Becoming a property manager can be fulfilling as it's a dynamic role that involves handling a variety of tasks, from maintenance to compliance with local laws. But how much should you be paid for your professional services?

The answer isn't set in stone, as a property manager's salary depends on factors like location, experience, and the property type you handle. Nevertheless, this article will provide insights into a property manager's potential earnings alongside strategies to enhance them.

 

Main Tasks of a Property Manager

Let's start by outlining the duties of a property manager, which basically involves relating with tenants to address their concerns and complaints. This also goes hand-in-hand with maintenance, as you'll be responsible for routine inspections to perform repairs and possible upgrades.

As for the financial side, this will involve budgeting, collecting rent, and reporting the property's finances. You also need to ensure the property you manage complies with local housing laws, which vary based on your location.

Handling these duties is no small feat and will require strong organizational skills, excellent communication, and problem-solving capabilities.

*Note: Are you a property owner living in Texas that needs these services? In that case, you should hire a rental manager who is equipped to handle the daily operations and concerns of your tenants.

Reach out today!

 

How to Enhance Earning Potential as a Property Manager

Training to become a property manager can be interesting for career shifters with high organizational skills. The average salary for a property manager is $59,000 annually, but this figure isn't set in stone and can be improved.

Here are our recommendations on how to improve your earning potential as a property manager:

 

1. Raise Your Market Value With Continuous Education

To earn more as a property manager, you need to enhance your market value, and one way is to obtain additional certification. These can include the Certified Property Manager (CPM) or Residential Management Professional (RMP).

Such credentials show clients that you're committed to ensuring their properties operate more efficiently and produce more money. It also enhances your knowledge of smart ways to improve a property's revenue, giving you more positive results for your portfolio.

After establishing your value with the client and internalizing that you are a high-quality property manager, you can negotiate a higher pay or even ask for a raise.

 

2. Join Professional Associations and Network

"Networking is currency", a famous quote that holds true even for property managers that want to improve their earning potential. You can improve your circle by joining professional associations like the National Association of Residential Property Managers (NARPM) or the Institute of Real Estate Management (IREM).

With these associations, you can build a wider network of professionals that can lead to new job opportunities, partnerships, referrals, and more. At the same time, these organizations offer a vast wealth of resources that can help you stay current with industry best practices and certifications.

These factors combine to improve your earnings as you can now meet newer and better clients while having the resources to properly manage their property.

 

3. Invest in Technology

Landlords can leverage modern innovations to streamline their property management operations and boost their earnings.

Use popular property management software like AppFolio and Yardi to automate simple tasks like collecting rent, making maintenance requests, and screening tenants. With this, it is possible to handle multiple properties and earn more money without being overwhelmed.

You can also use social media to showcase properties to potential tenants without having to be there. At the same time, you can also connect with tenants through social media platforms like Whatsapp and Messenger, allowing you to address the concerns and inquiries of multiple occupants with ease.

 

4. Focus on High-Demand Properties

As previously mentioned, the type of property you handle will determine how much you earn yearly. For this reason, you can consider targeting high-demand properties like luxury rentals, commercial buildings, or vacation properties.

While these properties come with a significant boost in earnings, they also require specific knowledge and skills to properly manage. For example, commercial properties require you to understand business leases, zoning laws, and the specific needs of each commercial tenant.

Fortunately, with more education and certification, you can show the property owner that you can handle the job. At the same time, more knowledge boosts your confidence in yourself that you can deliver on your promises and enjoy increased earnings.

 

5. Build a Strong Reputation and Portfolio

Sometimes, asking for higher pay can be tricky without the reputation and portfolio to back up the request. For this reason, it's best to focus on building a reputation for providing excellent service and documenting your results.

Besides having a more robust portfolio, these happy clients are also more likely to recommend you to others through word-of-mouth. Such marketing gives you leverage to demand higher pay as you already have the reputation and social proof to back up the request.

Also note that a property manager with positive reviews appears more trustworthy, which can lead to more long-term contracts and repeat business as property owners trust you. For BMG Texas, customer retention is important because it costs five times more to get new clients than to sustain an existing one.

 

6. Consider Additional Revenue Streams

You can also consider other revenue streams to boost your earnings like negotiating management fees based on performance instead of a flat fee. Some ways to gauge performance are occupancy rate and revenue generated, and agreeing on this payment style doesn't just boost your earnings but motivates you to maximize property performance.

Also, one of the many simple ways to make money on the side is to offer additional services like maintenance and repairs. So, instead of contacting contractors, you can make the improvements yourself and generate more income.

Many clients prefer this option as it's a one-stop solution for property management, making you more marketable and valuable to property owners.

*Note: Ensure you actually know how to perform these repair and maintenance services; otherwise, you risk damaging your reputation.

 

Conclusion

In the end, your earnings as a property manager are the type of property you manage, location, and experience. You can boost your earnings significantly by improving your value through leveraging technology, networking, building a strong reputation, and targeting higher-value properties, you can boost your earnings significantly.

Consider following these strategies as they can maximize your financial success and also establish you as a reliable property manager.