Learn how to become a property manager (Education, career paths and what to expect)
Property managers are real estate professionals that act as indispensable intermediaries between property owners and tenants by overseeing the daily operations of a property. They utilize their organizational prowess to work behind the scenes, making sure commercial and residential buildings function properly in ways that often go unnoticed—until, of course, something goes wrong. When that happens, they step in and make sure the problem gets fixed so that owners and tenants are satisfied.
Property managers don't just respond to emergencies, however. They also perform a range of proactive functions like screening and leasing to new tenants or making sure routine building maintenance is completed on time.
People working in property management come from many educational backgrounds, meaning there's no singular way to become a property manager. By understanding what they do and the skills they need to succeed, you could take the first step towards a rewarding career in property management.
Property managers function as the liaison between property owners and their tenants, facilitating a range of operational necessities. They are masters of logistics and organization to keep properties running smoothly and the owners and tenants satisfied. The exact nature of their role can depend a lot on the types of properties they manage, since different types of properties have their own unique quirks and challenges.
"Property management includes a wide array of duties, including oversight of the repair and maintenance of a property, management of a property's budget for all of the repairs, maintenance, taxes, and insurance required for its operation, supporting or leading renovation projects of the property and supporting leasing efforts to attract new tenants," said Austin Upton, Vice President of Property Management for a real estate investment organization which owns and operates 15 high-rise office buildings across the country.
"No two days are the same. While a property manager may start their day working on an upcoming budget, a sudden call from a tenant about a leak or security incident may force them to pivot and respond to the more pressing issues. A property manager has to be able to constantly reprioritize and understand what's really important," Upton said.
Types of property management
Property managers often specialize in either residential or commercial property management, though some may have experience in both. Residential property managers may manage single-family homes or multi-family complexes like apartment buildings, condominiums, vacation rentals and more. Commercial property managers, on the other hand, handle office buildings, retail properties and other industrial facilities. In these cases, the tenants are usually companies, businesses or other organizations that are renting out the space.
"Property management experiences vary heavily by property type," Upton said. "Managing a single-family rental home or box retail store is very different than a downtown office high-rise/skyscraper. In large commercial high-rise office buildings which I specialize in, your responsibilities extend to ensuring a great tenant experience through training of staff with hospitality, planning events for tenants and managing cutting edge technologies that make high rises possible and efficient."
There are also mixed-use buildings that require property management as well. Mixed-use buildings have both residential and commercial components, such as apartment complexes that have ground-floor businesses.
Property manager job duties
No matter what kinds of buildings they manage, property managers have a diverse array of responsibilities. Some of the most common include:
Marketing and leasing: Develop marketing strategies to attract qualified tenants, screen applicants and manage the leasing process.
Rent collection and financial management: Collect rent payments, ensure timely payments to property owners and oversee the property's financial profile.
Maintenance and repairs: Coordinate with contractors and vendors to address maintenance issues and repairs within the properties you manage. This also includes coordinating routine maintenance such as landscaping, interior and exterior painting, building systems inspections and more.
Tenant relations: Act as a liaison between tenants and property owners to address tenant concerns, enforce and renew lease agreements and foster a positive living environment.
Legal and regulatory compliance: Stay current on fair housing laws, landlord-tenant regulations and ensure that properties comply with all relevant safety standards.
Work environments for property managers
Property managers are typically employed in a few specific types of work settings:
Property management companies: Established property management firms are hired by property owners to manage their properties on their behalf. These property managers may work on a portfolio of residential and/or commercial properties.
Real estate investment organizations: Many real estate investment organizations that own properties themselves hire their own internal team of property managers, meaning they don't contract with an outside firm.
Independent property management: Experienced professionals may wish to venture into independent property management, which allows them to manage properties for individual owners on a contract basis. They might, for example, get hired by homeowners to manage an Airbnb or other rental home.
Education and qualifications to become a property manager
There's no single, straightforward path to becoming a property manager. The required qualifications for property manager jobs are really going to depend on the individual company and their needs.
Upton said that there isn't a specific degree that is required given the diverse skillset property managers need, but there are some commonalities.
