be made.

Homeowner association (HOA) manager

HOA managers work with housing communities that have a homeowners association. They help enforce the community rules, manage common areas like pools or parks, and deal with things like collecting community fees and overseeing community maintenance.

Real estate asset manager

These managers are the money experts in property management. They focus on making sure the properties they manage are a good investment, growing in value, and making money. This involves analyzing the market, deciding the best use for a property, and planning strategies to boost the property’s value and income.

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Top skills for property managers

To be a rockstar property manager, you need a mix of skills that cover everything from knowing a lot about buildings to being a people person. Here are the top ones that can help you succeed in this field:

Technical skills

• Know your stuff: Understanding how buildings work is crucial. Know about real estate, how to keep buildings running smoothly, and how to fix things when they break.
• Know the rules: Being up-to-date with local laws about renting and owning property is super important, so you always know what you can and can’t do.

Customer service skills

• Be a people person: You’ll talk with tenants, property owners, and maybe even potential renters all the time. Being friendly, understanding, and clear when you communicate will make everyone’s life easier and keep the people you deal with happy.
• Handle problems like a pro: When issues pop up, knowing how to deal with them calmly and effectively is key. This helps keep tenants happy and staying longer, which is great for business.

Management skills

• Stay organized: You might be juggling lots of tasks, from fixing things in one building to handling paperwork for another. Being organized will help you keep track of everything without missing a beat.
• Lead the way: Good leadership skills are essential, especially if you have a team. Whether it’s giving directions to maintenance teams or sorting out tenant disagreements, being a strong leader will make all the difference.

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Property manager career path

Becoming a property manager can lead to lots of amazing job opportunities, both within property management and in other fields related to real estate. Here’s how you can grow and move forward in this exciting career:

Career advancement in property management

Many managers begin by handling just one property. As they gain experience and prove they’re good at what they do, they might get the chance to manage multiple properties or even big places like shopping centers or large apartment buildings. With enough experience, you could become a regional property manager. Here, you’d oversee several property managers and handle a bunch of properties in a particular area.

Transition into real estate

The skills you learn in property management—like understanding the real estate market and dealing with tenants—can also help you move into real estate jobs. You might become a leasing consultant, a real estate agent, or even a broker.

Moving into corporate real estate

If you’ve got the skills and experience, you could manage properties for big companies, like entertainment venues or hotels. These jobs are all about using your property management knowledge on a larger scale and involve more business strategy.

Specializing in a niche

Property management isn’t just about houses and office buildings. You could specialize in managing places like retirement homes, hospitals, or student housing. This kind of specialty can make your job even more interesting and open up new paths for growth.

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Similar job titles

• Real Estate Broker
• Leasing Agent
• Leasing Consultant
• Facilities Manager
• Operations Manager

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Position trends and outlook for property managers

The world of property management is always changing, thanks to new technology and what people want from their living spaces. Here’s what’s happening and what it means for future property managers:

• Tech takes over: These days, managing properties isn’t just about keys and contracts. Digital tools are used for collecting rent, checking out potential tenants, and handling maintenance requests.
• Green is in: More people want to live in eco-friendly places, so these managers are working to make buildings more energy-efficient.
• New ways to live: With the rise of co-living spaces and short-term rentals, managing properties is becoming more complex but also more exciting.
• Work from home: The shift toward remote work means more people are looking for rental spaces with home offices, which could be a big opportunity for growth.
• Smart homes: Features like keyless entry and advanced security systems are becoming popular, and keeping up with these tech trends can really boost their career.

Employment projections

The U.S. Bureau of Labor Statistics predicts that jobs for property, real estate, and community association managers will grow by 3% through 2031. This is about the same rate as other jobs. While new technology might make some parts of the job easier, it also means that the most successful managers will be those who can use these tools to provide better service. If you’re thinking about this career, having a college degree in business administration or real estate, or getting professional credentials, could give you an edge in finding a great job.

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Property manager career tips

Know the law

It’s crucial to understand all the laws related to real estate and rentals, from eviction rules to housing discrimination laws. Knowing these inside out will help you manage properties without getting into legal trouble.

Communicate clearly

Whether you’re dealing with tenants, owners, or maintenance teams, good communication can solve a lot of problems before they become big issues. Being clear and understanding in your conversations will make your job a lot easier.

Embrace technology

Property management is way easier with the right technology. Learn to use property management software, digital tools for market research, and online communication platforms. These can help you stay organized and efficient.

Never stop learning

The property world keeps changing, and keeping up means staying educated. Go to workshops, take part in seminars, and consider getting certifications like:

• Certified Property Manager (CPM) from the Institute of Real Estate Management (IREM)
• Residential Management Professional (RMP) from the National Association of Residential Property Managers (NARPM)

Build your network

Networking is super important. It helps you learn from others, pick up new ideas, and maybe even find your next job opportunity. Join groups like:

• Institute of Real Estate Management (IREM)
• National Association of Residential Property Managers (NARPM)
• Association of Residential Managing Agents (ARMA)
• National Apartment Association (NAA)

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FAQs