Everything About A Property Manager Career
You think about becoming a property manager but need additional information before making your final career choice?
Great! Stick with me since I will show you everything you need to know about working as a property manager in the following chapters.
Not only will you get information on how much money you can make as a property manager, but we will also talk about job satisfaction, work-life balance, duties, responsibilities, future outlook and much more
After reading this article, you will have a quite good idea of what being a property manager really looks like and whether you still want to pursue such a career or rather want to go for a different job opportunity instead.
Without further ado, let’s get right into it!
Table of Contents
What does a Property Manager do?
Property managers manage and maintain the properties of their clients and make sure that those buildings can be rented out and used in the best possible manner.
Not only do they make sure that buildings stay clean, but they also organize necessary repairs and also advice property owners on things that need to be upgraded so that the building stays up-to-date with latest requirements and trends.
Responsibilities & Duties of a Property Manager
- Maintaining buildings and other properties
- Making sure that necessary repairs are carried out
- Giving advice to owners on how to upgrade their buildings
- Keeping properties clean
- Managing a property’s finances and giving advice to owners on how to reduce costs
- Estimating optimal rents
- Making sure that rental properties can be run profitably in the long run
- Hiring and supervising staff that cares about the property
- Collecting rents from tenants
- Conducting property valuations
- Bookkeeping and accounting for properties
- Inspecting buildings and making sure that they can be used in a safe manner
What a Typical Day of a Property Manager looks like?
Property managers usually start their workday between 7 and 9 a.m.
The first thing when they get to work is checking their mails.
After doing some organizational work, property managers often organize necessary repairs for the buildings they are responsible for and also have many phone calls with tenants and owners who report problems that need to be fixed.
Not only will property managers work from an office, but they will also inspect properties in person from time to time to assure a high quality of life inside those buildings and to address things that need to be done sooner or later.
Property managers also make sure that tenants and owners can live in properties in a safe manner and that buildings don’t collapse without prior notice.
After doing this mix of client-oriented work and inspection work for many hours, property managers usually finish their workday between 4 and 6 p.m.
Property Manager Salary 2023
Property Manager salary brackets 2023
| Salary Brackets | Salary (per year) | Salary (per hour) |
|---|---|---|
| Top 10 % | > $87,000 | > $43.41 |
| Top 25 % | $65,000 – $73,000 | $32.47 – $36.39 |
| Bottom 25 % | $42,000 – $48,000 | $20.88 – $23.93 |
| Bottom 10 % | $34,000 – $39,000 | $16.92 – $19.44 |
| Range | $34,000 – $103,000 | $16.92 – $51.48 |
| Average (Mean) | $56,000 | $27.95 |
| Median | $53,000 | $26.43 |
Property Manager salary 2023 by expert level
| Level of Experience | Salary (per year) | Salary (per hour) |
|---|---|---|
| Entry level | $34,000 – $45,000 | $16.92 – $22.46 |
| Junior | $43,000 – $51,000 | $21.47 – $25.48 |
| Professional | $49,000 – $62,000 | $24.41 – $30.91 |
| Senior Professional | $58,000 – $74,000 | $28.89 – $36.93 |
| Expert | $72,000 – $89,000 | $35.92 – $44.49 |
| Top Expert | $87,000 – $103,000 | $43.38 – $51.48 |
Property Manager salary by state 2023 (average)
| State | Salary (per year) | Salary (per hour) |
|---|---|---|
| Alabama | $51,200 | $25.58 |
| Alaska | $53,700 | $26.83 |
| Arizona | $56,300 | $28.12 |
| Arkansas | $49,900 | $24.94 |
| California | $61,800 | $30.87 |
| Colorado | $52,200 | $26.09 |
| Connecticut | $54,100 | $27.03 |
| Delaware | $53,800 | $26.88 |
