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<\/figure>\n<\/div>\nGenerally, a property manager manages rental properties, which can include either commercial or residential properties or units. Property management is extremely important and is often the core of what makes a rental successful for the investor and the tenants. Property managers are usually employed by property management companies or real estate firms, and they handle many properties and units simultaneously.<\/p>\n
The responsibilities of a property manager include: <\/p>\n
- \n
- Marketing and advertising vacant properties<\/li>\n
- Screening potential renters<\/li>\n
- Developing lease agreements<\/li>\n
- Showing the property or units to potential renters<\/li>\n
- Coordinating move-in and move-out inspections<\/li>\n
- Handling communications between the tenant, maintenance teams, or owners<\/li>\n
- Collecting rent payments and deposits<\/li>\n
- Maintenance and repairs of the property<\/li>\n<\/ul>\n\n
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<\/span>\n<\/div>\n\nPro Tip:<\/strong> Since property management is a salaried position you can get with a real estate license<\/a>, it can be a great option for new real estate agents who don\u2019t have the financial cushion to focus on real estate sales alone. You can be a part-time real estate agent<\/a> and a part-time or full-time property manager. Although the positions are very different, you can learn a lot about the real estate investment industry by getting into property management.<\/p>\n<\/div>\n<\/div>\n
How Much Do Property Managers Make?<\/h2>\n
The average salary of property managers in the US is around $50,000 to $55,000. However, like most jobs, the salary can range significantly depending on the location, your experience, and the type of property management you do. However, here are the averages found from a variety of reliable sources: <\/p>\n
- \n
- ZipRecruiter<\/strong><\/a>:<\/strong> US average of $58,335, with a range of $28,000-96,500<\/li>\n
- Glassdoor<\/strong><\/a>:<\/strong> US average of $53,889, ranging between $47,000-75,000<\/li>\n
- Payscale<\/strong><\/a>:<\/strong> US average of $55,831, with a range of $36,000-82,000<\/li>\n<\/ul>\n
Another interesting fact about becoming a property manager is that many companies offer bonuses for specific criteria that ensure the properties stay profitable with high occupancy and renewal rates. This benefit of property management could make it an ideal real estate side hustle<\/a>. These bonuses can be offered per lease, quarterly, or annually. One study reported that the average property management bonus rate is 12.9%<\/a>.<\/p>\n
Steps of How to Become a Property Manager<\/h2>\n
If you\u2019re wondering how to get into property management, the process varies slightly from state to state. Interestingly, some states require official licenses, like a real estate license and\/or a property management certification, and other states have almost no requirements. Here are the general steps to learn how to become a property manager.<\/p>\n
1. Learn About Each Type of Property Management Certification<\/h3>\n
The first step to answer \u201cHow do I become a property manager?\u201d is to understand the different types of management certifications available. Not all positions require a certification, but knowing this information will help you figure out how to become a property manager.<\/p>\n
A few of the most common property management certifications and niches are:<\/p>\n
- \n
- Certified Property Manager (CPM)<\/strong><\/a>:<\/strong> This is the most well-known certification for general property managers who want to handle a variety of residential and commercial properties.<\/li>\n
- Accredited Residential Manager (ARM)<\/strong><\/a>:<\/strong> This certification, specifically for residential property managers, is ideal for getting a job or improving your skills quickly when you\u2019re new to the industry.<\/li>\n
- Certified Apartment Leasing Professional (CALP)<\/strong><\/a>:<\/strong> This certification is for experienced property managers who want specialized education in leasing and managing apartment complexes.<\/li>\n
- Master Property Manager (MPM)<\/strong><\/a>:<\/strong> This is the most advanced certification available for property managers. It requires at least five years of consistent property management experience. Property managers with this certification are typically the industry leaders and the highest earners.<\/li>\n<\/ul>\n
There are even more property management courses and certifications that will help you increase your success in the real estate industry<\/a>. Check out national associations like the National Association of Realtors<\/a> (NAR), the National Association of Residential Property Managers<\/a> (NARPM), the Institute of Real Estate Management<\/a> (IREM), and the National Apartment Association<\/a> (NAA).<\/p>\n
2. Define the Key Qualifications to Become a Property Manager<\/h3>\n
Learning how you become a property manager can be confusing because each state and property management company has different requirements and qualifications. However, a few general requirements are similar to getting your real estate license<\/a>.<\/p>\n
Some of the most common requirements to become a property manager are:<\/p>\n
- \n
- Being at least 18 or 21 years of age<\/li>\n
- Having a minimum of a high school diploma or GED equivalent<\/li>\n
- Being a legal US citizen or permanent resident<\/li>\n
- Passing a criminal background check<\/li>\n
- Completing a certain number of hours of real estate license coursework and a passing score on the Real Estate Licensing Exam (although there are exceptions; see section below for more info!)<\/li>\n<\/ul>\n
3. Complete Your State\u2019s Requirements<\/h3>\n
The requirements to become a property manager vary drastically from state to state. In many states, property managers must have a real estate license and\/or a property management license\u2014this includes managing short-term rentals like Airbnb and VRBO. <\/p>\n
However, in four states (Idaho, Vermont, Kansas, and Maine), the only requirement is being over 18 and having a high school diploma. In addition, many states won\u2019t require you to be licensed if the property you manage is a property you own (such as an Airbnb). Here are a few examples of requirements across different states:<\/p>\n
- Accredited Residential Manager (ARM)<\/strong><\/a>:<\/strong> This certification, specifically for residential property managers, is ideal for getting a job or improving your skills quickly when you\u2019re new to the industry.<\/li>\n
- Glassdoor<\/strong><\/a>:<\/strong> US average of $53,889, ranging between $47,000-75,000<\/li>\n
- ZipRecruiter<\/strong><\/a>:<\/strong> US average of $58,335, with a range of $28,000-96,500<\/li>\n
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