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Professional Property Manager in the USA
Professional property managers in the USA are individuals or companies hired to oversee the day-to-day operations of real estate properties on behalf of the owners. They are responsible for managing various types of properties, including residential, commercial, industrial, and properties for special purposes.
Some of the specific property types they may manage include:
- Single-family homes
- Vacation rentals
- Multifamily homes
- Townhouses
- Condominiums
- Apartments
- Manufactured homes
- Real estate-owned (REO) properties
- Public accommodations like hotels
Property managers are vital for property value preservation and income generation. They handle administrative, financial, and operational tasks such as rent collection, maintenance, tenant screening, unit occupancy, and communication with owners and tenants. They may work solo or in management teams with specialists to manage extensive property portfolios effectively.
How much do professional property managers make in 2023 in USA
In 2023, the median salary for property managers in the United States is $61,742, with a salary range between $43,500 and $88,000. The top 10% of earners in this profession make more than $99,000 annually. These figures provide a general overview of property manager salaries, but actual earnings can vary widely based on individual circumstances and market conditions.
Factors that affect a property manager’s salary
- Location: The salary of a property manager can vary significantly depending on the city and state they work in. Metropolitan areas such as New York, Los Angeles, and Atlanta often have higher median salaries, but these can be offset by higher living costs.
- Type of Property: The type of real estate property a manager oversees can impact their salary. There are four main types of properties: residential, commercial, industrial, and retail. Commercial and retail properties tend to offer higher salaries compared to residential and industrial properties.
- Education: A high school diploma or equivalent is typically required for onsite property management positions. However, employers may prefer to hire college graduates for positions in commercial management, especially those related to overseeing a property’s finances or contracts. Degrees in business administration, accounting, finance, real estate, or public administration can be beneficial for career advancement and higher salaries.
- Experience: Property managers with more experience generally earn higher salaries. Entry-level property managers with less than one year of experience can expect to earn an average total compensation of $44,097, while those with 1-4 years of experience earn an average of $49,237.
- Responsibilities and Portfolio Size: As property managers gain more experience and take on larger and more complex properties, their responsibilities and salaries can increase. Experienced managers may also have the opportunity to open their own property management firms, which can lead to higher earnings.
- Skills and Certifications: Property managers with specialized skills and certifications, such as Certified Property Manager (CPM) or Real Property Administrator (RPA), may command higher salaries due to their expertise and credibility in the industry.
Top 10 reasons to hire a Professional property manager
Here are the top 10 reasons to hire a professional property manager:
- Save time and money: Property managers handle day-to-day tasks like rent collection and maintenance, freeing up your time and saving you money in the long run.
- Expertise and experience: They possess the knowledge to maximize rental income and minimize expenses, thanks to their understanding of the rental market.
- Professionalism and customer service: Property managers provide excellent customer service to both tenants and owners while adhering to ethical standards and regulations.
- Reduce stress and hassle: They take on the stressful aspects of property management, allowing you to focus on other areas of your life or career.
- Protect your investment: Property managers maintain your property and screen tenants carefully to safeguard your investment.
- Comply with laws and regulations: They ensure your property complies with all relevant laws and regulations, saving you legal headaches.
- Deal with difficult tenants: Property managers handle difficult tenants professionally and efficiently due to their experience.
- Market your property effectively: They know how to market your property to attract qualified tenants.
- Handle maintenance and repairs: Property managers take care of all maintenance and repairs, saving you time and money.
- Provide peace of mind: Knowing your property is managed by a professional offers peace of mind and confidence in the protection of your investment.
When hiring a property manager, research companies, and choose one with a good reputation and experience managing your property type.
How to become a property manager professional
To become a professional property manager, follow these steps:
- Get a Real Estate License: In most states, obtaining a real estate license is a prerequisite for property management. Take a pre-licensing course and pass your state’s real estate exam.
- Gain Experience: After obtaining your real estate license, gain practical experience in property management. Consider working as a property management assistant or volunteering to manage properties for friends or family.
- Get Certified: Earning property management certifications demonstrates your expertise to potential clients. Some notable certifications include:
- Certified Property Manager (CPM)
- Residential Management Professional (RMP)
- Accredited Residential Manager (ARM)
- Network: Connect with other property managers to learn about the industry and discover job opportunities. Attend industry events and join online forums or groups to expand your network.
