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As real estate values increase, so does the demand for property managers. If you're curious about how to become a property manager, understanding the role, potential property manager salary per state, and opportunities for property management jobs is essential. In this article, we’ll cover everything you need to know about how to get into property management.
Key Points
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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.
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.
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.
A property manager is responsible for overseeing the daily operations of real estate properties to ensure they run smoothly. Their duties include:
Property managers work across a range of settings, each requiring different skills and responsibilities. Here are the primary workplaces for property managers:
To become a property manager, you need a blend of education, experience, and specific skills. The key property manager requirements include:
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.
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.
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.
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.
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The time required to obtain a property management certificate varies based on the program, but generally, it can take from a few months to about 1 to 2 years to complete the necessary coursework, pass the exam, and receive certification. The Certified Property Manager (CPM) designation, for instance, typically takes 1 to 2 years, depending on the individual's pace and the specific program.
Yes, you can become a property manager online and even in a self-paced course. For example Penn Foster's property management course can be done online in as little as 6 months.
The best course for property management is one recognized by industry bodies like the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM). IREM offers valuable certifications, including the ACoM for commercial management, the ARM for residential management, and the CPM for comprehensive management. These programs cover key topics such as lease administration, maintenance, and financial management, and include coursework and exams tailored to different property management areas.
The costs of becoming a certified property manager can vary widely based on the certification program. For IREM certifications, such as the ACoM and ARM, you should budget $600 to $800 per course, plus fees for the ethics course and a 200-question exam. The CPM designation, which requires six courses, also costs $600 to $800 per class, in addition to ethics course fees and exam costs. Additional expenses may include study materials, membership fees, and ongoing education to maintain your certification.
Whether you can work as a property manager without a license depends on the state in which you are employed. Some states require property managers to hold a real estate license or specific property management certification, while others may have less stringent requirements. It’s essential to check the local regulations to ensure compliance.
The highest-paying property manager positions often include senior-level roles with substantial responsibilities. According to ZipRecruiter, the top-paying jobs in property management for 2024 are:
These roles involve overseeing multiple properties or large-scale operations, reflecting their higher compensation due to the increased level of responsibility and expertise required
According to the Bureau of Labor Statistics (BLS), property managers in Washington have the highest average annual salary at $118,360. This is followed by New York with $116,050, Colorado with $114,490, the District of Columbia with $97,920, and Massachusetts with $96,160. Salaries can vary significantly based on location, experience, and the size of the properties managed.
Becoming a property manager can lead to a fulfilling career with great pay. In this blog, we’ve covered why property manager certification is important, the different types of property manager jobs you can pursue, and how property manager salaries can vary. With the right training and certification, you’ll be well on your way to a successful career. Ready to start your journey as a property manager? Get started today with Dreambound!
Fel is a student support representative who guides enrollees to the right program and answers their queries. She's committed to helping students and takes pride in her work. In her free time, she enjoys sightseeing and hanging out with loved ones.