How Much do Most Property Managers Make a Year?

How Much do Most Property Managers Make a Year?

March 4, 2024 Blog Business Education 0

Growing up in a family full of contractors in the trades, we spent a lot of time pursuing commercial business. When working on the commercial side of things in the trades, you often deal directly with real estate property managers. A lot of times, they made more money than my family’s business made!

Property managers’ salaries in the US range from $10,289 to $249,332, with a median salary of $49,839. The middle 57% of Property Managers make between $49,839 and $116,324, with the top 86% making $249,332.

The best property management degree programs will offer a combination of classroom learning and real-world experience, helping you to get to the top of the above-mentioned pay grade. In addition, this hands-on learning will allow you to put what you’ve learned in the classroom into practice.

Look for a program that the Accrediting Council accredits for Independent Colleges and Schools (ACICS). This accreditation is a sign that the program meets high standards of quality and prepares students for successful careers in property management.

A property manager’s typical responsibilities will involve the management of:

  • Rent
  • Tenants
  • Owners
  • Landlord-tenant laws
  • Business operations
  • Property records and accounting
  • Taxes
  • Property maintenance and repairs
    • Disaster recovery
    • Contractors
    • Clean up
    • Business downtime
    • Technology recovery

So, in addition to learning about topics like real estate law, principles of real estate, and property management practices, look for other courses that would match up to the type of property management you seek. For example, if you plan to manage outdoor property needs, you might want to take a horticultural course or two.

Once you have earned your degree, you must get licensed as a real estate broker to practice property management. You can do this by passing the state examination. After you have passed the state examination, you will be required to take continuing education courses in order to renew your license.

While a degree is not required to become a property manager, it is recommended. A degree will give you the skills and knowledge you need to be successful in this field. It will also help you stand out from the competition when applying for jobs.

What degree is best for property management?

Some are great at what they do, and others are not so wonderful at their job. These managers potentially could cost their company millions of dollars in mistakes that could have been prevented if they did not know what they were doing. Maybe they didn’t get a degree, or they don’t have a passion for what they do. Either way, many have learned that earning their degree will help them move up in their career path as a real estate property manager. 

There are a few different types of degrees that would help in this field:

  • Business Administration
  • Finance
  • Accounting
  • Marketing

One of the most beneficial degrees for a real estate property manager would be in business administration. This degree will help give you a basic understanding of how to run and manage a business. Along with taking specific classes in real estate law, principles, and management practices, you will be able to understand and know what you are doing when it comes to managing property.

Other degrees that could help you become a successful real estate property manager are degrees in finance, accounting, or marketing. These degrees will give you an understanding of how money works and how to save and make the most profit for your company. As a real estate property manager, you will ensure that the properties under your management are running smoothly and generating revenue.

A degree in marketing will give you an understanding of how to market and advertise the properties you are in charge of. This is important because, as a real estate property manager, you will be responsible for finding tenants and making sure that the properties are rented out. In addition, you will need to be able to market the properties to attract potential tenants and get the word out about the availability of the units.

Degrees in finance or accounting will give you an understanding of how to manage money and create a budget. This is important because, as a real estate property manager, you will be responsible for managing the finances of the properties you oversee. Therefore, you will need to be able to create a budget and stick to it to make sure that the property is running smoothly and making a profit.

These are the top selected and preferred degrees; however, the most common degree for property managers does tend to be finance-related. Since property managers answer to property owners and tenants who are spending or receiving money, accounting and money management are part of the property manager’s responsibilities.

What are some of the best property management software programs?

Several different software programs can be used for property management. Some of the most popular options include:

  1. AppFolio
  2. Buildium
  3. Propertyware
  4. Rentec Direct
  5. Yardi

Each of these software programs has its own set of features and benefits. Therefore, it is important to consider your specific needs and requirements before choosing a program. Once you understand what you need, you can compare the different programs to see which one is the best fit for your business.

When it comes to property management software, the options can be overwhelming. Let’s break it down further. AppFolio is known for its user-friendly interface and robust accounting features. Buildium, on the other hand, is popular for its comprehensive property management tools. Propertyware stands out for its customizable workflows and automated communication features. Rentec Direct offers a cost-effective solution with powerful reporting capabilities. Yardi is a well-known industry giant with a wide range of features for managing residential and commercial properties.

Each software has its own strengths and weaknesses, so it’s essential to assess your specific needs.

How much do most property managers make a year

In conclusion, property managers in the US earn a median salary of $49,839, with potential to make up to $249,332. A degree in business administration, finance, accounting, or marketing can enhance career prospects in property management.