Do you think about your future and what you would like to be 'when you grow up'? Or maybe you're bored with your current job and want a new career path? Either way, you may want to consider becoming a property manager. If you're passionate about house maintenance and ensuring tenants are looked after, this may be the right job.
A house manager is a lucrative job, and you need to have good organization and time-keeping skills. Similarly, you may want to have some knowledge of budgets and finances. If you think this sounds like you, then keep reading to see if you fit the job description and how much you could make if you become a property manager.
The duties of a property manager
There is no singular duty when it comes to being a property manager. In fact, there are a lot of different roles all piled into one job title. Generally, a property manager is a person who takes care of a property, whether it is in the residential, commercial, or industrial sector. They mainly deal with rentals and ensure that tenants live comfortably and that their rent is paid on time every week or month.
Landlords or property investors will hire a property manager when they don't have the time to oversee their house's day-to-day maintenance. For example, if the heating in the property stops working and a tenant needs a quick fix, the homeowner may not be available, so they will contact the property manager to come and help them. It is a busy job, and you'll need to be good at solving problems quickly while also listening to the tenants' needs and concerns.
Below are some of the main duties of a property manager:
- Showing properties to potential tenants
- Organizing the lease and when it is signed
- Ensuring rent is paid on time
- Helping when any repairs are needed
- Handle the finances such as mortgage and taxes
The average income of a property manager
A property manager isn't a bad job; it also doesn't come with a lousy salary. In fact, the average salary for property managers across the US is $55,380. However, when you're just starting out, you may be paid a lower wage of around $36,000, and when you have more experience and qualifications, you could earn up to about $79,000. There are several factors that come into play when it comes to a property manager's income, and you may want to consider them before applying for the job:
Education and certifications play a big role in being a property manager as you need at least a high school diploma to apply for most vacancies. In addition, depending on the job and the required duties, you may need a bachelor's degree in marketing, finance, or real estate or a NALP CAM, CPM, or MPM certificate. Obviously, the higher your level of education, the more you can expect to be paid in the future.
Like any job, many employers will pay more for property managers with higher experience levels. This can either be due to the time you've been a property manager or the different types of duties you've taken on in the past. If you want to learn more skills and increase your overall experience, there are property management training courses you can take that you can add to your resume and show future employers.
How much you get paid as a property manager will also depend on the role you're applying for. Sometimes, it may be a basic job that simply requires you to show tenants the property and pick up their rent each month. Other jobs may be for bigger properties, and you need to take on more duties such as handling the finances, such as the mortgage and taxes, and keeping up to date with the overall maintenance and repairs of the house.
Increasing your income as a property manager
If you're currently a property manager but want to increase your yearly salary, here are a few tips you can take into account:
Don't undercharge clients
When you're a freelance property manager and look after more than one property, you will want to ensure you've set a reasonable price for your clients. Your job involves a lot of work, so you don't want to undercharge them, even if you don't have that much experience. Check what other property managers with your knowledge and qualifications are charging and try and set your prices similar to theirs. Increase your rates as you start to gain more experience throughout your career.
Move to a more profitable city
Sometimes how much you earn as a property manager all depends on the location you're working in. For example, the average salary for a property manager in Philadelphia is $56,060, but in Washington, DC, it is $61,068. First, you'll have to consider if you are prepared to move for your job, and secondly, you'll have to research to find the best location for you and with the highest salary. However, it is good to remember that the different salaries may be reflected in the area's cost of living.
Offer more bespoke services
You can always earn more when you offer more. If you're currently only offering the basic package as a property manager, you won't receive as much money as someone who is offering extra services. For example, a property manager who only collects monthly rent isn't going to earn as much as another who does that same duty, plus others such as paying the mortgage, putting together budgets, and staging the property for viewings.
A property manager seems like a fun job, but it is good to remember that it isn't easy and requires a lot of hard work. However, when you keep at it and expand your skill set, you'll be greatly rewarded with a decent salary that will set you up for life. So, if you're looking at changing careers and believe you have what it takes, it's time to start searching for the perfect property manager role.
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