Become a Property Manager
in Illinois

Your Guide to a Property Management Career
in Illinois

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How to Become a Property Manager in Illinois

Are you interested in becoming a property manager in Illinois? Finding the best path for you when entering the industry is the first step. We’ve created a guide that details everything you need to know, from starting out in entry-level positions, all the way to starting your own property management business.   

The Different Routes to Becoming a Property Manager

Let’s look at a few different paths to help you pick the best option.
 

Entry-Level/Unlicensed Property Manager

If you’re looking to get your foot in the door without making a big commitment upfront, an entry-level role in property management might be for you. This typically means less pay, and you'll be starting your career without a real estate license. All you need to get started is the drive to start applying for jobs. These kinds of roles might be listed as “leasing agent,” “apartment manager,” “onsite manager,” and so on. 

Your duties would most likely include administrative tasks, such as maintenance operations, tenant relations, and rent collection. You’d also be working under an individual, or a group, who does have a real estate license or brokerage designation.

Licensed Property Manager

If you’re looking to enter property management with a mid- or senior-level salary and comparable role, then getting your Illinois real estate license may be the best fit for you. With your license, property management employment opportunities – and a higher salary – opens up. According to salary.com, the median pay for a licensed property manager in Illinois is over $100,000.

With a real estate license, Illinois law allows you to participate in the actual leasing and renting of properties, and a higher level of representation for your broker than non-licensed individuals.  As a bonus, with your Illinois real estate license in hand, you can still choose to sell real estate on the side, which can be a financially rewarding side gig.

Business Owner Property Manager

If you’re looking to start your own business, then becoming a business owner property manager may be the best fit for you. You will need to get your Illinois Real Estate Broker license to take charge of running your own property management company..  

Plus, you’ll be able to hire other property managers and will have an uncapped earning potential.  

Illinois Licensed Property Manager Requirements

Before you begin your career as a property manager, Illinois requires you to earn a Real Estate Broker license.

The prerequisites for earning a Real Estate Broker license in Illinois are:

  1. Be at least 18 years old
  2. Hold a high school diploma or GED
  3. Be a US citizen or a legal permanent resident of the US

Meeting the above requirements ensures that you are eligible to be hired by a real estate brokerage.

3 Steps to Become a Licensed Property Manager in Illinois

  1. 1. Earn Your Illinois Real Estate Broker License

    First, you must complete and pass the required 75 hours of Illinois real estate Pre-Licensing education – approved by the Illinois Department of Finance & Professional Regulation. Next, you’ll need to take and pass the Illinois Real Estate Exam. You’ll also need to find a sponsoring broker and then apply for your Illinois Real Estate Broker license.

    For a more in-depth look, read our step-by-step guide on becoming an Illinois real estate broker.

  2. 2. Choose Your Path in Property Management

    With some real estate experience under your belt, it’s time to choose your path in property management.

    Generally, you have two options:

    1. Build your property management portfolio under your broker.
      This option is best if you’re starting out in real estate and want to gain experience under the guidance of an existing broker or group. This will lay the foundation for your future career growth.   
       
    2. Earn your broker’s license and start your own property management company.
      In Illinois, you are required to have your Broker’s license to start your own property management company. Earning an Illinois Broker’s license requires, 75 hours of Broker Pre-Licensing coursework, and passing a Broker exam.

  3. 3. Earn Property Management Certifications

    Earning a certification beyond a Real Estate Broker or Broker license also instills trust in both clients and potential employers, helps set you apart from your competition, and demonstrates your proficiency in property management.

    The most common property management certifications available include:

    Earning one or more of these certifications involves a combination of coursework hours, experience hours, passing an exam, and in some cases, submitting a portfolio detailing your property management experience.

Frequently Asked Questions About Property Management

With an Illinois Real Estate Managing Broker license, you can legally start your own property management company, manage it, grow it, and hire others to work for you. Plus, as the Managing Broker, you no longer need a sponsoring broker. You can perform all property management activities legally – and invest in and finance your own properties. For many property managers in Illinois, this is the goal.

