Projected expansion of the rental/leasing industry means opportunities will be solid for qualified property managers, especially those with a degree in business administration, real estate or a related field. The aging of the US population will contribute to growth in assisted-living facilities, which also require the skills of property managers with backgrounds in healthcare operations.
Bay Area . . . . . . . $64,000 - 130,446
Sacramento . . . . $59,064 - 120,384
- Stockton . . . . . . . $57,191 - 116,568
Salaries vary with the size, quality and specific location of the property. For more details go online to Salary.com.
Job Market Update
For several years, attractive home mortgage interest rates coupled with stunning property value appreciation prompted many to invest in homes and condominiums as rental property. While the housing market slowdown has limited expansion of the rental market, a steady supply of job openings is expected from property managers retiring, leaving the field, or transferring to other areas of real estate. It is noteworthy that more than half of property managers are self-employed.
While a college degree is a plus, it is not a requirement. Familiarity with real-estate rental terms and practices is an advantage. So is experience dealing with people, collecting and handling money, problem solving, and answering phone inquiries. Property maintenance skills (mechanical, electrical and plumbing) are helpful. You should also be familiar with legal regulations governing tenant relations.
Tenants are key to a rental manager’s success – keeping good ones and knowing how to evict bad ones. The job will test your ability to judge human character. That single mom with the professional appearance and demeanor may be a great risk – until you check her credit and eviction report. Experience in interpreting such reports can go a long way toward easing your grief on the job. So too can finding an affordable and reputable handyman who can maintain the property without busting the bank. While the property owner pays for all repairs and improvements (and for the cost of any evictions), the owner will not remain your client for long if costs get out of hand. It’s also important to keep abreast of rental rates in the communities and neighborhoods you serve.
The majority of time is spent in an office – but you have to be prepared to make ‘housecalls’ to resolve complaints and collect overdue rent payments. If worse comes to worst, you will be spending some time in court winning an eviction judgment. You must also devote time to inspecting the properties you manage to ensure they are well maintained.
Large apartment developers and owners are a primary source of employment, as are local real-estate offices which often have a property management division. You can also find regional firms in the Yellow Pages or by perusing rental listings online or in local newspapers to track down other property management companies. JobJournal.com is another good place to find opportunities.
Property managers plan, organize, staff and manage the real-estate operations of many types of businesses. Workers who perform similar functions include administrative services managers, education administrators, food service managers, lodging managers, medical and health services managers, urban and regional planners, real estate brokers and sales agents.
Job growth in property management will rise with the construction of new apartment complexes, offices and other rental properties. In addition, developments of new homes increasingly are being organized with homeowners’ associations that provide community services and oversee jointly owned common areas requiring professional management. The graying of America is increasing demand for suitable housing, such as assisted-living facilities and retirement communities, which also need professional management.
For more information on careers and certification programs in property management, visit these sites online:
AllPropertyManagement.com – Although this site is designed to help property owners find a rental management company, it is also a handy resource for jobseekers trying to locate prospective employers.
BOMI-edu.org – Building Owners and Managers Institute website provides training and support for professionals in the field. Informative webcasts are offered on a regular basis.
CAIonline.org – Community Associations Institute. Here you’ll find expert resources related to governing and managing homeowners associations, condominiums and cooperatives. Job openings also listed.
IREM.org – The Institute of Real Estate Management’s website is an extensive resource aimed at providing ongoing training for property management professionals. Includes link to a job board.