What Is Property Management?

Property management involves overseeing and handling the daily operations of real estate properties, such as residential, commercial, or industrial spaces. This includes tasks like collecting rent, managing maintenance and repairs, addressing tenant concerns, and ensuring the property complies with local laws.

How to Get into Property Management?

To get into property management, you can begin by gaining relevant experience or education in real estate. Additionally, obtaining a property management certification can enhance your credentials. Afterward, seek entry-level roles or internships to gain hands-on experience. Finally, apply for property management jobs, such as becoming a property manager, to start your career.

What Is a Property Manager?

A property manager is a professional who manages real estate properties on behalf of owners. They handle various aspects of property operations, ensuring that the property is maintained and tenants' needs are addressed.

What Does a Property Manager Do?

A property manager is responsible for overseeing the daily operations of real estate properties to ensure they run smoothly. Their duties include:

• Showing Properties: Meet with prospective tenants or owners to show available properties and discuss lease terms or ownership details.
• Collecting Fees: Handle the collection of monthly rent or fees from tenants or property owners.
• Inspecting Facilities: Regularly inspect buildings and grounds, including equipment, to ensure everything is in good condition.
• Arranging Repairs: Coordinate repairs and maintenance, including acquiring new equipment if needed.
• Paying Bills: Manage financial responsibilities such as paying bills for insurance, maintenance, payroll, and taxes.
• Contracting Services: Arrange for services like landscaping, maintenance, and trash removal.
• Handling Complaints: Investigate and resolve tenant complaints, disturbances, and violations.
• Maintaining Records: Keep detailed records of rental activities, tenant requests, and financial transactions.
• Preparing Budgets: Develop budgets and financial reports to monitor the property’s financial performance.
• Ensuring Compliance: Comply with laws related to fair housing and anti-discrimination when advertising or leasing properties.

Where Do Property Managers Work?

Property managers work across a range of settings, each requiring different skills and responsibilities. Here are the primary workplaces for property managers:

• Residential Complexes: Property managers handle apartment buildings, condominiums, and housing developments, ensuring tenants' needs are met and properties are well-maintained.
• Commercial Buildings: They manage office spaces, retail centers, parking lots and other commercial properties, focusing on tenant relations, lease agreements, and building upkeep.
• Industrial Properties: Property managers oversee warehouses, factories, and distribution centers, handling maintenance, safety compliance, and tenant services.
• Community Associations: They work with homeowners' associations (HOAs) and similar organizations to manage community facilities, enforce rules, and coordinate maintenance.
• Real Estate Firms and Property Management Companies: Property managers are employed by these organizations to oversee multiple properties, manage operations, and provide client services.

What Do You Need to Be a Property Manager?

To become a property manager, you need a blend of education, experience, and specific skills. The key property manager requirements include:

• Education: Typically, a high school diploma or equivalent is required. Some roles may prefer or require a degree in real estate, business, or a related field.
• Experience: Relevant experience in real estate or business management helps, as it provides practical knowledge and skills.
• Certification: Obtaining a property management certification can enhance your credentials and improve job prospects.
• Skills: Strong communication, organizational, and problem-solving skills are crucial for managing properties and interacting with tenants.
• Knowledge: Understanding property laws and regulations is essential to ensure compliance and effective management.

How to Become a Property Manager?

To become a property manager, start by gaining relevant education or experience in real estate or business. Next, consider obtaining a property management certification to boost your qualifications and stand out in the job market. Then, seek entry-level positions or internships to gain hands-on experience. Once you have the necessary skills and experience, apply for property management jobs to begin your career in this field.

How Much Does a Property Manager Make?

The salary of a property manager can vary based on factors such as location, experience, and property size. As of May 2023, the median annual wage for property, real estate, and community association managers in the United States was $62,850, or $30.22 per hour. Understanding the property manager salary can help you estimate potential earnings. According to the Bureau of Labor Statistics (BLS), the following are the annual mean wages for property, real estate, and community association managers in various states across the U.S.

• Alabama: $59,850
• Alaska: $70,660
• Arizona: $73,230
• Arkansas: $62,420
• California: $84,990
• Colorado: $114,490
• Connecticut: $86,100
• Delaware: $70,390
• District of Columbia: $97,920
• Florida: $77,690
• Georgia: $74,450
• Guam: $79,340
• Hawaii: $70,380
• Idaho: $60,960
• Illinois: $81,310
• Indiana: $67,830
• Iowa: $55,740
• Kansas: $59,970
• Kentucky: $53,810
• Louisiana: $59,600
• Maine: $61,400
• Maryland: $89,890
• Massachusetts: $96,160
• Michigan: $66,670
• Minnesota: $73,740
• Mississippi: $52,260
• Missouri: $59,290
• Montana: $51,520
• Nebraska: $66,430
• Nevada: $68,060
• New Hampshire: $72,360
• New Jersey: $88,260
• New Mexico: $69,250
• New York: $116,050
• North Carolina: $88,870
• North Dakota: $65,690
• Ohio: $61,470
• Oklahoma: $72,240
• Oregon: $72,320
• Pennsylvania: $74,220
• Puerto Rico: $70,400
• Rhode Island: $93,710
• South Carolina: $67,190
• South Dakota: $51,620
• Tennessee: $66,660
• Texas: $76,240
• Utah: $70,850
• Vermont: $74,800
• Virgin Islands: $53,350
• Virginia: $90,760
• Washington: $118,360
• West Virginia: $60,170
• Wisconsin: $74,690
• Wyoming: $71,370

How to Get Property Management Certification?

To get property management certification, follow these steps to enhance your qualifications and improve your career prospects:

1. Research certification options: Start by researching various property management certification programs available, such as those offered by the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM).

2. Meet eligibility requirements: Ensure you meet the eligibility requirements for the certification program you choose. This often includes having a certain amount of experience or education in property management.

3. Complete required education: Enroll in and complete any required coursework or training programs. These courses will cover essential topics and skills needed for property management. To begin your education, you can use Dreambound, which partners with various schools across the U.S. to offer property management classes near you. It’s a comprehensive platform that helps connect students with educational opportunities to advance their careers.

4. Pass the certification exam: Prepare for and pass the certification exam. This test will assess your knowledge and understanding of property management principles and practices.

5. Apply for certification: Submit your application for certification along with any required documentation and fees to the certifying organization.

6. Maintain certification: After obtaining certification, follow any ongoing requirements to maintain it, such as continuing education or renewal fees.

Where to Find Property Management Jobs?

Finding property management jobs can be straightforward if you know where to look. Here are some key places to search for opportunities:

• Online Job Boards: There are various websites where you can find listings for property management positions across different locations.

• Company Websites: Visit the career pages of real estate and property management companies to find job openings directly from employers.

• Industry Associations: Check organizations like the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM) for job listings and networking opportunities.

• Networking Events: Attend industry conferences, seminars, and local real estate events to connect with professionals and learn about job openings.

• Recruitment Agencies: Specialized recruitment firms often have listings for property management jobs and can help match you with suitable positions.