Whether you are new to the world of property management, considering taking on a new job, or would like to know more about your options, it’s important to know the answer to the question; how much do property managers make? Thankfully, we did the research and found the answer for you.
How Much Do Property Managers Make?
It’s important to keep in mind that there are various types of property managers. Some may be executive level and some may manage a single or small complex. According to a survey conducted by CEL & Associates Inc. a leading Real Estate Marketing firm, the incomes for various property management positions are as follows.
Top Level Property Management Executive
The low income expectation for a Top Level Property Management Executive is $159,600 and a high income of $274,100. In addition to comfortable salaries, they can also can earn massive bonuses. Nationally, across all property types and sizes, the average bonus for top level property management executives is 50.4%.
Vice President of Property Management
The low income expectation for a Vice President of Property Management would be $143,400 and a high income of $227,700. Bonuses for executives with the title vice president of property management (or similar) average 25.4% nationally across all property types and sizes.
Property Manager Under 250,000 Square Feet
If you are a property manager of a property with less than 250,000 square footage of property, your expected low income $64,600 and a high income expectation of $96,200. Typically, this is the most common position for Property Managers, particularly entry-level managers. Bonuses for property managers average 11.4% nationally across property types under 250,000 square feet.
Assistant Property Managers
Should you be looking to break into the world of property management, you can expect to earn on the low side of $53,600 and a high side of $67,000. Bonuses for assistant property managers average 7.9% nationally across all property types and sizes.
What Do Property Managers Do?
The general responsibilities of a property manager include to direct the leasing, buying, and selling of properties in a particular portfolio. However, depending on if you’re an Executive or an Assistant, your responsibilities change dramatically. In fact, this is the most important part of answering how much do property managers make, because the income is dependent on the position.
For example, an executive property manager provides information on operating costs and helps with the annual budget for specific properties. They also evaluate documents and records for accuracy, compliance, and completeness. Most executives handle top commercial, residential, and industrial properties, making their role all the more stressful and demanding. This job also requires a bachelor’s degree, and usually an graduate level degree in business, law, or finance.
Assistant Managers, on the other hand, support the role of the property manager. They handle document organization and provide relief on more menial tasks for general property managers. As a result, assistant property managers usually help find and select contractors to bid projects. Big picture, they ensure that overall goals and budgets are met.
If you’re on the hunt for a property manager position, you can use these numbers to negotiate your salary and earn the most for the position.