| District of Columbia | $57,900 | $28.93 |
| Florida | $53,400 | $26.67 |
| Georgia | $49,200 | $24.59 |
| Guam | $50,100 | $25.03 |
| Hawaii | $56,200 | $28.08 |
| Idaho | $51,900 | $25.93 |
| Illinois | $49,700 | $24.82 |
| Indiana | $48,800 | $24.38 |
| Iowa | $51,900 | $25.92 |
| Kansas | $48,300 | $24.13 |
| Kentucky | $49,600 | $24.78 |
| Louisiana | $52,800 | $26.37 |
| Maine | $51,500 | $25.72 |
| Maryland | $57,200 | $28.58 |
| Massachusetts | $55,400 | $27.67 |
| Michigan | $49,800 | $24.89 |
| Minnesota | $47,700 | $23.84 |
| Mississippi | $49,200 | $24.59 |
| Missouri | $48,600 | $24.27 |
| Montana | $51,800 | $25.78 |
| Nebraska | $50,900 | $25.42 |
| Nevada | $48,100 | $24.03 |
| New Hampshire | $52,600 | $26.27 |
| New Jersey | $55,700 | $27.83 |
| New Mexico | $49,800 | $24.89 |
| New York | $62,300 | $31.12 |
| North Carolina | $52,200 | $26.08 |
| North Dakota | $51,400 | $25.68 |
| Ohio | $53,100 | $26.53 |
| Oklahoma | $55,800 | $27.89 |
| Oregon | $54,700 | $27.38 |
| Pennsylvania | $56,100 | $28.03 |
| Rhode Island | $52,300 | $26.12 |
| South Carolina | $53,500 | $26.73 |
| South Dakota | $50,800 | $25.38 |
| Tennessee | $48,100 | $24.04 |
| Texas | $49,600 | $24.78 |
| Utah | $53,200 | $26.59 |
| Vermont | $55,100 | $27.53 |
| Virginia | $49,700 | $24.84 |
| Washington | $56,400 | $28.18 |
| West Virginia | $54,200 | $27.09 |
| Wisconsin | $52,100 | $26.03 |
| Wyoming | $49,700 | $24.84 |
Job Security of Property Managers
Property managers enjoy decent job security.
Since our world population is growing, an increasing number of houses and other buildings is needed to meet the demand for housing.
Thus, also an increasing number of property managers is needed and you will therefore not have to worry about getting unemployed in this field right now.
Future Outlook of Property Managers
Due to our increasing world population, property managers will also be in great demand in the future and therefore don’t have to worry about getting unemployed anytime soon.
Working Hours of Property Managers
Most property managers get to work between 7 and 9 a.m. and finish their workday between 4 and 6 p.m.
Thus, property managers work in a classical 9 to 5 environment and have more than enough time to meet up with their favorite people after work.
Job Satisfaction of Property Managers
Most property managers are not really happy with what they are doing for a living since they have to deal with the problems and complaints of tenants and property owners all day long while they are still not able to make good money from their jobs.
Promotion Opportunities of Property Managers
Promotion opportunities for property owners are quite limited.
While you may get personnel and/or budget responsibility after many years, it will usually take you much longer to climb the ladder compared to many other people who work in different fields in the corporate world.
Career Levels of Property Managers
- Property manager intern
- Property manager apprentice
- Junior property manager
- Senior property manager
- Property manager with personnel and/or budget responsibilities
- Manager of a property management company
- Owner of a property management business
Fields and Types of Property Managers
- Property managers focused on public buildings
- Property managers focused on private properties
- Property managers specialized in accounting and bookkeeping
- Property managers specialized in inspecting buildings
- Property managers specialized in renting out apartments
- Property managers also investing in real estate
- Property managers also working as real estate agents
- Property managers responsible for just a single property
- Property managers responsible for multiple properties
Educational Requirements for Property Managers
While you might be able to work as a property manager after finishing high school, some property management companies also require you to get a bachelor’s degree in real estate management or a similar degree.
Thus, depending on your region, you might be able to start working as a property manager without having to spend many years on college education.