"Those that advance typically have a wide range of degrees, but a bachelor's degree is typical. Fields that are most relevant are business administration, accounting or communications. That said, many property managers come from English, history, psychology or other backgrounds as well," Upton said. "While less common, a mechanical engineering or construction management degree can make for a great background as these more technical skills—as well as accounting—can take longer to learn on the job. For an entry-level role, any degree will suffice and is sometimes not required."
Going even further and getting a master's degree in any of these areas could make it easier to move up the career ladder, but again, it may not be required.
Licensing
There is no license for property managers specifically, but some states do require property managers to have a real estate agent or broker license. Although the requirements to get a license vary by state, states typically require candidates to be at least 18 years old, have a high school diploma or GED, complete an approved real estate course and pass a state and national exam.
"Requirements vary by state, but generally you need a real estate license if you are directly collecting rent or signing leases with tenants. However, there are exceptions for salaried employees working for real estate management firms. In my experience, most people in commercial real estate—myself included—do not have or need a license as we are part of a professional property management firm," Upton said. "It may be more common for residential property managers to have a real estate license as they may be working directly on behalf of an owner and singing leases/collecting rent on their behalf."
Certifications for property managers
There are several property management certifications offered by professional organizations in the field. These certifications are voluntary, meaning you don't need them to be a property manager unless a specific employer requires it. Even if it's not required, earning one (or multiple) of these credentials can demonstrate your commitment to the profession, your skills and adherence to ethical standards in the industry.
Institute of Real Estate Management (IREM): IREM offers several property management certifications, most notably the Certified Property Manager (CPM) credential. This credential is available to property managers with at least three years of experience. According to IREM, CPMs have a median annual salary over twice that of property managers nationwide. IREM also has certifications for early-career residential and commercial property managers called the Accredited Residential Manager (ARM) and Accredited Commerical Manager (ACoM), respectively.
National Property Management Association (NPMA): The NPMA offers a three-tiered certification for property management professionals—the Certified Professional Property Specialist (CPPS), Certified Professional Property Administrator (CPPA) and finally the Certified Professional Property Manager (CPPM). Candidates must advance through the tiers by obtaining enough property management work experience and passing an exam for each level.
National Association of Residential Property Managers (NARPM): This organization offers certifications for residential property managers specifically. The Residential Management Professional (RMP) designation is available to those that already manage 100 residential units over a two-year period. The Master Property Manager (MPM) credential is for people who already have their RMP certification and who manage 500 units over a five-year period.
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Career paths in property management
Even if you have a degree, it can be difficult to pinpoint how to start getting the experience needed to become a property manager.
"Many property managers end up working for (or starting with) tenants on their commercial real estate leasing and office management. A lot of the tasks are similar—managing the cleaning, security, infrastructure and comfort of a space and communicating disruptions. Some property managers may pivot into asset management of the property (in charge of leasing and redeveloping a property) or into construction management," Upton said. "It's also common for property managers to start as a building engineer, accountant or office administrator."
Upton also said that there are many different roles on a commercial property management team which can show some of the career progression opportunities in the field:
"A 'Tenant Services Coordinator,' 'Property Coordinator' or 'Administrative Assistant' typically is in charge of answering calls from tenants, dispatching work orders to building engineers and supporting billing of services that tenants request. They often also help with planning tenant events, setting up for leasing tours and supporting general office administrative tasks."
"An 'Assistant Property Manager' often has a similar role but also helps put together contracts for service work, helps manage vendors such as landscaping and janitorial providers and joins meetings with tenants to help solve any problems they may have. They may also draft and send communication about property happenings, such as disruptions associated with scheduled maintenance, traffic changes in the neighborhood and reminders about buildings events and policies."
"A 'Property Manager' may be the team leader for a specific property, usually under the oversight of a General Manager who oversees several properties in a region. The property manager helps provide guidance on more complex issues and is typically in charge of the property's budget/financials. They may also support leasing teams to help determine how to market and renovate the building to attract or retain tenants. They also often oversee or help support construction projects, including reviewing and approving construction drawings and ensuring contractors follow building rules and regulations."
