Table of Contents
- The general salary for a project manager
- A bachelor’s degree equals more pay
- It is the quality of properties that counts
- Certain cities pay more
- Thorough research on properties is required
- Finding suitable tenants a top priority
- Estate managers keep properties occupied
- Being financially adept part of the job
- Much depends on the property type
If you are fortunate enough to have some rental property, a property manager can be useful in managing the properties for you. How much does a property manager make will depend a lot on what the owner of the properties expects.
The owner will engage the services of a professional property management individual or company who will advertise the rental property and handle all the inquiries that come in for it.
How much does a property manager make will differ but there is quite a bit of information on the Internet on what a project manager can expect to make in the different states. The averages provided give you an idea of what to can be earned and what will be expected in return for the salary.
To also get an idea of how salaries can vary from state to state, you can also get information from the Bureau of Labor Statistics on what the average page is for these property managers from state to state. Also, salaries will differ according to what type of estate manager you are – residential, commercial, or industrial properties.
We are living in a technological age. So to know how much does a property manager make also depends on using the right property management tools to ensure your property management services are more streamlined, efficient and quick.
The general salary for a project manager
Glass, for instance, is one of the biggest recruiting sites and they tell us that the salary of a property manager is roughly $55,000 to $80,000 a year, but it can be more or less. The duties are much the same for all property managers, but the salary can vary across the states and be determined by what is required.
Knowledge is power and you can improve your industry knowledge to find ways to manage properties even more effectively and with greater benefit to the property owner.
Certainly, the property manager will need to at least have a high school diploma.
A bachelor’s degree equals more pay
Of course, when it comes to more complicated properties such as hotels, retail malls, etc., some people may want to hire a property manager with a bachelor’s degree. If you want an answer as to how much does a property manager make, it goes without saying that you can expect to earn more when you have a degree in real estate and business administration.
With degrees and certificates, for instance, you are demonstrating that you are clued up and that you understand the market more than the average property manager. This will determine a lot on how much does a property manager make, as will your years of experience. How much does a property manager make will depend a lot on the experience you have got to show.
You might be a high school graduate wondering about a job in the real estate industry. You may want to know how much does a property manager make and to a certain extent it depends on the number of properties you will manage as more properties equal more revenue.
It is the quality of properties that counts
While the number of properties most certainly does play a role, it is also the quality of the properties. The idea is not to focus only on how many properties you can notch up because some of them might end up being more problematic than they are worth.
To achieve maximum profit you want to increase your number of truly profitable properties. To determine the profitability of rental properties, there is data that you can use to predict how much they will generate in rental income.
You get what is known as an investment property calculator that will give you estimates of what you can expect in terms of rental income in a particular city or state. It is always easier to look over rental properties in your local area, but it can be profitable to broaden your horizons.
Certain cities pay more
There are certain cities that offer better opportunities than others so if you want to earn more it can be a wise move to manage properties in areas like these.
How much does a property manager make depend a lot on where you find yourself. If you are wondering which states in the U.S. are a drawcard for property managers, and where there are also lots of job opportunities, New York is one as well as the District of Columbia, Illinois, Wisconsin, Connecticut, Oregon, Ohio and Maine. It is thought that Alabama is possibly the worst.
Wherever you go to be a property manager, you can make use of property management tools. How much does a property manager make depends on lots of things and these tools can quicken things up for you so you get more done and more efficiently. Even if you are already a property manager, you may want to get rid of your old way of doing things and take advantage of new technologies available, particularly for property managers.
The more properties you add to your portfolio, the more you will value these tools. By making use of this kind of technology, you can actually eliminate a host of manual tasks and get them more streamlined. A typical example is 3D video tours which allows prospective tenants to browse property almost as if they were there.
It is extremely realistic and can spare you having to drive miles to a place when you can look at it from your computer or mobile device. Making use of these property manager tools will simplify and speed up every aspect of property management.
