How much do property managers make?

Property managers are usually people who can handle many things at one time, work well with people, manage multiple accounts, and can keep people organized. How much do property managers make depends on how much they charge.

Normally, property managers are business owners managing properties for landlords. The average income or salary for a property manger is around $50,000 a year. This can be higher or lower depending on what area of the country they are managing properties in.

Most property managers I have worked with are usually business owners. A property manager would usually start in the business by managing one to two properties to start. Then, the property manager will continually ad more properties to their portfolio of properties over time.

Property managers build up the business little by little.

As their companies grow, so do their profits. After a while, they have a lot of landlords they are working for and have many properties they manage.

So, how much do property managers make depends on how hard the property manager wants to work.

Want to make more money, get more landlords and manage more doors. It’s that simple.


What is the average salary for a property manager in the United States?

Like I said, most property managers start their own business and do not just go out and get a job. Their salary and income can be seen as comparable. A salary is what you are paid when you work for someone. Income is what your business makes and you take home.


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The average salary or income for a property manager is around $50,000 a year.

Now this does depend on the area of the country the property manager is working in. Places like San Francisco will make a lot more money than what a property manager makes living in Oklahoma.


Property managers are entrepreneurial

Most property managers started as a one-man shop managing a few properties.

Over time, the small company hires employees and becomes a large company who hires other property managers.

The reason why a property management company hires other property managers is because there are too many properties for the one manager.

Hiring employees is the next step when the business gets larger. This is when a property manager earns a salary instead of making income.


What Property Manager Do

The main goal of the property manager is to make money for the landlord.

Their customer is the landlord not the tenant. It is the Landlord that pays the Property Manager, not the tenant.

Property managers must manage the properties they oversee well. Here is a list of the things that property managers will do for their landlords.

  • Review Properties Before the Landlord Buys Them
  • Calculate Rehab Costs
  • Manage All Rehab Logistics
  • Tenant Search
  • Tenant Leasing
  • Rent Collection
  • Property Maintenance
  • Property Inspections
  • Field Maintenance Calls 24-Hours a Day
  • Remove or Evict Tenants When Necessary
  • Make the Property Ready for the Next Tenant

How Much Do Property Managers Make depends on how much they charge.

It is normal for a property manager to charge 8% to 12% of the monthly collected rents.

On top of the monthly pay, property managers have the ability to charge for other services and add fees onto their contract.

Here is a list of other fees and charges a PM can charge their landlords.

  • Setup Fee
  • Monthly Management Fee
  •                 Flat Fee
  •                 Percentage of Monthly Rent
  • Leasing Fee (Tenant Placement)
  • Lease Renewal Fee
  • Maintenance Fee
  • Hidden Fees (Beware for These)
  • Third Party Markup Fees (10% for Contractors Work)
  • Vacancy Fee
  • Rent Due Fee (not what is collected but what is due)
  • Advertising Fee
  • Late Fees
  • Eviction Fees
  • Pet Fees
  • Return Check Fees
  • Paying Utility Bills
  • Inspection or Visitation of the Property
  • Reserve Repair Fund
  • Early Termination Fee
  • Eviction Fees

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How to Be A Good Property Manager Landlords Will Hire

  • Trustworthy
    Since most landlords are far away from their properties, they need a good manager they can trust. The the landlord cannot trust the property manager, they will quickly find one that they will be able to trust.
  • Capable
    Capability is crucial for the manager be able to take care of all the properties they manage. They may be trustworthy but if they cannot make money for the landlord, they are of no use.
  • Communication Ability
    Communication is key to a successful property manager. They need to be able to communicate quickly with their tenants and landlords to make sure everyone knows what is going on.
  • Personal Repour with Your PM
    Property Managers must have a personality that is service oriented. They are there to serve their landlords. If the landlord feels as though the property manager is a burden, they will hire someone else that isn’t.
  • Referrals and Online Reviews
    For new landlords to find and trust you, make sure that you cultivate good referrals and reviews for your managing properties well. Make sure your current landlords are ready to refer your service to anyone who may be interested in working with you.


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Join the FREE Real Estate Investor Workshop!

Find out how to create a 6-Figure real estate investing business to help you quit your job by investing in rental properties.

Learn the secrets to passive income from Dustin Heiner to Live the Dream Life.

Join the FREE Workshop now!


 

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