How to become a Property Manager
- Inform yourself about the advantages and disadvantages of being a property manager
- Finish high school with decent grades
- Apply for an internship at a local property management company
- Make a good impression during your internship
- Stay in touch with your colleagues
- Get a college degree in property management or a related field (optional)
- Apply for jobs as a property manager
- Master the job interview
- Sign your labor contract
- Work hard and get experience
- Build a strong network
- Start your own property management business (optional)
Character Traits you need as a Property Manager
- You should be interested in real estate
- You should be client-oriented
- Willingness to deal with problems of others all day long
- Ability to deal with difficult people in an emotionally healthy manner
- You should be patient
- You should be friendly and outgoing
- Critical attitude helps you find potential problems
- You should be a good conflict-solver
- You should be open to critical feedback
Property Manager Skills
Hard Skills for Property Managers
- Excellent knowledge of how to manage properties
- You should have technical knowledge about construction topics
- Accounting skills help as well
- You should know how to operate buildings in a profitable manner
- Problem-solving skills help as well
- Digital skills help you promote your business
- Marketing skills are a plus
- Expertise in spotting serious issues around properties
- Knowledge of laws, rules and regulations related to property management
Soft Skills for Property Managers
- You should be a good listener to help out tenants and landlords
- Good time management skills help you get things done
- Good organizational skills help you run properties smoothly
- You should be open to critical feedback to find the best possible solutions
- Ability to stay calm under pressure
- Ability to tell people the ugly truth
- Patience helps you deal with difficult clients
- Persistence helps you stay in the game in the long run
- You should be open to wishes and preferences of your clients
Exit Options for Property Managers
In case you don’t want to work as a property manager anymore, you can still work as a real estate agent, real estate investor or facility manager.
Property Manager – Similar Careers
- Realtor
- Facility manager
- Real estate investor
- Rental manager
- Homeowner association manager
- Land acquisition manager
- Hospitality manager
- Accountant for property management companies
- Property investment consultant
Property Manager Career FAQs
Is working as a property manager physically demanding?
Working as a property manager is not physically demanding since you will not fix or install things yourself.
Instead, you will hire craftsmen who can do those jobs for you and you will rather play the administrative and organizational part.
Is working as a property manager mentally demanding?
Working as a property manager is not heavily mentally demanding.
Even though you have to use your brain from time to time to avoid costly mistakes, you will also develop a certain routine pretty quickly and compared to other people like financial analysts who have to work with complex models all day long, you just don’t have to stress your brain as much as a property manager.
Is it dangerous to work as a property manager?
Working as a property manager is not dangerous since you will work in a pretty safe work environment for most of the time and your risk of suffering from accidents at work will be relatively low.
Thus, compared to welders and many other people who have to work with heavy machines on a regular basis, you will have a rather relaxed time at work in this regard.
How long do property managers stay in their jobs?
Property managers often stay in their jobs for many years or even decades since they are often pretty specialized and have a hard time finding a job in a different industry.
Is it easy for property managers to find a new job?
While property managers are in high demand right now and there is a shortage of qualified property managers in many regions, you will have a rather easy time finding a job as a property manager if you have good expertise in this field.
Is it hard to switch from being a property manager to another field of work?
While property managers can also work as real estate agents or in a related field, they often have a hard time switching to a completely different field since they often lack the hard skills necessary to do so.
Do property managers have a high social status?
Property managers don’t have a decent social status.
While you will not be admired as much as professors or doctors, you will still do an important job to improve the quality of life of many tenants out there.
Can you help out your family and friends as a property manager?
You can also help out your loved ones as a property manager since you can give them helpful advice regarding what needs to be fixed and upgraded around their property and you may also be able to give them an indication of what their properties are worth in case they want to sell them.
Can property managers work remotely?
Since property managers do lots of office work, many of them are able to work remotely for at least some days per week.
However, property managers also sometimes have to inspect buildings and meet up with repairmen in person and you will therefore not be able to work completely remotely as a property manager most of the time.
Is it easy to find a partner as a property manager?
While property managers have decent work-life balance, they are still not able to make really good money from what they are doing and may have a harder time in the dating market compared to judges or investment bankers who are able to make much more on average.
Do property managers have to work on weekends?
Property managers don’t have to work on weekends.
Instead, you can use this time to make nice trips with your family or spend those days on your favorite hobbies.
Do property managers have to work on holidays?
Property managers don’t have to work on holidays and can spend those days on the things they like even more than working.