"Finally, a 'General Manager,' 'Regional Manager' or 'Senior Property Manager' tends to oversee one, if not several buildings in a specific city or market. In addition to supporting and guiding the team above with training and development, they also are the escalation point for major issues. This leader is usually well integrated with the property management community and is aware of what competitive buildings are doing to attract and retain tenants. They help support asset managers to make decisions related to renovations and what amenities the tenants will like. This person is also in charge of maintaining good relationships with key tenant contacts to ensure any issues are resolved. They also are actively involved and lead major construction projects within the building."
Important skills for property managers
Property managers need a diverse skillset in order to be truly successful in their role:
Communication and interpersonal skills:
Property managers are frequently in contact with tenants, property owners and local vendors. Strong communication and interpersonal skills are essential for building strong relationships with all parties and resolving any disputes that may arise. "At the end of the day, it's important to make your customer—your tenants—happy," Upton said. "Whether this is a residential tenant that lives in your building or one of thousands of tenants that work in a downtown high-rise, managing relationships with key tenant stakeholders, hearing their concerns and helping to solve them is critical."
Organization and attention to detail:
Property managers wear a lot of hats and must keep track of many things at once, even more so if they manage multiple properties. Keeping tabs on lease expirations and renewals, making sure maintenance requests are fulfilled and so much more require an organized professional with a keen eye for detail and the ability to juggle multiple tasks and deadlines. "With the inherent disruptions that come with property management, individuals need to be able to stay organized and be able to continually re-prioritize," Upton said. "Some things are urgent like a sudden leak or fire alarm, some things are important but less urgent like reforecasting budgeted expenses, and there are lots of little tasks in between like following up on work orders to ensure they are resolved or communicating to tenants when to expect resolution."
Problem solving and critical thinking:
New and unexpected events can happen at any time. Property managers must be able to think on their feet and problem solve with efficiency. "There are lots of unique small issues and errors that happen when managing a property. Being able to do a little research online and bring your managers with a problem as well as your thoughts on a potential solution can be invaluable," Upton said.
Staying current with regulations:
Legal regulations and industry standards change over time. It's important that property managers commit to continuous learning and maintain efforts to keep up with these changes.
How much do property managers make?
Salaries for property managers can vary widely, with the bottom 10% of the profession earning $39,360 and the top 10% earning $141,040 according to the 2023 Occupational Employment and Wage Statistics from the U.S. Bureau of Labor Statistics (BLS). The median annual salary for property managers is $66,700.
There are a number of factors which can affect a property manager's earning potential. Location can play a big role as populous metropolitan areas with higher costs of living—and higher property values—tend to have property managers that earn more. Seattle, New York City and Denver, for example, are among the metropolitan areas with the highest wages for property managers. At the state level, Washington, New York, Rhode Island and Massachusetts are some of the top-paying states in the country with the highest median annual wages.
Property, Real Estate, and Community Association Managers
National data
Median Salary: $66,700
Projected job growth: 3.2%
10th Percentile: $39,360
25th Percentile: $49,530
75th Percentile: $95,760
90th Percentile: $141,040
Projected job growth: 3.2%
State data
State
Median Salary
Bottom 10%
Top 10%
Alabama
$56,190
$37,050
$102,680
Alaska
$58,650
$44,590
$122,260
Arizona
$62,440
$43,220
$123,990
Arkansas
$46,320
$26,970
$131,790
California
$75,140
$39,540
$152,520
Connecticut
$76,030
$42,520
$127,660
Delaware
$61,190
$46,040
$106,840
District of Columbia
$86,040
$63,090
$173,000
Florida
$65,160
$39,980
$123,650
Georgia
$70,730
$38,220
$135,450
Hawaii
$62,710
$44,840
$120,300
Idaho
$55,820
$22,420
$97,700
Illinois
$73,250
$39,010
$149,990
Indiana
$61,160
$41,000
$117,120
Iowa
$53,810
$38,190
$102,040
Kansas
$55,750
$30,400
$99,120
Kentucky
$49,060
$35,300
$79,370
Louisiana
$52,000
$28,890
$108,380
Maine
$62,560
