What is the Average Property Manager Salary? What You Can Make

property manager salary

According to data compiled by the US Department of Housing and Urban Development (HUD), 43.6 million rent-based households existed in America in 2019.

That number may rise due to market fluctuations caused by the COVID-19 pandemic. As younger folks like Millennials approach their late 30s awash with student loan debt and unable to save a down payment, the renting market will remain stable and profitable.

Perhaps you’re thinking about property management as a career. If so, you need to know the average property manager salary.

Do you want to learn more about property manager pay? Check out this handy guide.

What is a Property Manager?

All landlords are property managers, but not all property managers are landlords. The folks who own the rental units may perform the duties of a property manager. Or, they may outsource that work to a separate person or company.

So, what does a property manager do? A property manager performs the following vital tasks:

  • Follows and enforces landlord-tenant laws
  • Performs routine and emergency maintenance
  • Shows units and signs leases
  • Handles and deposits rent payments

Performing these tasks sounds simple, but real estate laws can get complicated. To work as a property manager in some states, you need the proper licensing and certification. Acquiring these licenses and certificates requires classes on the landlord-tenant laws you must know to manage rental property.

How Much Do Property Managers Make?

A property manager’s salary estimate depends on several factors, including location, property type, and experience.

According to data compiled by the US Bureau of Labor Statistics (BLS), property managers in the United States made as much as $124,680 per year and as little as $30,740.

Why is there such a huge discrepancy? A property manager’s salary depends on the amount and cost of the rental properties they manage. In New York, for example, the mean salary is $112,880.

Locations like New York City, Los Angeles, or other big cities have high rents. A property manager in an urban setting like this will gross more income than those managing properties in rural areas.

How Can a Property Manager Increase Income?

The best way to increase your income as a property manager is to manage your property. Jumping into the real estate market takes time and money, so start slow and establish these best practices to increase income:

  • Keep up on property maintenance
  • Thoroughly vet renters
  • Keep a positive relationship with tenants
  • Improve and streamline communications

Establishing these practices early on will cement your reputation as an honest manager. Honest managers earn loyal tenants and make more money.

Property Manager Salary

A property manager salary depends on several variables. You make more money per year in densely populated urban centers with higher rents. Even if you rent in a sparse area, your earning capability will increase with more experience.

Remember to stay honest, know the law, and maintain a healthy and positive relationship with your tenants. As far as property management goes, your earning potential is what you make of it.

Do you need help with the legal aspects of property management? Contact us today if you need help with your investment properties.

The Landlord’s Guide to Rental Property Insurance in 2022

rental property insurance

Did you know that one in every twenty insured homes has a claim every year? The most common type of claim is the property damage claim. Property damages can result from wind, hail, water, fire, and lightning disasters. Rental property insurance protects the landlords from potential financial losses.

A tenant may proceed to sue the landlord or damage your rental property. In such a case, the rental property insurance will cover the expenses.

You must consider various factors when looking for home insurance for rental property. This article provides the ultimate landlord’s guide to rental property insurance in 2022.

What Does the Insurance for Rental Property Cover?

There are various options that your property rental insurance can provide coverage for. Property damage will cover the repairs on your building from accidents like fire, wind, and vandalism.

The other option is the liability protection cover. This caters to any medical or legal costs arising from a tenant injured or ill due to poor property maintenance.

Rental income coverage protects landlords from losses that may occur when the building is unlivable for repair and maintenance. It may also cover your operating costs if one of the tenants becomes unable to pay rent.

What Are the Exclusions?

It’s advisable to read the insurance policies to understand what your property rental insurance won’t cover. Your rental property insurance may not cover the tenant’s property and possessions.

In most cases, the insurance for rental property only protects assets and property owned by landlords. Encourage your tenants to buy renters insurance to safeguard their personal belongings.

Besides, rental property insurance will not cover any shared property. So, you should avoid living on the same property you’re renting out to tenants.

This applies even if your tenants live in another unit, room, or floor. Otherwise, you may not qualify for a landlord policy.

This implies that you’d need your homeowners’ coverage to protect the area of the property you want to rent out.