Do property managers have to work at nighttime?
Property managers work in a classical 9 -5 environment and therefore don’t have to work in the late evening or at nighttime.
Consequently, you will have enough time to meet up with your favorite people after work or to spend with your family.
Do you have to travel as a property manager?
There is no need to travel as a property manager.
While you might have to commute to your workplace and also inspect the properties you are responsible for, you will still be able to spend your leisure at home while many other people who work as consultants or in other demanding jobs in the corporate world will be away for business trips quite often.
Are property manager pensions good?
Property managers receive relatively low pensions and they are also not able to make good money during their active careers.
Thus, many property managers are not able to save and invest enough money for retirement and suffer from serious financial problems once they quit their active careers.
Are property manager salaries going up?
Property manager salaries have not been going up significantly over the past years and salary levels are relatively low compared to many other people like real estate agents or investors who work in the property industry.
Can you have a positive impact on society as a property manager?
While you can do good for tenants of properties you are responsible for, you will still not have the same high social impact as professors or childcare workers who can really shape and alter the thought process of many people on a regular basis to make the world a better place in the long run.
How long does it take to become a property manager?
Since you will not necessarily have to get a degree for working as a property manager, you can start your property management career right after finishing high school and don’t have to spend many years on college education as many people out there have to do to get their dream jobs.
Is it difficult to become a property manager?
Since you will not have to get lots of fancy formal education, becoming a property manager is not difficult and almost everyone can start a career in this sector.
Do you need to be smart to work as a property manager?
You don’t need a high IQ to succeed as a property manager.
What’s much more important is that you are passionate about this kind of work and that you are also client-oriented and friendly so that tenants and landlords feel comfortable asking for your support.
Do property managers have a good work-life balance?
Since property managers don’t have to work on holidays or weekends and also quit their workday relatively early most of the time, property managers have more than enough time to spend with their favorite people after work.
Do property managers have to work many extra hours?
Property managers don’t have to work many extra hours.
Instead, they have a pretty standard workweek and once their time at work is over, they just leave their workplace and get back to their tasks the next morning without having to meet strict timelines as would be the case in many other jobs.
How to maximize your chances of becoming a property manager?
The more experience you get in the property sector early in your life and the more time you are willing to spend on education, the easier it is to find a job as a property manager since you will be able to provide lots of value to the companies you apply at.
Can property managers work part-time?
While property managers are able to work part-time in theory, their hourly wages are rather low and most property managers therefore have to work full-time to be able to make a living from what they are doing and a part-time job would just not be enough to pay their bills.
Do property managers work indoors or outdoors?
Property managers both work indoors as well as outdoors.
Thus, you should not be afraid of working outdoors during times of bad weather to stay happy with what you are doing in the long run.
What does the workplace of a property manager look like?
You will spend lots of time in a classical office environment working with a computer.
However, from time to time, you will also inspect properties you are responsible for in person and will therefore also get some fresh air during your workday.
Do you have to look good for working as a property manager?
You don’t have to look good for succeeding as a property manager.
However, you should still look groomed so that tenants and landlords are not afraid of you and will be happy to contact you in case they need your help.
Is a property manager career beneficial for your private life?
While you will have enough time to spend with your favorite people and also have decent job security, you will still not be able to make good money from what you are doing and if you live in an expensive region where rents are high, you might not be able to afford any luxury for your loved ones.
Do you need a college degree for becoming a property manager?
You don’t necessarily need a college degree for becoming a property manager but can start your career right after finishing high school.
However, it can still help holding a degree in property management or a related field to improve your chances in the job market.
Do you need to be certified to work as a property manager?
You also don’t need any certificates for becoming a property manager.
What’s much more important than formal education is that you are passionate about this kind of work and that you also have a talent for dealing with difficult people as well as good problem-solving capabilities.
How much does it cost to become a property manager?
Since you don’t necessarily have to spend many years in college, you can become a property manager at virtually no cost and can even start making money from what you are doing at a rather young age.
Is being a property manager a good career?
While you don’t have to work many extra hours and will come home from work relatively early, you will still not be able to make good money from what you are doing and will also have to deal with many problems of tenants and landlords all day long.
