How Much Would You Like to Earn?
Would you like to earn $20k to $40k more per year? 2020 could be the year your pay level and life take off. Other property management professionals have discovered how to earn more. Here’s your guide to doing that.
The quest for a better job reflects a healthy desire to take care of yourself, build your career, believe in yourself and actively pursue the quality of life you deserve. Improve your work skills, connect with companies who are eager to have you and you’ll grow your salary.
This post is a guide for those interested in property management careers, and those who didn’t realize how much property managers earn. Discover the skills, pay levels, how to grow your salary, and where to look for a better job.
The property management industry is growing in leaps and bounds. It’s an industry rapidly catching up to other sectors. Workers who optimize their management and tech skills will be rewarded in 2020. Property Management is a lucrative industry serving real estate investors, development corporations, and others with big profits.
Does Better Pay Translate to Better Well Being?
Research shows that huge gains in self-esteem and health occur as workers income progresses toward $100,000. This chart below indicates that happiness growth begins peaking at $75,000. The purple line shows people continue to evaluate and improve their lives beyond $160,000. Other studies show a strong link between better health and income.
New types of jobs and even specialist roles are appearing. Of course they may require a new skill mix, but skills can be had. If you get past your inertia, these high paying property management jobs can be had too. How about a new specialized role doing what you enjoy most, and be paid well? Oh, happy day ♫♪♪, right!
“Candidates are now firmly in the driver’s seat, and they know it,” said Rachel Bitte, chief people officer at Jobvite. They aren’t afraid to ask for more when it comes to compensation and benefits once they know a company is interested in them. According to Jobvite’s 2018 Recruiter Nation Survey, 19% of recruiters say it has a positive impact on their impression of a candidate” — excerpt from post in businessnewsdaily.
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Property Management Market is Growing
Billions of dollars are being invested in software and hardware technology, all for the purpose of managing rental properties efficiently. Automation and property management software is essential to this market’s growth and for property management companies to sustain or grow profits. Progressive companies are enjoying a windfall.
Growing rental housing markets plus limited competition and new technology means unparalleled income growth for good companies and smart job hunters. In this sense, employers and employees are on the same side.
And the opportunity of starting your own property management business isn’t too outrageous either. These infrequent economic and technology waves present niche opportunities for individuals willing to move ahead to a better life. I hope that’s you!
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Property Management Salary Survey
Salary.com’s global IPAS surveys, combined with the Compdata deep survey coverage of the US comp and benefits market, deliver real-time competitive intelligence across 14 industries and 100 countries. Their report shows property management salaries are excellent.
According to Salary.com, the average salary for Property Managers in Los Angeles, CA is $108,294 (as of January 31, 2019). Their typical salary range is between $94,008 and $124,597 per annum. With bonus, healthcare, and retirement plans included, the average is about $111,000. Check out more for yourself at Salary.com.
How Much are You Worth?
It’s all well and nice to question your salary, but it’s equally okay for your employer to assess what you’re actually worth to them and could be worth to them. Very few employers (sports teams excluded) consider how valuable you could become to them. Hiring tends to be short sighted, which actually becomes a burden on future company performance.
Try out Salary.com’s payscale salary survey. It might be fun to learn more about industry standards and the skills needed to command better pay in the property management industry.
How Employers Rate You
In government your “pay grade” is arbitrarily set, while in the private sector, managers can rank their own criteria. It’s likely set to your contribution to the bottom line. That’s not to say that experience, age, looks, personality, and educational pedigree won’t come into play.
Check out the most important factors in pay levels below. You may find that property management experience, tech savviness, and ability to contribute to company profitability are the key issues now. Education is overrated and old skills may not be attractive in employer’s eyes.
Focus on Your Story, Your Path
I want to encourage you to spend some time on you — on investigating and plotting out a path to a better job where you master key software, knowledge, build professional techniques to help you begin the climb, and refine your search strategy. Read all the posts here on the ManageCasa Blog and get yourself pumped about a better career.
“When it comes to careers and salaries, intent is half the battle. Professional self-esteem follows when your intent is to improve.”
Do you live in Hawaii or are vacationing there in early March? Please consider the event at the “International Buildings, Facilities & Property Management Expo” in Honolulu.
Property Management Wages Are Growing
The US, Australian, UK, German, and Canadian rental housing markets are growing. New property management companies are gaining a foothold by offering more services at lower prices and managing more properties and tenants. If you can help them increase their ROI and keep tenants happy, they will need you.
It’s almost a cliche in the recruitment industry, that if you want a better job with higher pay, you must find a new employer. In fact, for female property managers, a focus on salary is even more important.
What Should you Be Paid?
Remi Network shows salaries in certain roles and cities in Canada, pay much higher than others. Check out what they found.
Consider how sports stars win big contract salaries. It’s only until the year they become free agents that they win huge gains in salary. Teams want to keep salaries low, and avoid paying market value.
Players always sign with a new team and earn what the market actually will pay.
It’s not greed that prevents companies from paying more though. It’s more a matter of complacency and poor confidence in their business. Those firms who grow and progress can easily afford higher salaries, and those are the companies you’ll want to target.
New skills, confidence, and satisfaction come with new roles too and careers take off. Keeping pace with technology is important. Those who fall behind on using new software and management systems, run the risk of being relegated to low level positions. Something you’ll want to do is call a few property managers and ask them what the going rate is, and what they would pay for someone with your experience and skills.
And in an industry which lags behind others in technology adoption, including property management, Realty, and the construction trades, there is big career potential in being tech savvy and eager to adapt.
