Get paid as a property manager!
Renters occupy around 43 million homes in the U.S.
Many of the companies and landlords who own those rental properties hire property managers to handle the day-to-day operations. It’s not the easiest job. You have to be highly organized, understand the local rental market, and be willing to deal with disgruntled renters.
However, if you’re up to the task, good news: property managers make a good salary and have plenty of opportunities for advancement.
Let's take a closer look at the work of property managers as well as some tips on how to become one.
What is a property manager?
Property managers are responsible for managing the daily operations of residential or commercial properties.
They determine rental rates, advertise to fill any vacancies, and show the property to potential tenants.
The property manager is the middleman between the property owner and the renter. They maintain the property, enforce any rules that the owner has, and are the first point of contact for a tenant if they have an issue.
What are the job responsibilities of a property manager?
As a property manager, you research the local market to determine the cost of the rent. When there are vacancies, you may have to advertise the property to attract tenants.
The property manager is often the first person a new tenant meets. They show the property to the prospective tenant and answer their questions. If the person is interested, the property manager will be responsible for screening their application and preparing a lease for them.
They make sure the property is ready for the tenant to move in and check them out when they move out.
Property managers are also responsible for rent collection and enforcing leases. When tenants need help or have a complaint, the property manager is the one they turn to.
For a small property, the property manager might handle basic property maintenance issues on their own. More likely, they’ll oversee the staff or contractors who do maintenance.
Being a property manager isn’t just about interacting with tenants. Most property managers are responsible for financial tasks like preparing annual budgets, tracking utility costs, and handling invoices from vendors.
What skills do property managers need?
Being a property manager requires strong interpersonal and communication skills. For example, you need to communicate with potential tenants by answering their questions and persuading them to rent from you.
Whenever possible, you should maintain a positive relationship with the people who live and work at the property.
Conflict management is an important interpersonal skill for property managers. You might have to enforce lease agreements, collect late payments, or even oversee evictions.
People won’t always be happy with you, but as the property manager, you have to stay calm and handle the situation professionally, even if the tenant is upset.
Property managers need to be highly organized — you have a lot to take care of, and you’re usually managing multiple tenants. You need to be on top of rent deadlines, maintenance requests, vendor schedules, and more.
As a property manager, you’ll often deal with money. You’ll collect rent and security deposits, pay other staff and vendors, and budget for marketing the property. You should have strong budgeting and financial skills.
Working knowledge of the local rental market and local regulations is useful for property managers. If you’re not familiar with the area, you’ll have to learn these things quickly on the job.
How do you become a property manager?
The educational requirements for property managers vary widely. Some jobs are open to anyone, others require a high school diploma, and others require an associate or bachelor’s degree.
Previous experience as a property manager can often make up for having less education.
In most states, no special certification is required to be a property manager. However, a few locations require you to get a real estate license. Getting the license usually involves taking a class and passing an exam.
There are other certifications and degrees you can get in property management. Even if these qualifications aren’t required, they can make you a stronger candidate.
To improve your credentials, look into certifications from the Institute of Real Estate Management or the National Association of Property Managers. For degree programs, check with local colleges.
Many property managers begin as assistant property managers. Assistant property manager duties are the same as a property manager, but the property manager will supervise the assistant.
Property manager salary and job outlook
The average annual salary of a property manager is $59,660. Commercial property managers tend to make more than residential property managers.
Professional certifications, degrees, and years of experience can all increase the salary you’ll make as a property manager.
The job outlook for property managers is steady, with no increase or decrease expected in the number of positions available.
Property manager resume tips
Every property manager's job is a bit different. Some might have more of a focus on customer service and helping tenants, while others involve more business administration tasks.
Your resume should always be tailored to the position you’re applying for. To customize your resume, read the job ad and look for keywords about skills and experience. Add those words to your resume if they apply to you.
Certifications may not be necessary for property managers, but they can make you a stronger candidate. If you have any, add a “Certifications” section to your resume.
Include both hard and soft skills on your resume. The best soft skills for property managers to emphasize are interpersonal skills and management skills.
If you have previous property management experience, quantify your achievements wherever possible. For example, how many rental units did you manage? How many employees did you supervise?
Find a property manager job today
If you’re a highly organized person who likes working with people and is looking for a well-paying career, property management might be for you.
There are property management jobs available at every level of experience and education. Find a property manager job for you on Jobcase.
Looking for a Property Manager position. Seasonal manager of 25 years experience.