Consequently, being a property manager cannot be considered a good career when taking all relevant factors into account.
Is it easy to start your own business as a property manager?
It is relatively easy to start your own property management business since you don’t have to invest lots of money upfront but can rather start out with pretty limited equipment and once you get enough clients, you can scale your business accordingly.
Can property managers teach themselves?
Property managers are also able to teach themselves many things they need to work in this industry.
In fact, you can learn a lot about real estate through free videos online without having to invest lots of money in fancy courses.
Do property managers make good money?
Property managers don’t make really good money from what they are doing.
While it might be enough to make a decent living, property managers still make far less compared to real estate agents or real estate investors on average.
Is it ever too late to become a property manager?
It is never too later to become a property manager since you don’t have to do physically demanding work and can therefore work in this field for many decades.
Moreover, you also don’t have to spend lots of time on college education but can rather learn many things on the job.
Do property managers have to quit their careers early?
Property managers don’t have to quit their careers early most of the time since working as a property manager is not physically demanding and your risk of suffering from spinal issues will be rather low compared to construction workers or other people who have to lift heavy things on a regular basis.
What is the hardest thing about working as a property manager?
The hardest part about being a property manager is that you have to solve conflicts and deal with many problems all day long and you will barely hear any good news during your workday.
Thus, your time at work will not be much fun and you may also develop serious mental problems if you don’t have a strong mindset and learn to deal with these things in an emotionally healthy manner.
Can you provide for your family by working as a property manager?
While you might be able to provide for your family in rather cheap regions, you will have a hard time providing for your family as a property manager in case you live in expensive neighborhoods where rents are quite high and your property management salary might not be enough to feed your loved ones.
Will property managers suffer from old-age poverty?
Property managers often suffer from old-age poverty since they are not able to make good money during their active careers and also their pensions will be relatively low.
Can property managers retire early?
Most property managers are not able to retire early since they are not able to save and invest enough money during their active careers and will therefore need to work until they reach official retirement age or sometimes even longer to be able to pay their bills.
Do property managers get a fixed or variable salary?
Employed property managers often get a fixed salary while the variable component of their salary will be rather low.
However, things are different if you have your own property management company since your income will greatly depend on the number and the volume of the jobs you get.
Can you get rich as a property manager?
Since you will not be able to make good money as an employed property manager, you should start your own property management business or also branch out to the investment side of things if your goal is to become wealthy or even rich.
Do property managers need a second job?
Even though property managers are not able to make really good money, most of them still make enough to cover their expenses and therefore don’t need to work a second job.
Do you get continuous training as a property manager?
While you will get some training as a property manager along the way, you will still learn many things on the job and it will also be on you to get really good at what you are doing if you want to stay competitive in this industry in the long run.
Do you get sick pay as a property manager?
Many property managers don’t get paid in case they get sick.
Thus, you should have an emergency fund that you build during good times and can use at times you get sick so that you can still pay your bills and don’t get into financial trouble.
Do property managers have a high level of responsibility?
Property managers have a high level of responsibility since it is on them to inspect buildings and to see when repairs are necessary so that tenants can live in those buildings in a safe and comfortable manner.
Can property managers work abroad?
Property managers are needed all over the world.
However, before you decide on moving to a different country, you should still inform yourself about salaries and working conditions abroad since they are often quite different from what you are used to at home.
Is it stressful to work as a property manager?
Being a property manager is stressful since you will have to deal with complaints and problems of many people on a daily basis and if you don’t have a stable emotional mindset, you may get fed up with your work pretty soon.
Is it boring to work as a property manager?
If you are not passionate about working in the real estate sector, your job as a property manager may also become boring relatively soon since you will do many things over and over again and your initial excitement may just be replaced by a certain routine.
Is being a property manager hard?
While you don’t have to work in a heavy physical manner, working as a property manager can still be hard on a mental and emotional level since you will have to deal with adversity at work on a regular basis.
Are property managers at risk of burnout?
Due to the stress and the problems property managers have to deal with at work on a daily basis, many of them are also at risk of suffering from burnout and other mental problems.
