Before deciding to hire property managers, take a few minutes to understand and research everything that you need to know about the job. Salary, rates of employment, and work hours are just some of the things a person needs to know before definitely deciding to become or hiring a property manager. The work hours of property managers can be long and tedious. It is not a job for anybody who does not possess genuine concern for customers.
There are over 150,000 property managers in the United States of America. Most earn between $12.5 and $54 per hour. So the average property manager makes about $30 per hour, which is quite decent. It’ll be your job to screen tenants, sign leases with them, perform regular maintenance on properties, collect rent, and keep a record of everything. Everything needs to be reported back to the property owners, of course.
You can expect to earn around $26,000 annually if your hourly rate is $12.5 or almost a maximum of $112,000 annually for those who have an hourly rate of $54. Those earning about $26,000 are usually in the beginning of their careers. As the property management company grows and starts to have more clients, the profit is raised and more money is earned.
The number of certifications that property managers hold also plays a factor in deciding their salary. Those with advanced certifications and degrees are capable of asking for higher salaries than others. These certifications will also increase their chances of landing new clients.
Property managers have the advantage of working in almost any state or city. Wherever there’s a property for rental, you will find property managers. According to statistics, their best chances of finding work will be in the more populous cities, which make sense as there are more properties and more people looking to rent out there. California has the most property managers and their average salary is $73,000 per year. Texas is the second most populous state and property managers there earn an average salary of $60,000. While these are the two most populous states, they’re not the highest paying areas.
New York is the highest paying state with a median salary of almost $100,000 per year. Virginia is in second place with an average of $92,000 per year. So when looking for a job, property managers tend to consider the most populous states or where property managers are paid well.
Getting started as a property manager can be intimidating. Newbies might feel way out of depth while other property managers seem like they have everything under control. It’s always best to start by obtaining a few certificates and degrees that will increase your worth and value. Hand-on experience as property managers is also essential. So, find your first clients and do your best for them. The salary might not be the highest at the start, but with hard work, it’ll certainly rise in time.