Property managers, sometimes called real estate managers, make sure that rented properties and real estate assets are maintained. They inspect houses and make arrangements for repairs when necessary; in rented properties, they may collect monthly rents from tenants. They also investigate and resolve complaints and show properties to individuals interested in renting them. This job often requires meeting with clients and residents after traditional business hours.
Average Pay and Pay Scale
The Bureau of Labor Statistics estimates that property managers earned an average salary of $63,570 per year in 2012. Half of all property managers reported annual salaries of between $37,060 and $76,950, with 25 percent of all reported salaries falling below this range and 25 percent above. The lowest-paid 10 percent made $26,600 or less per year, while the highest-paid 10 percent made $113,400 or more.
Regional and State Salary Differences
By region, most of the highest-paying states for property managers were in the eastern half of the United States. Outside of this region, Nebraska, California and Colorado also reported very high average salaries for property managers. The very highest-paying state as of 2012 was New York, where property managers averaged $98,640 per year. Virginia reported the second-highest average salary by state, $91,300. Many of the lowest-paying states for this occupation were in the Southeast and Midwest, with the very lowest average salary, $34,540, reported in Montana.
Salary by Employment Situation
The type of agency or company that a property manager works for can have a significant impact on expected salary. Property managers employed by insurance carriers reported the highest average salary, $120,300 a year. Most employers, however, paid about half that. For example, property managers employed by real estate brokers or lessors reported average salaries ranging from about $60,000 to $65,000. Those employed by business or professional organizations earned an average of $55,010 per year, while those working for local governments averaged $65,640 per year.
According to the BLS, employment in this occupation should grow relatively slowly between 2010 and 2020. Still, the projected growth rate of 6 percent would create 18,400 new jobs for property managers by 2020. While some property managers possess only a high school diploma or associate degree, pursuing a bachelor's degree in a related field or a master's in business administration should improve a candidate's employment prospects.
- Jupiterimages/Creatas/Getty Images