Is there a dress code for property managers?
There is no fixed dress code for property managers.
Instead, you can often wear clothes you feel most comfortable in and in some cases, you may also get workwear from the company you work for.
What kind of property managers are paid the most?
The more experience you have in property management and the more responsibilities you get, the higher your salary as a property manager will be.
However, most property managers are still not able to make good money and if money and luxury are really important to you, you should rather become a real estate investor instead of working as a normal property manager.
What percentage of property managers are women?
While around 36% of all property managers are women, around 64% are men.
While this industry is still dominated by men, an increasing number of women aspire to a career in this field and percentages may therefore change in the near future.
Do I need a mentor to succeed as a property manager?
You don’t need a mentor to succeed in the property management industry.
However, it can still help to have an experienced colleague on your side who can help you with difficult problems and also support you during difficult times on a mental and emotional level.
Do property managers have a high life expectancy?
Property managers have a decent life expectancy since they are not at great risk of suffering from serious accidents at work compared to policemen or firefighters who have to fear losing their lives on a daily basis.
Do property managers suffer from sleeping problems?
Since property managers come home from work relatively early and don’t have to work in the late evening or at nighttime, most property managers are able to maintain a steady sleeping pattern and don’t suffer from sleeping problems.
What states are best for working as a property manager?
Since you will not be able to make really good money as a property manager across states, you should choose a state and a region where the demand for property management services is quite high while living costs are still low enough to make a living from what you are doing so that you don’t need to get a second job.
Who do property managers work with?
Property managers work with many different tenants and landlords on a regular basis.
Thus, it is crucial that you are a friendly and trustworthy person and also reliable so that you get things done and people are happy with the job you do and come back to your services in the long run.
Is working as a property manager cool?
Working as a property manager is not considered cool by most people.
However, you should still not care about the opinions of others as much and rather rely on your own preferences when it comes to making your career choice.
Can you start a side hustle as a property manager?
It is also relatively easy for you to start a side hustle as a property manager since you can work as a real estate agent or also as a real estate investor if you want to make additional money.
Do you have to be creative as a property manager?
Being creative helps you solve conflicts as a property manager since many things will not go according to plan and you will somehow have to communicate those things to your clients.
Do property managers suffer from being overweight?
Since property managers spend lots of time in the office, they often don’t get sufficient exercise at work and therefore don’t burn enough calories.
In turn, many property managers suffer from being overweight or even obesity.
How employable are property managers?
Since our world population is growing and the demand for housing is huge, also property managers are in great demand right now and are pretty employable so that they don’t have to worry about becoming unemployed.
Are property managers happy with their jobs?
Most property managers are not happy with their jobs since they have to deal with many problems all day long while they are still not able to make good money from what they are doing.
Is working as a property manager exciting?
Working as a property manager is not that exciting since you will have to do lots of administrative work and will also develop a certain routine rather soon.
Can you have a positive impact on our environment as a property manager?
As a property manager, you can have a positive impact on our environment since you can convince landlords that it would be a good idea to invest some money in renewable energies and other things to slow down climate change.
What are the pros and cons of working as a property manager?
If you still think about becoming a property manager, you should also have a look at additional pros and cons of a property manager career.
Sources
https://www.statista.com/forecasts/409729/real-estate-property-managers-revenue-in-the-us
https://www.statista.com/statistics/1040248/property-management-market-size-usa/
Interviews and own research.
About the author
My name is Andreas and my mission is to educate people about the different career paths that are possible in our current state of the world. In my opinion, people often make the mistake to choose their profession solely based on how much money they can earn from it instead of doing what makes them really happy.
This is quite sad and I just want to give people a more objective picture of how a fulfilling career could look like. I did the same when I started working in consulting after finishing my Master’s degree in Economics. However, I’ve quit pretty soon after that since I haven’t found true meaning in my job.
Now I can do what I really love to do and I want to enable as many other people as well to go this exciting path towards happiness instead of money.
I conducted various interviews with employees to give you a good impression of what working in different fields will look like and that you can make the best possible decision regarding your future career choice.
Wanna support my blog? Share it!
