The real estate sector is a vibrant sector, there have been a lot of increased investments over the years, this, in turn, results to higher returns for investors and increased commissions and earnings for real estate agents.


It's a lucrative business when it comes to earning as agents are mostly paid on commission, you decide your own pay and through hard work, you will be highly rewarded. In this post, we are going to tackle the topic of how the property manager salary looks like in 2018.


The job description 


Property managers are one of the most important managers in real estate. The roles and responsibilities are:

 

  • Setting rental rates by factoring in all the anticipated costs ranging from taxes, depreciation, and expected profits.
  • Attracting tenants through advertising or referrals and taking clients on a personal tour of the vacant units to increase popularity.
  • Maintaining and updating the property portfolio
  • Keeping records of the operating cost as well as managing the budget of the property
  • Assigning responsibilities of other employees in the building 
  • Filing taxes of the property on behalf of the owner.


Skills required:


  • Budget Management
  • Contracts negotiation
  • Operations Management
  • Accounting
  • Computer Skills
  • Leadership
  • Communication Skills


Property manager salary 2018


For those in real estate, we always wonder how much they earn? Property managers earn a median income of $80,776-$107,069, it's a reasonable amount that will make you become financially stable and fully cater to both you and your family.


However, there are various factors that will determine the salary of property managers. They are:


Location 


Where the property is located is important because it will dictate the rent price and tenant occupation. A property located in a prime and convenient location will fetch higher rent prices and a property manager will be more than their counterparts who manage properties that are located in suburbs and less populated areas. 


Level of education


Being a property manager does not require a college degree, but in order to be a successful property manager, you must have some specialized skills and techniques. If you have a college degree is key towards customer satisfaction and quick problem solving which gives you an added advantage over those managers who don’t have college degrees.


A manager who is graduates will be paid more than their colleagues as they will be able to perform various technical tasks as opposed to those who do not have it.


Years of experience 


Considering the experience one has when applying for the job is very important, just like any other sector in real estate the experience that one has is vital. Studies have shown that a property manager who has more experience earn higher salaries than those who have been in the field for a shorter time.


Those who been managers for 1-2 years had a median income of $82,975-$90,306 compared to those who have in the business for 20 years plus had a median earning of $89,939-$97,238


The explanation is simple, those managers who have more experience under their belt know how to enforce property laws better, they have the right links to attract tenants and know how to deal with tenants. They are far much better at their jobs when compared to those who are less experienced.


Benefits and perks 


The benefits received by property firms or owners will determine the salary of a property manager. For example, those managers who live on site rent-free will be paid less than those who do not live on the property. There is a calculation of the estimated expense ranging from rent, insurance, vacations to retirement benefits, property firms will deduct those expenses from your monthly income.


Performance


Like any other job, the salary of property managers is performance-based, an internal evaluation is carried out by property firms to gauge the manager performance/input towards the achievement of the firms and owner’s goals and objectives. Those managers whose performance is excellent will be paid more than those managers whose performance expectation.


Property manager salary 2018 in various cities   


Due to different geographical locations, salaries of property manager vary from city to city. In Los Angeles, the median pay for property managers is $56,571 a year, in the New York the median salary is 61,928, in Florida, it is $65,365 while for Chicago the annual pay for property managers is $47,077.


Assistant property manager salary


Assistant property manager helps in the management of day-to-day operations of the property. Their roles and duties are:


  • Investigating and settling complaints amongst tenants
  • Collecting rent
  • Showing units to potential tenants
  • Maintenance and repair of the property
  • Keeping financial records on behalf of property managers.

The median salary of assistant property managers as of 2018 is $46,831 a year.


Specialization in property management


Specialization in property management depends on the property that one may be dealing with and they include:


  • Commercial
  • Residential
  • Industrial
  • Special purposes properties


How to increase your earnings as property managers? 


  • Reducing benefits provided by property firms will ultimately increase your earnings as expenses deducted from your income will reduce
  • Employing services of leasing departments will enable you to earn from tenants' utilities
  • Entering into referral agreements with your employer such that you will be paid a commission when a vendor moves into the building.


Conclusion 


In real estate there are a lot of career opportunities and being a property manager is one of them. There aren't a lot of requirements to be a property manager making it perfect as an entry-level job. What's even more impressive is that you may work part-time to substitute your income providing you with an opportunity to earn even more money.


As of 2018, the median salary of a property manager is quite good compared to other professions plus the benefits that come with the job ensures you live a very comfortable life. This post has all the information about various aspects of how the salary of property managers in different cities are.


Always carry out research on various aspects of being a property manager and salaries of managers in different states so as to be fully prepared by knowing what to expect.

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