Lastly, rental property insurance won’t cover repairing or replacing appliances that break down due to wear and tear. You’ll need to go back into your pocket for the expenses.

You can only enjoy coverage if your home appliances are particularly covered in your home insurance for rental property. Besides, the damage must come from a covered loss.

Property Rental Insurance Cost

Usually, the rental property insurance will cost you 25% more than the homeowners’ insurance coverage for the same property.

Cheap insurance can result in reduced coverage limits and plentiful exclusions. Thus, it becomes very problematic for landlords when making a claim.

It’s advisable to prioritize the value of your property rental insurance coverage more than what it’ll cost you.

Rental Property Insurance Companies

Extensive market research will help you get the best rental property insurance company. It’s recommendable to buy your insurance cover from a professional and reputable company.

You can tell the reputation of an insurance company by reading google reviews online. You can also check the comments and feedback of other landlords from different social media channels.

Ensure that you read and understand the different insurance policies to make an informed decision.

Contact us to learn more ideas about rental property insurance for you.

Investment Property Management: How to Easily Earn Passive Income

investment property management

The average salary for a property manager in the US is $10,4217. By now, you understand that investing in real estate is highly lucrative.

Probably that’s the reason why you desire to have properties under your name. You can’t wait to find tenants and start collecting rent.

Earning a passive income through smart investment property management can be easy. However, most people don’t know how to handle their investment properties. The task ends up being harder than it is.

Keep reading this article to gain insightful investment property management tips.

Assess Current Value of Property

Your main aim as a property manager is to increase the value of the investment. Therefore, you will first need to access the current value of your building.

By doing so, you’ll be able to set the best prices for rent. Take into account the repair and maintenance requirements of your assets. This will help you come up with an effective business plan.

Carry Out Preventative Maintenance

Make it a priority to carry out repairs as soon as the tenants report them. If you fail to do so, you might have to deal with extensive replacement costs. For instance, a leakage problem might turn into a pipe burst if no one pays attention to it.

Reactive property maintenance will cost your money and effort. Besides, you welcome more interruptions in your daily life through calls from tenants. Thus, the investment properties become less of a passive income.

When you invest in real estate, be ready to set aside a fraction of the profits for regular maintenance. Work with a reliable property maintenance company to ensure that you don’t skip an inspection.

Screen the Tenants

To protect your assets, take the tenant screening process seriously. Ensure they fill out a form during the application stage.

Most property managers inquire about the credit history and employment. However, others ask about the tenants’ criminal history.

Better yet, you can create a website that attracts potential tenants. It can highlight the properties of your assets while detailing what requirements of the tenants. These will help you filter many tenants.

Outsource Legal Aid

When you invest in real estate, be ready to deal with strangers. Not everybody will honor their end of the lease agreement.

Therefore, it’s wise to outsource legal aid when drafting the lease policy. Property lawyers help you quote the right policies that guide the cause of action in case of rent defaults.

Besides, legal advisors serve as the best witnesses when signing the lease agreement. Outsourcing legal help will protect you from many fines in your property management journey.

Pet Policy

Another way to minimize your liability as a landlord is to disallow pets. It may seem harsh at first, but it will save you a lot of trouble.

Otherwise, be ready to accommodate the disposal of the pet’s waste in your cleaning routine. Besides, you don’t want to deal with a pet attacking other tenants.

Investment Property Management Tips

Earning a rental income should be as passive as possible. You can achieve that by following the above investment property management tips.

Outsource the help of legal advisors when dealing with tenancy policies and tax laws. This will prevent you from paying heavy fines.

Feel free to contact us if you need any help managing your investment properties.

Property Management Companies Near Me: How to Choose the Best One

property management companies near me

Property investment is a great source of passive income for anyone. However, if you have multiple investment properties, you should consider having a property management company to help you. Have you found yourself wondering “where can I find great property management companies near me?”

If you are searching for a property management firm to help with your investment properties, you’re in luck. Here are some tips to help you find a great property management company.