As this graphic reveals, those with higher salaries lack fear of technology. Is this because they’re in command of it, or because technology lets them access better paying jobs? Those in lower tier, low tech jobs, are likely in jeopardy because of technology.
Property Manager Assistants
If you’re trying to get a foothold in the industry, take a look at property manager assistant salaries on the Property Manager Insider. The pay levels are good in multifamily, residential, commercial and retail.
Evolving Job Descriptions: Example
Check out property management jobs on Linkedin, Indeed, Monster, or Workopolis, and other job portals and examine the job titles and descriptions. And review the great salaries too. For a talented, tech and sales-proficient property manager, salaries of $100k per year aren’t outrageous.
The more relevant experience and skills you have, the more likely you are to work with senior managers and earn more money.
Responsibilities of a Modern Property Manager: Example
Check out the following job ad for one recent opening:
- The successful candidate must have the ability to meet tight deadlines, have strong interpersonal and communication skills, be detail oriented, and have the ability to work independently.
Typical job duties may include but are not limited to the following:
- Follow up with new landlord leads via text, email, phone.
- Answer incoming prospective landlord calls/emails.
- Ensure client’s investment is performing.
- Nurture incoming leasing inquires via email and phone
- Approval of prospective tenants
- Lease negotiation and signings.
- Inspection and coordination of Rent Ready of properties.
- Handle maintenance coordination and quality checks.
- Know Tenant Landlord Act and laws.
- Coordinate evictions.
- Coordinate notices and rent collection
- Active Real Estate or Brokers License Preferred.
- Experience with Property Management Software and Salesforce software a plus.
- Receptive to learning new tools and exchanging knowledge.
- Excellent communicator, team player, resourceful, organized and mindful of time management.
Does this sound like your current job? Well, why not check out new positions where you can exercise your talents, grow technologically, gain experience in cutting edge areas of property management, and get yourself positioned for even better times ahead.
Before you contact a job recruiter or headhunter, get a clearer picture of property management trends (mobile, on demand, software driven, multifamily) so you’ll have a more productive conversation about your career path and suitable jobs. Recruiters aren’t job counselors.
Top Candidate Skills/Talents Sought:
- CPM designation – the GED for property management gives managers confidence in your overall knowledge and skills
- Strong Interpersonal Skills – taking initiative, being assertive and friendly, keeping a sense of humor, inquiring with customers, and communicating willingly means you can solve problems effectively with people and not alienate them
- Up to Date Software Skills – being able to utilize automation software to manage maintenance tickets, leases and other documents, and assets ensures bosses you can handle the daily workload efficiently
- Customer Focused – being able to empathize with tenants, landlords and contractors means you can understand what the real issues are and keep relationships positive and professional
- Experience and Hands on Skills – knowing what the typical property management problems are, how they’re normally solved, and everything that is connected to events, assets, and people in every day operations.
- Industry Knowledge – knowledge of leases, contracts, regulations, and local bylaws helps keep your business covered legally
- Accounting and Budget Management – tells them you know how to keep good records, control operating costs, balance expenses and income, and keep owners/landlords well informed about their assets performance.
- Organized and Detail minded – able to apply a process to all elements of property management such as collecting rent, solving maintenance issues, and managing documentation means you’re efficient and competent
- Patience and Poise – indicates a calm maturity that recognizes problems do happen, and that issues can be resolved, and that you will work with people in professional and confident manner.
13 Ways To Grow your Salary Potential
- identify your ideal job and the skills, knowledge, experience, and path you’ll need to win it
- target the fastest growing firms, then design your skill/performance strategy to position you in the eyes of those employers
- develop the skills listed in the above section and show how you’ve demonstrating them in your work (build your property manager brand image)
- start your own blog to demonstrate your love for property management and knowledge and link to your online resume
- demonstrate your knowledge of technology and the key growth areas where skilled people are few in your blog posts and social media posts
- polish your resume to ensure you have the titles, job skills, and background using the right keywords in your resume and Linkedin profile
- find an experienced mentor to show you’re serious about success and let it be known quietly to prospective employers (your blog or facebook page)
- get your CPM designation
- stay connected to property management companies on Linkedin and Facebook
- apply for good property management jobs, attend interviews and discover what you’re lacking (one day you’ll get the ideal offer)
- buy new clothing for your interviews (smart investment in your brand image)
- consider advertising on a top property management association website
- find the best real estate jobs recruiters and work with them to get connected
Where to Find Great Property Management Jobs
- Indeed.com Property Management Jobs
- Linkedin Property Management Job Search
- Simply Hired Property Management Jobs
- Property Manager Jobs in Phoenix
- Jobs in Texas
- Property Management Jobs at Monster Jobs Board
- Zip Recruiter Property Management Openings
- Property Manager Jobs at NAAHQ
- Property Manager Jobs in California
- Apartmentor Nationwide Job Board
Jobs in Australia
Jobs in the UK
Jobs in Canada
See also: Property Management | On Demand Property Management Solution | Property Management Automation | California Housing Market | What is Property Management? | San Jose Housing Market | Best type of Rental Property | UK Housing Market | Housing Market in Hawaii | Australia Housing Market | Multifamily Housing | Los Angeles Rent Prices | Phoenix Housing Market | San Francisco Apartment Rents | New York Apartment Prices | Housing Market | Apartment Rental Prices | Best Cities for Rental Property | Property Management Facebook | Grow Rental Property Yield