A career in property management offers a wide variety of tasks, making it a good choice for those who work well independently and those who don’t crave the prospect of being stuck behind a desk from nine to five.
Duties — and challenges — vary each day, so you’re not likely to be bored or feel stuck in a routine.
How much should a property manager get paid?
Typical Fee Agreement
As a baseline, expect to pay a typical residential property management firm between 8 – 12% of the monthly rental value of the property, plus expenses. Some companies may charge, say, $100 per month flat rate.
Do property managers make good money?
The U.S. Bureau of Labor Statistics lists a $58,670 median salary for all community association, property and real estate managers as of May 2017, meaning half earn less and half earn more. The top employer, real estate, pays managers an average wage of $68,370, while local government pays $76,570 on average.
What are the benefits of being a property manager?
Benefits of Using a Property Management Company
- Screen out problem tenants.
- Act as the point of contact for tenant concerns.
- Market your rental.
- Decrease tenant turnover.
- Ensure rent is paid on time.
- Avoid potential legal issues.
- Save you money on maintenance and repair costs.
- Reduce your rental headaches.
How can I become a good property manager?
- 1. Make communication a core competency.
- Successful property managers do not procrastinate.
- Get up to speed and stay current on all things related to property management.
- Positive attitude.
- Develop a system to find the right tenant.
- Be a forward thinker.
- Have a long-term strategy and set goals.
- Be decisive.
What is the hourly rate for a property manager?
|Salary Range (Percentile)|
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What percentage of rent do property managers take?
Managers will charge a fee, on average, between 4% and 10% of the monthly gross income for the property. The typical fee for a single-family rental property is closer to 10%. The fee for a property of 10 units or more is typically between 4% and 7%.