- Apply for Jobs: Once you have the necessary experience and certifications, apply for property management positions. Highlight your skills, experience, and certifications on your resume and during interviews.
- Develop Strong Customer Service Skills: Property managers interact with tenants, owners, and vendors regularly. Building strong customer service skills helps in fostering positive relationships and providing excellent service.
- Be Organized and Detail-Oriented: Property managers handle multiple tasks and large amounts of information. Being organized and detail-oriented is crucial for effective property management.
- Work Independently and as Part of a Team: Property managers often work independently, but they also collaborate with maintenance workers, contractors, and other professionals. Flexibility in working styles is valuable.
- Stay Informed about the Rental Market: Keep up-to-date with the latest trends in the rental market to offer clients informed advice and stay competitive in the industry.
Becoming a professional property manager is a rewarding career choice with high demand. Follow these steps and tips to excel in this field and provide valuable service to property owners and tenants.
Top Ten Property Management Programs and Certifications to Boost Your Career
Here are ten programs and certifications that can help you become a professional property manager, along with details about each:
- Certified Property Manager (CPM): Offered by the Institute of Real Estate Management (IREM), the CPM designation is designed for experienced property managers looking to enhance their skills and earning potential.
- Real Property Administrator (RPA): Offered by BOMI International, the RPA designation focuses on the management of office buildings and commercial properties.
- Accredited Residential Manager (ARM): Also offered by IREM, the ARM designation is for professionals managing residential properties.
- Certified Apartment Manager (CAM): Offered by the National Apartment Association (NAA), the CAM designation is specifically for professionals in the apartment management industry.
- Certified Manager of Community Associations (CMCA): Offered by the Community Associations Institute (CAI), the CMCA designation is for professionals managing community associations such as homeowners’ associations (HOAs).
- Certified Commercial Investment Member (CCIM): Offered by the CCIM Institute, the CCIM designation is for professionals specializing in commercial and investment real estate.
- Certified Leasing Professional (CLP): Offered by the NAA, the CLP designation is for professionals involved in the leasing and management of rental properties.
- Certified Professional of Occupancy (CPO): Offered by the National Affordable Housing Management Association (NAHMA), the CPO designation is for professionals working in affordable housing management.
- Certified Manager of Maintenance (CMM): Offered by IREM, the CMM designation is for professionals responsible for the maintenance and operations of properties.
- Certified Manager of Housing (CMH): Also offered by IREM, the CMH designation is for professionals managing public and subsidized housing.
These programs and certifications can provide you with the knowledge, skills, and credentials needed to succeed in the field of property management. Whether you’re just starting your career or looking to advance, these resources can help you achieve your professional goals.
Top 50 Professional property managers in USA
1. Greystar Real Estate Partners
– Price: 5-8% of monthly rent
– Why to consider:
– Largest property management company in the USA, with a proven track record of success
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Manages over 700,000 units across the USA
2. Lincoln Property Company
– Price: 6-9% of monthly rent
– Why to consider:
– Well-respected property management company with a long history of experience
– Offers a variety of services, including property maintenance, leasing, and resident relations
– Manages over 200,000 units across the USA
3. Cushman & Wakefield
– Price: 7-10% of monthly rent
– Why to consider:
– Leading global real estate services firm that also offers property management services
– Provides a comprehensive range of services, including asset management, leasing, and property maintenance
– Manages over 170,000 units across the USA
4. Asset Living
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers various services, including leasing, maintenance, and resident relations
– Manages over 150,000 units across the USA
5. FPI Management
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a range of services, including leasing, maintenance, and resident relations
– Manages over 130,000 units across the USA
6. BH Management Services
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in residential property management
– Provides services such as leasing, maintenance, and accounting
– Manages over 100,000 units across the USA
7. WinnCompanies
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in affordable housing property management
– Offers a variety of services, including leasing, maintenance, and resident relations
– Manages over 120,000 units across the USA
8. MAA
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Provides services such as leasing, maintenance, and accounting
– Manages over 100,000 units across the USA
9. Morgan Properties
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a variety of services, including leasing, maintenance, and accounting
– Manages over 100,000 units across the USA
10. Avenue5 Residential, LLC
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Provides services including leasing, maintenance, and accounting
– Manages over 80,000 units across the USA
11. Bozzuto
– Price: 5-8% of monthly rent
– Why to consider:
– Leading property management company with over 200,000 units under management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to customer service and focus on resident satisfaction
