How to Become a Property Manager
Growth Trends for Related Jobs
Solid Wages in a Growing Profession for Housing
Becoming a property manager allows you the opportunity to earn a good salary while helping people find newer and brighter spaces to live in. You may also be in charge of keeping areas around the property manicured and attractive for the tenants. With a healthy growth trend, you’ll have many job opportunities in an ever-expanding market. Mothers who work in property management can work part-time so they can devote more time their children and family.
Property managers meet with prospective renters and show properties to them. You'll have the task of explaining all the specifics of lease agreements, collecting monthly fees and arranging to repair or replace rental space equipment. As a property manager, you'll handle contracts for all services on the property, including landscaping, garbage service and security. You may also prepare budgets for the property and financial reports.
Some employers will hire a property manager with a high school diploma and several years of experience. However, most would rather you have a college education. A bachelor’s or master’s degree in specific fields of study in business administration, real estate, finance, accounting or public administration is preferred.
In some states, community property managers are required to have a license or to obtain professional credentials to show their professionalism and competence in the field. The National Association of Residential Property Managers, the Community Associations Institute and the Community Association Managers International Certification Board offer various certifications. Most states require you to recertify every two years.
You may also be required to gain additional formal training to develop your management skills and expand your knowledge in property management.
About the Industry
The majority of property managers work out of an office, but others spend more time away from the desk. On-site managers may spend the majority of their workday showing apartments, checking on the staff, investigating problems that tenants report and attending meetings with owners and board members.
Some apartment managers are required to live in the complex they manage. This makes them available 24/7 to the tenants in case of an emergency, such as a fire or a water leak. Most property managers work full-time, but about one in five work part-time.
The median wage for property managers is $57,040 according to the U.S. Bureau of Labor Statistics. About half of all workers earn more and half earn less than this amount. The lowest 10 percent earn less than $28,260 annually, and the highest paid 10 percent earn over $126,390.
Years of Experience
Property managers earn great wages, even when they are entry-level workers, but wages increase with years of experience. Here is a projection of median wages based on experience:
- 0-5 years: $40,677
- 5-10 years: $47,860
- 10-15 years: $50,952
- 15-20 years: $53,109
Job Growth Trend
The job outlook for property managers is projected to grow 11 percent over the next decade, much faster than the average for all occupations. This makes property management a lucrative path to follow.
The increase may be due to more people living in apartments, condos, planned communities and senior housing where property managers play an integral part.
Single-family housing is in a growth trend creating more jobs for property managers. Some new housing areas will require property managers to oversee pools, gyms and business centers for them.
You can secure the best paying property manager positions if you hold a bachelor’s degree in real estate, business administration or a similar field and secure a professional certification.
Mary Lougee has been writing for over 10 years. She holds a Bachelor's Degree with a major in Management and a double minor in accounting and computer science. She loves writing about careers for busy families as well as family oriented planning, meals and activities for all ages.