The Complete Guide to Property Management Careers

The Complete Guide to Property Management Careers

by The CE Shop Team

The Complete Guide to Property Management Careers

So, you want to become a property manager? Now might be a great time, and according to the U.S. Bureau of Labor Statistics, this career is growing at a rate of 5% through 2032. In this guide, we’ll give you an overview of how to become a property manager, how much money you can make, and what your job duties will be.  

Property Management Career Quick Facts  

Property Management Job Description. 

A property manager is a professional responsible for overseeing residential, commercial, and industrial properties. They typically manage properties available for rent (residential apartments or houses) or under a lease agreement (commercial office spaces or industrial facilities). Their job responsibilities include setting and collecting rent, handling maintenance requests, filling vacant units, and more. Sometimes they take care of properties that real estate investors can’t or don’t want to manage themselves.  

 How Long Does It Take to Become a Property Manager? Some property managers have no formal education and simply find an entry-level property manager job. Some states, however, do require a formal real estate license to become a property manager. But getting a real estate license is faster than might think. A Pre-Licensing education can be completed in a few weeks, as opposed to a more traditional 2- or 4-year college degree. We’ll go into more detail below.   

How Much Do Property Managers Make a Year? The average salary for licensed property managers in the U.S. is $110,861 annually. * This range will vary considerably depending on your education level, if you’re running your own business, and where you’re working. The range typically falls between $93,517 and $127,070, but entry-level positions can be much lower. (Note that property managers without a real estate license are less likely to become high earners in the industry.) *February 2024 Salary Data 

How Hard Is It to Find a Job? Property manager employment is projected to grow 5% between 2022 and 2032, faster than the average for all occupations. Most metropolitan areas have an abundance of property management jobs available. Some property managers start out as leasing agents and become promoted in the industry. Networking, joining social media property management groups, and taking professional development courses in property management are also helpful ways to find employment.  

Is It a Remote Job? It depends on the type of property management job. Some roles may require you to be in person/on-site to assist clients and be available for maintenance. In other roles, you can operate more remotely, especially if you’re running your own property management group or freelancing for different properties.  

Qualifications. In some states, there are no qualifications. In other states, you are required to get your real estate license or a different state-specific certification. Some property management companies will also require previous experience, while others will require zero experience or formal education. You can learn more about qualifications by researching the real estate commission in your state. 

Paths to Becoming a Property Manager 

There are a few different paths you can take to become a property manager.  

Non-Licensed Property Manager

Moreso entry-level work, this is the simplest path to becoming a property manager. Your job would most likely involve administrative-level work, and generate less income than the following paths. But, this is a great way to get your foot in the door.  

Licensed Property Manager

This path involves getting your real estate license. As a licensed property manager, you will be more appealing as a hiring candidate. You'll also significantly increase your income potential, as more management and professional opportunities will be available to you. Depending on the state, you could also be able to start your own property management company.  

Business Owner   

To start your own property management business in some states, you will need a real estate broker license. That means one level of education up from your real estate agent license. You could start your own property management company without a sponsoring broker, and even hire other property managers to work for you. This path involves the highest income potential. 

The Journey to Becoming a Licensed Property Manager 

First, you’ll need to choose which path fits best with your goals and lifestyle. If you’re looking for more than an entry-level job, you’ll want to start by getting your real estate license. The coursework can take as little as a few weeks, can be done completely online (and on your schedule), and once you’re licensed, will drastically improve your job prospects and income potential. Here are the steps to getting licensed:  

  1. Complete Your Pre-Licensing Education.  First, you’ll need to complete your real estate Pre-Licensing education. You can complete all of your requirements online.  

  1. Pass Your Real Estate Exam.  Next, you’ll need to pass your the real estate exam, which can include both national and state portions, depending on where you live.  

  1. Complete Necessary Background Checks, Paperwork, and/or Fees. Then, you’ll need to complete any necessary background checks, fingerprints if required, and submit your real estate application. 

  1. Obtain Additional or Helpful Certifications.  And finally, after completing your Pre-Licensing education, many property managers find it helpful to complete additional certifications to help make their resumes stand out. Learn more about property management certifications.  

Duties & Responsibilities of Property Managers 

A property manager’s main responsibility is to protect the client’s real estate investment and passive income. Investors will hire you for a variety of reasons, from wanting a local professional to handle their business to wanting a hands-off approach to managing their properties.  

Your day-to-day tasks may include (but are not limited to):  

  • acting as a presence for out-of-town owners 

  • handling maintenance requests 

  • showing and leasing vacant units 

  • collecting and depositing rent  

Advantages of a Property Management Career 

If you’re looking for a stable career that proves time and again to be mostly recession-proof, property management is a smart choice. People always need places to live, regardless of the economic climate.  

Start Your Property Management Career Today!  

There’s no better time to take the first step in your property management career. Here at The CE Shop, you can get all of your real estate Pre-Licensing education 100% online, on your schedule, and at an affordable rate. Explore our real estate Pre-Licensing education offerings to find courses for your state, and kickstart your new journey today. You won’t regret it! 

For select states, we have how-to guides on Property Management licensing steps. Check out the links below: 

 

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