Property management software is the way to if you want to run such a business successfully because your competitors are using it. While you are battling to keep up with the demands of the industry, they are automating a lot of important tasks, speeding things up and being done and dusted with it long before you.
Even if you are a person who dislikes modern technology, you can’t be blamed for that, but unfortunately, you have to adapt or die, for your customer’s sake. They are the ones who are demanding speed and accuracy and you need to be able to provide such a service.
Thorough research on properties is required
There is a lot to advertising the rental property too and the manager will need to actually evaluate the property thoroughly so that an accurate and appropriate rent can be established. They will need to do a bit of research and find out more or less what the going rental rate is in the area.
After that the manager will need to prepare all the documentation surrounding the property and also ensure decent photos of inside and outside the property. The property administrator will also need to establish from the owner of the property what their policies are on allowing pets and whether smoking will be allowed.
Finding suitable tenants a top priority
The whole idea of the estate manager is to land up with the most suitable tenants possible and to then draw up a lease agreement and to ultimately collect rental income.
To do all that is required of them, the property manager will need to have a good knowledge of the real estate industry, know how to screen tenants, how to ensure the property is safe, how to evict tenants and much more.
It is all very well when a property manager is watching over 8, 9 or 10 rental apartments for instance, but sometimes the job is far larger. Sometimes these estate managers are hired by real estate investors when they can’t manage the properties themselves. With big properties such as retail malls, offices and apartment complexes, the services of these managers can be tax deductible against the income generated by the properties.
Small wonder then that some states want property managers to be licensed real estate brokers. Some states on the other hand, do not require licensing at all. If this is the case, a property owner will need to hire a broker to ensure their property is managed legally.
Estate managers keep properties occupied
Having a property manager at your disposal can save you a lot of time while also ensuring you always have occupancy. An unoccupied flat will mean a break in income coming in and this can be calamitous for an owner relying on a steady stream of income.
Some owners of rental property, when considering how much does a property manager make, are willing to pay a good price just to have the property manager put up with all the communication there is between the owner of the properties and the tenants.
They do not want to know about tenant problems related to the property such as a fence collapsing, a burst geyser, power failures and plumbing issues with the toilet. Owners hire these property managers so that they can take all these hassles away from them.
How much does a property manager make will depend on how smart they are. A wise property administrator will carry out regular inspections on properties to prevent all those small maintenance problems from becoming huge problems. They will have the telephone numbers of the best contractors for repairs and it what way help to keep maintenance costs down.
There are some property owners who do not wish to communicate with their tenants at all and they appreciate having a property manager who can do all this. They do not want to know about having to interview tenants and to find out their credit history. Having said that, there is an art and skill to screening and selecting tenants and the property manager needs the skills to do it the right way.
Being financially adept part of the job
There are many aspects to this type of property management, and part of it is managing the accounts of all the properties. Not only that, the property administrator may even have to go as far as starting litigation with tenants as well as dealing with attorneys and insurance agencies.
Sometimes property management companies may be responsible for some of the legal side of things but more often than not they have attorneys working for them.
How much does a property manager make will depend on the scope of their work – being an individual or a company. Some property managers work individually but others work in large property management companies.
Some owners of rental property might want to delegate only certain functions to a property manager while others will expect the property manager to take over the reins completely.
Much depends on the property type
How much the property manager earns will depend on the types of property, the location of the properties and what the properties are made up of.
These days property managers can’t be just naming their price and expecting to get it either because we are living in tough economic times and some owners of property do not want to pay a monthly fee for someone to manage their properties when they can possibly find a family member who can help them do it themselves.
Real estate offers good investment returns, whether you own the property or you manage it for somebody else. How much does a property manager make will depend on the experience, training and skills they have.
A competent, professional, charismatic property manager can be a smart investment for any property owner. How much does a property manager make will depend on the estate manager’s attitude to the job. The one who enthusiastically keeps up to date with new trends to serve their tenants and property owners best, is the one who can expect to earn an excellent salary. The bonus part is that they will also get plenty of enjoyment from such a challenging yet enjoyable, fulfilling job.