Property management is a huge industry, coming in at nearly $90 billion and growing. It has been steadily expanding over the last five years, presenting major opportunities for financial and professional growth.

But if you are thinking about getting into property management, there are definitely a few things to know before making the move.

What Does a Property Manager Make?

It is hard to put a price tag on it because it can vary greatly from city to city and depend on a variety of factors. The annual average is between $40,000 and $50,000, though that can vary depending on education, certifications, location, experience, and number of properties managed.

Technology and industry knowledge can definitely lead to a higher pay grade. On the high end, there are some property managers in larger cities that can make around $100,000.

What Does a Property Manager Do?

The responsibilities of a property manager can vary from property to property, but they are generally pretty universal. It means marketing vacancies, conducting tours and showings, screening applicants, facilitating the signing agreement, and so much more.

Basically, the property manager is responsible for the upkeep, care, and management of tenants among other things. It is the comprehensive running of the property so that it can house tenants for each of the available units on the property.

What Skills are Needed?

There are a few necessary skills that every property manager should have to be good at their job. The first is being an effective communicator. A property manager is seemingly in contact with someone at all times, whether it be tenants, owners, vendors, applicants, etc.

Attention to detail is a must as well. There is sensitive information and a slew of legal documents that come into play, meaning that an effective property manager has to be aware of the small details at all times. Missing a seemingly small detail can make all the difference in the world and wind up causing serious issues.