Property Manager Salary
Job Description for Property Manager
A property manager oversees the operation of a commercial or residential property. The property manager can oversee a variety of employees, such an accounting department, sales department, maintenance department, and grounds-keeping department. The property manager must do periodic inspections of the various parts of the grounds to make sure that everything is in working order. Additionally, work should be followed up on to ensure swift completion.Read More...
This job requires a lot of multitasking. Interviewing and hiring of contractors and regular employees will be the duty of the property manager. The property manager will usually be in charge of training new employees. Strong leadership and communication skills are necessary, in order to be able to work well with other employees and with clients. The property manager will oversee a budget, so it is important to keep costs low. Often, the property manager will aid the marketing and customer service departments in coming up with strategies to increase sales and customer satisfaction.
When customers have complaints or suggestions, they will often wish to speak to the property manager, so it is important to have strong customer service skills, the desire to be able to problem-solve, and the ability to use available resources to come to a positive outcome. Computer skills are necessary, in order to be able to carry out electronic communication, to track expenses and budgets, and to create financial reports. Usually, a bachelor’s degree is required, along with relevant experience.
Property Manager Tasks
- Process evictions.
- Supervise on-site staff and coordinates repairs and maintenance.
- Process leases, collect rent, make bank deposits, verify income and maintain waiting list.
- Ensure compliance with HUD, TCAC or other regulations.
Common Career Paths for Property Manager
Property Managers may experience a large salary bump if they progress into a role such as Regional General Manager. The latter position pays an average of $88K annually. It is not unusual for a Property Manager to become a Commercial Property Manager or a Community Association Manager.
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Popular Skills for Property Manager
Property Managers report using a deep pool of skills on the job. Most notably, skills in Budget Management, Operations Management, Project Management, and Contract Negotiation are correlated to pay that is above average, with boosts between 9 percent and 13 percent. Skills that are correlated to lower pay, on the other hand, include Bookkeeping, Maintenance, and bill collections. Those proficient in Customer Service are, more often than not, also skilled in Customer Relations. People who know Property Management usually also know Budget Management, Customer Relations, and Collections.
Pay by Experience Level for Property Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. The average worker who claims fewer than five years of experience earns around $38K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $46K. The average pay reported by folks with 10 to 20 years of experience is around $50K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $53K.
Pay Difference by Location
For Property Managers, busy New York offers a higher-than-average pay rate, 38 percent above the national average. Property Managers can also look forward to large paychecks in cities like Boston (+28 percent), Dallas (+24 percent), Chicago (+21 percent), and Atlanta (+18 percent). San Antonio is home to the smallest salaries in the field, lagging the national average by 3 percent.
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