12. AvalonBay Communities, Inc.
– Price: 6-9% of monthly rent
– Why to consider:
– One of the largest publicly traded real estate investment trusts (REITs) in the US
– Owns and manages over 300,000 apartment units
– Known for high-quality properties and commitment to sustainability
13. Highmark Residential
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for innovative approach to property management and focus on technology
14. Equity Residential
– Price: 6-9% of monthly rent
– Why to consider:
– One of the largest multifamily REITs in the US
– Owns and manages over 300,000 apartment units
– Known for providing residents with a superior living experience
15. RangeWater Real Estate
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for focus on customer service and commitment to resident satisfaction
16. Edward Rose Building Enterprise
– Price: 6-9% of monthly rent
– Why to consider:
– Privately held real estate development and management company
– Owns and manages over 100,000 apartment units
– Known for commitment to providing a high-quality living experience
17. Camden Property Trust
– Price: 5-8% of monthly rent
– Why to consider:
– Multifamily REIT that owns and manages over 160,000 apartment units
– Focus on resident satisfaction and superior living experience
18. ConAm Management Corp.
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Expertise in managing affordable housing properties
19. Balfour Beatty Communities
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Focus on customer service and commitment to resident satisfaction
20. Fairfield Residential LLC
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Focus on technology and commitment to providing a superior living experience
21. Mid-America Apartment Communities, Inc. (MAA)
– Price: 5-8% of monthly rent
– Why to consider:
– One of the largest multifamily REITs in the US, with over 100,000 apartment units under management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to resident satisfaction and focus on superior living experience
22. American Campus Communities (ACC)
– Price: 6-9% of monthly rent
– Why to consider:
– Largest student housing REIT in the US, with over 200,000
beds under management
– Specializes in managing student housing communities at colleges and universities
– Known for high-quality properties and focus on providing students with a positive living experience
23. UDR, Inc.
– Price: 5-8% of monthly rent
– Why to consider:
– Multifamily REIT that owns and manages over 50,000 apartment units
– Specializes in managing properties in urban and suburban areas with high growth potential
– Known for innovative approach to property management and use of technology
24. Invitation Homes
– Price: 6-9% of monthly rent
– Why to consider:
– Single-family rental REIT that owns and manages over 75,000 homes
– Specializes in leasing single-family homes to long-term tenants
– Known for high-quality homes and focus on providing tenants with a positive living experience
25. FirstService Residential
– Price: 5-8% of monthly rent
– Why to consider:
– Leading property management company with over 1.7 million units under management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to customer service and focus on providing a superior living experience
26. Greystar Student Living
– Price: 6-9% of monthly rent
– Why to consider:
– Division of Greystar Real Estate Partners, the largest property management company in the US
– Specializes in managing student housing communities at colleges and universities
– Known for high-quality properties and focus on providing students with a positive living experience
27. Apartment Realty Advisors
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to customer service and focus on providing residents with a superior living experience
28. American Property Management
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to customer service and focus on providing residents with a superior living experience
29. The Irvine Company
– Price: 5-8% of monthly rent
– Why to consider:
– Privately held real estate development and management company
– Owns and manages over 250,000 apartment units in Southern California
– Known for high-quality properties and focus on providing residents with a superior living experience
30. Bell Partners
– Price: 6-9% of monthly rent
– Why to consider:
– Multifamily REIT that owns and manages over 60,000 apartment units
– Specializes in managing properties in urban and suburban areas with high growth potential
– Known for innovative approach to property management and use of technology
31. The NRP Group
– Price: 5-8% of monthly rent
– Why to consider:
– Privately held real estate development and management company
– Owns and manages over 40,000 apartment units across the US
– Known for high-quality properties and focus on providing residents with a superior living experience
32. Apartment Life
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to customer service and focus on providing residents with a superior living experience
33. Associa
– Price: 6-9% of monthly rent
– Why to consider:
– One of the largest property management companies in the US, with over 10 million units under management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for expertise in managing a variety of properties, from multifamily housing to commercial buildings
34. Berkshire Hathaway HomeServices
– Price: 5-8% of monthly rent
– Why to consider:
– Real estate brokerage and relocation services company that also offers property management services