$43,930
$107,150
Maryland
$80,800
$58,760
$169,140
Massachusetts
$89,140
$55,550
$158,950
Michigan
$58,450
$37,230
$101,990
Minnesota
$63,970
$47,080
$103,470
Mississippi
$48,560
$26,810
$95,400
Missouri
$58,450
$36,040
$89,500
Montana
$47,960
$36,190
$92,600
Nebraska
$61,910
$39,290
$104,760
Nevada
$59,190
$36,980
$98,330
New Hampshire
$66,710
$33,380
$105,600
New Jersey
$78,350
$48,100
$169,920
New Mexico
$60,300
$38,810
$94,870
New York
$77,320
$58,710
$167,810
North Carolina
N/A
N/A
N/A
North Dakota
$57,520
$39,680
$95,340
Ohio
$57,100
$38,520
$126,460
Oklahoma
$59,820
$36,870
$169,790
Oregon
$72,480
$51,910
$134,440
Pennsylvania
$66,340
$45,460
$138,490
Rhode Island
$79,710
$49,220
$130,340
South Carolina
$59,920
$37,290
$139,850
South Dakota
$46,350
$36,850
$60,640
Tennessee
$62,630
$37,200
$108,650
Texas
$64,260
$36,810
$182,550
Utah
$59,100
$34,840
$122,920
Vermont
$75,220
$48,190
$171,680
Virginia
$84,360
$50,540
$175,820
Washington
$118,470
$73,290
$178,390
West Virginia
$48,130
$30,540
$117,830
Wisconsin
$74,660
$48,730
$116,970
Wyoming
$63,170
$35,390
$139,450
Source: U.S. Bureau of Labor Statistics (BLS) 2024 median salary; projected job growth through 2033. Actual salaries vary depending on location, level of education, years of experience, work environment, and other factors. Salaries may differ even more for those who are self-employed or work part time.
Job outlook for property managers
The BLS states that the employment of property managers is expected to grow 3.2% through 2033, which is a little faster than the average across all occupations. As communities, housing and commercial developments continue to expand, property managers may be needed to oversee these properties.
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Is property management right for me?
If you're wondering whether you'd thrive in a career in property management, it's worthwhile to consider some of the best and most challenging aspects of the job.
Pros of the property management field
Day-to-day variety:
Upton emphasized that no two days are the same as a property manager. You never know what things can come up throughout your day to keep you on your toes. "If you don't like super repetitive work, it could be a great field."
You aren't confined to your desk:
"While most of the job is at a desk behind a computer, you're constantly walking your building with tenants and vendors to look at repairs, inspect service quality and ensure projects are happening as planned," Upton said.
Pride in your properties:
Even if you aren't the actual owner of a property, overseeing its operations can give you a sense of pride in how they're run and cared for. "In a commercial property management setting, you might have the keys or access cards to a skyscraper you feel is 'yours,'" Upton said.
Cons of working as a property manager
Dealing with complications:
"When you come to work or home, you never think to yourself 'Wow, thanks to whoever made sure the lights came on, the lobby was clean and the elevator worked today.' Unfortunately as a property manager, you're often responding to things when they're broken or didn't go quite right. So you have to be able to remain positive, and build a strong a strong relationship even when you're usually apologizing or explaining why something isn't quite right," Upton said.
Lack of consistency in the day-to-day:
Although the fact that no two days are the same can keep things interesting, Upton said it can become a challenge when you're constantly having to adjust your day and prioritize based on new or urgent matters.
Semi-limited growth potential:
"In an office building where 3,000 people work, there might be hundreds of accountants and sales people, dozens of HR and legal personnel and hundreds of IT professionals. But managing the building is a team of just three to four property managers. This means upward mobility can be slower than some careers, as there are only so many opportunities. However, there are other ways to pivot skills and keep growing for those that excel."
24/7 response:
"Unfortunately, many roles have to be on-call for major emergencies at a property such as a flood, fire, or other disaster. These 'on-call' duties are typically shared and you usually have backup when on vacation, but when something goes awry in the middle of the night, you may get a call and need to respond."
What's next?
Property management is a dynamic field filled serving both property owners and tenants to make sure buildings are maintained and running smoothly. If you think you have the skills to succeed, start by looking into entry-level opportunities to break into the field. A degree in business administration or a related subject could also help, so be sure to assess your educational background to see what you could do to supplement what you may already have.