In Illinois, can I work as a real estate broker and a property manager at the same time?

Yes! Property management can be a lucrative side business or full-time venture for licensed Illinois real estate brokers. Often, your real estate clients become your property management clients.

Keep in mind that in Illinois, you must be sponsored by a broker to work as a property manager. If you want to start your own property management company, you must hold an Illinois Broker’s license. And if you aim to work for a private property management company, you may need to earn additional property management certifications beyond your Real Estate Broker license.

What are some Illinois property management associations or groups I could join?

Joining property management industry associations and groups can help you network, find clients, get referrals, develop skills, and succeed as a property manager faster. Consider joining the associations and groups below to get a head start on your growth.

How much does it cost to become a property manager in Illinois?

If you aren’t already a licensed Illinois real estate broker, you can expect to invest between $600 and $1,000 to get started in property management. Here’s a general breakdown of the cost to get your Illinois real estate license.

Illinois Real Estate Pre-Licensing Education Illinois Real Estate License Exam Fee License Application Fee TOTAL
$269 $58 $125 $452

Beyond your licensure, you’ll also need to plan for the cost of:

  • Broker fees
  • Professional organization membership dues
  • Marketing and business expenses for your real estate and property management business

Here’s a great resource to learn more about how much it costs to become a real estate broker.

What is the salary of a property manager in Illinois?

According to Salary.com, Illinois property managers make an average annual salary of $112, 664, with an average range of $95,810 to $130,182.*

It’s important to note that your salary as a property manager is based on your experience, education, credentials, and your type of employment. Salaried property managers often work for private property management companies and hold additional certifications beyond a real estate license.

Independent property managers – including those who work for brokers and those who own their own companies – may not be salaried and instead work for a monthly fee per property managed. This may be a fixed monthly fee or a percentage of a property’s monthly rent.

Learn more about standard property management fees here.

*October 2023 Salary Data

Are property managers in demand in Illinois?

Absolutely! In Illinois, property managers are extremely in demand because of the high amounts of people who choose to rent in that state – particularly in Chicago and surrounding cities.

According to a commercial real estate data platform, Costar, Chicago’s apartment rent growth surpassed the national average for the first time in more than 20 years in 2023. Rental rates in Chicago have risen 3.6 percent since August 2022, tripling the national average of 1.2 percent and exceeding 20 major metropolitan areas.

In addition, Illinois also has a booming real estate market, high rent yields, and a favorable legal landscape for new real estate and property management businesses.

What are the top three skills property managers need to be successful?

Functioning as one-stop shops for all property management activities, property managers need to have a diverse skillset and a healthy mix of hard and soft skills. Among the top three skills in demand for property managers are:

  • Interpersonal Skills. You’ll be dealing with all kinds of people – owner clients, tenants, maintenance professionals, vendors, and more.
  • Organization Skills. You’ll be the keeper of all records related to your client’s property, including lease agreements, tenant information, tax records, deposits, rental payments, maintenance requests, vendor orders, and more.
  • Problem-Solving Skills. You’ll be handling the wins and challenges of managing tenant needs, owner needs, and the needs of the property.

Learn more about what it takes to become a property manager here.

How do I start my own property management company?

In Illinois, you must earn your Real Estate Broker license to start a property management company. To start your own property management company as an Illinois Broker, you’ll need to:

  • Earn your Illinois Real Estate Broker license
  • Create a business plan for your company
  • Choose a business structure and register your business with the state of Illinois
  • Determine your property manager fee structure
  • Invest in your business technology, documentation, accounting, and equipment needs
  • Start marketing your business and your services

Start Your Illinois Property Management Career With The CE Shop

Success in property management starts with knowing the ins and outs of real estate. The best way to get started is by earning your Illinois Real Estate Broker license. The CE Shop’s industry-leading Real Estate Pre-Licensing courses offer everything you need to get licensed and start a new career journey in property management.