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for strong brand reputation and commitment to customer service
35. Coldwell Banker Property Management
– Price: 6-9% of monthly rent
– Why to consider:
– Property management division of Coldwell Banker, one of the largest real estate brokerages in the US
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for expertise in managing a variety of properties, from multifamily housing to commercial buildings
36. Cushman & Wakefield Facilities Management
– Price: 7-10% of monthly rent
– Why to consider:
– Division of Cushman & Wakefield, a leading global real estate services firm
– Offers a wide range of services, including property management, facilities management, and project management
– Known for expertise in managing complex properties and focus on using technology to improve efficiency
37. Engel & Völkers Property Management
– Price: 6-9% of monthly rent
– Why to consider:
– Division of Engel & Völkers, a global real estate brokerage
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for high-end properties and focus on providing personalized service to clients
38. Keller Williams Realty Property Management
– Price: 5-8% of monthly rent
– Why to consider:
– Property management division of Keller Williams Realty, one of the largest real estate brokerages in the US
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for strong brand reputation and focus on customer service
39. RE/MAX Property Management
– Price: 6-9% of monthly rent
– Why to consider:
– Property management division of RE/MAX, one of the largest real estate brokerages in the US
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for strong brand reputation and focus on customer service
40. Renters Warehouse
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in single-family home property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for focus on technology and commitment to providing tenants with a positive experience
41. Ryan Companies
– Price: 6-9% of monthly rent
– Why to consider:
– Residential and commercial real estate development and construction company that also offers property management services
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for
expertise in managing a variety of properties, from apartment communities to office buildings
42. The Condo Group Real Estate
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in condominium and strata property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for expertise in managing condominium associations and strata properties
43. The Corcoran Group Property Management
– Price: 6-9% of monthly rent
– Why to consider:
– Property management division of The Corcoran Group, a prominent real estate brokerage in New York City
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for expertise in managing properties in the competitive NYC real estate market
44. The Kislak Company
– Price: 5-8% of monthly rent
– Why to consider:
– Real estate brokerage and property management company that has been in business for over 100 years
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for long-standing reputation and commitment to customer service
45. The Management Trust
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in community association management and property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for expertise in managing homeowner associations and communities
46. The Related Companies
– Price: 5-8% of monthly rent
– Why to consider:
– Real estate development and management company with a diverse portfolio of properties
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for iconic properties and commitment to innovation in property management
47. Trinity Property Consultants
– Price: 6-9% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to resident satisfaction and focus on technology
48. United Dominion Realty Trust
– Price: 5-8% of monthly rent
– Why to consider:
– Multifamily REIT that owns and manages over 80,000 apartment units
– Specializes in managing properties in high-growth markets
– Known for commitment to providing residents with a superior living experience
49. Waterton
– Price: 6-9% of monthly rent
– Why to consider:
– Real estate investment and management company that owns and manages multifamily and hospitality properties
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for focus on customer service and commitment to property performance
50. Wood Residential Services
– Price: 5-8% of monthly rent
– Why to consider:
– Specializes in multifamily housing property management
– Offers a wide range of services, including marketing, leasing, maintenance, and accounting
– Known for commitment to resident satisfaction and focus on technology
Conclusion
In conclusion, professional property managers play a vital role in the USA’s real estate landscape, offering expertise, efficiency, and peace of mind to property owners. With diverse property types under their purview and a median salary of $61,742 in 2023, property management is a dynamic and lucrative field. Becoming a property manager requires a real estate license, experience, and certifications. The list of the top 50 property management companies in the USA highlights industry leaders known for their commitment to customer service and excellence in managing a wide range of properties. Hiring a professional property manager can be a wise investment for property owners looking to maximize their returns while minimizing stress and hassle.