The following article will give you the details of the property manager salary and help you understand the factors that influence it and go into determining the final figure.
The Bureau of Labor Statistics reported that property managers (along with real estate, community association, and rental property managers) brought home an annual average pay of $63,570 in May 2012.
A property manager is an important link in the real estate business and is a very, very essential tool when it comes to people who do not know a lot about the property market.
He has all the concepts of the market clear―like the newest properties that are on sale, the prices that are being quoted for them, and the like. This is some very important information to have when you’re out to buy, sell, or lease property. In the following sections we will be taking a closer look at the duties and salary of a property manager.
Average Salary by State
• All figures are as of June 9, 2014 and are calculated in US Dollars.
• These figures are average annual salaries and may vary based on the qualification, experience, location, type of employer, and so on.
Average Salary Range
According to The Bureau of Labor Statistics, the average annual physical therapist aide salary was $52,610 (in May 2012). The hourly figure stood at $25.29 (in May 2012).
Salary Range According to Industries
The Bureau of Labor Statistics has provided a median annual salary figure (as of May 2013) that was earned by the property managers in the 5 top paying industries.
Industries of Oil and Gas Extraction paid the property managers an average annual salary of $122,540.
The property managers earned an average salary of $118,960 per annum under the Wireless Telecommunications Carriers (not inclusive of satellite).
Insurance Carriers paid the property managers an annual average salary of $117,970.
The Natural Gas Distribution sector paid the property managers an average salary of $116,740 per annum.
Property managers working under the Wired Telecommunications Carriers sector earned an average annual income of $113,280.
A property manager’s job description is as follows:
• He handles all business operations for his clients.
• Along with that, he has to be aware of the population and traffic growth surrounding that area.
• He helps in real estate negotiations of prices of the properties on behalf of his clients.
• He is aware of all the concepts that come with home selling and buying. Some of which include payments, laws, and registration.
• He has to advise clients on the varied ways in which their real estate investments can be maintained and increased in value.
• As a part of property management he has to look into the building maintenance projects, compiling financial data, resolving client complaints, inspecting sites, and looking into the health and safety factors as well.
• He has to have a thorough study and knowledge of the market which would include being updated about different rules like zoning, property laws, property values, taxes levied, and others.
Though a college degree is a preferred option, a high school diploma suffices for a job in introductory management positions. And while many receive vocational training, there are several who require a real estate license to work. That being said, half of these managers were self-employed in 2012. For the kind of scope and the (decent) pay that this profession provides, looking into this as a viable career option is quite encouraged.