Key Information that You Need to Remember about Property Managers Pay in the USA
The real estate in America is expanding and its offering different careers, are you looking to join the industry as a property manager? Before you consider joining this industry, you should familiarize yourself with the amount of money that property managers are paid as their salaries. Even though property managers perform similar duties in many property management firms across different states in the US, you will realize that their pay is never the same, it differs from one company to another. Some of the reasons why property managers salaries differ include the level of education of the property manager, the portfolios of properties they managing among others. Here is a discussion on what you need to know about a property manager pay in the USA.
Education level is among the essential aspects that affect the amount one earns as a property manager. When it comes to minimum education level, a high school diploma from a recognized institution is required for handling rental properties which means your payment will be on the lower end. This is changing as more property management companies are looking to have their property manager engage in marketing and business planning which necessitates that the managers to have a bachelor’s degree in finance, accounting or business administration to earn you more.
As a property manager, official recognition in property management will also affect your salary. One of the key certifications that will give you an upper hand in bargaining for more pay is having an endorsement for the Institute of Real Estate Management that shows you are certified property manager . This certification shows that you are knowledgeable when it comes to the management of both residential and commercial properties.
The type of property that you will be managing will also affect the amount you are to be paid. According to a research done in the USA, a real estate asset manager earns an average of $76,000 while a self-storage property manager is paid an average of $71,000 and $41,000 for an apartment manager. The location of the company will also affect your pay, a company that is located in the city will pay more than one in the suburbs.
The average size of the property management firm has an impact on the amount of money you are to earn as a property manager. An experienced property management company is likely to pay more salaries property managers than a young company established the other year, this is because the former is considered to be more established.
Your level of experience in the industry is a critical factor in defining the property manager pay. A property manager with many years in business is likely to earn more than what an inexperienced property manager will earn.