Stay Local

When you’re choosing a property management company, it’s best to choose only companies that are in your area. There are specific requirements that property management companies need to follow, and having localized experts can help with your property management.

Local property experts also have a better understanding of the housing market in your area. This will give you an easier time putting your properties up for rent, as your property managers will be able to offer great competitive prices relative to your area.

Get Referrals

If you don’t know where to start searching for a property management company, your best bet is to ask other local property investors. Odds are, these investors will also have property management companies working with them. They will have information on great property management firms in your local area.

Reviews and References

Once you have a better idea of what property management companies are in your area, it’s time to start researching the firm itself. The best way to determine the quality of the property management firm comes from the company’s reviews. Many companies have reviews available on their websites; read through the positive and negative reviews before you settle on a company.

These company reviews will give you a better understanding of how the company works with its clients. Pay close attention to how the company communicates and interacts with its clients to help you figure out if they are a good fit for you.

Licenses and Certifications

Certain states require property management companies to have proper licensing and certifications in order to operate. If you live in a state that has these requirements, you need to verify that the property management company you are considering has valid licensing and certifications.

There are various forms of certifications required for property management companies to sell or rent out different types of properties. Make sure that the firm has certifications for whatever type of properties you have investments in.

Find the Best Property Management Companies Near Me

If you have ever wondered “how can I find the best property management companies near me,” use these tips to get a property management company that works for you. Remember to take your time while researching different companies so that you can find the right fit for your needs!

Do you need help finding a great property management firm in your area?

We’re here for you. Contact us with any questions or concerns you have about our property management services and continue reading our blog for more information today!

A Quick Landlord’s Guide to Rent Collection

rent collection

With the national median range for rent rising 11.4 percent this past year, rent collection has gotten more difficult than ever! Rent collection can be a headache for many landlords, especially when it isn’t being paid on time.

But don’t worry – it doesn’t need to be difficult, so long as you’ve got the right tips! Here we’ll look at some of the key points of collection you need to know. So let’s take a look!

Set Up Direct Payments

Set up collection through direct debit. Like utility companies, you can set up collections monthly, so the collection process is done automatically.

Setting up these auto-payments will mean rent is paid on time, and the appropriate fees can be added if the payment does not go through. If your tenants are worried about the auto-pay process, mention that using auto-pay is proven to increase credit scores

Have Clear Due Dates

Generally, you will want to make rent due on the first of every month. However, in some cases, you might find that setting up bi-weekly or seasonal collection options works better for you and your tenants.

In any case, make sure rent is due on a steady schedule, and stick to it. In this way, rent collection will operate like clockwork, and rent will be paid in a timely fashion – with no miscommunication or late payments!

Keep Good Records

Keeping accurate records is an expert tip for landlords. Keep accurate rent collection records, so you know exactly what your tenants owe when they owe it to you, and if they have repeatedly paid on time or late. 

Good record keeping minimizes the risk of late payments, as you will have a clear system in place for collection. It is a service to you and your tenants to keep accurate records in case your tenants request rental history in the future.

Don’t Forget To Communicate

Communication with your tenants is key. When rent isn’t paid on time and rent collection becomes an issue, there needs to be an open dialogue between you and your tenant. Keep in regular communication with your tenants, and encourage them to express any rent concerns they might have.

This open dialogue helps establish trust between the two of you. For example, if rent isn’t paid on time, communicate with your tenant to determine why rent wasn’t paid. This dialogue encourages payments and makes collection more transparent.

Establish Clear Policies

As a landlord, establish rent policies from the beginning to avoid rent collection issues. Tell tenants about late rent fees and what happens if rent isn’t paid on time. Be transparent with your tenants about rent collection systems and processes you use, and establish these before rent is due.

With a clear policy outlined, rent collection will be easier, rent payments are more likely to be made in a timely fashion, and rent collection issues are less likely to occur.

Make Your Rent Collection Process a Breeze

With these tips, your rent collection process will be pain-free!  It all comes down to having a clear collection system in place for both you and your tenants, open communication, and good record-keeping!

If you’ve got more questions – we’ve got more answers! Visit our page today to learn more about all things property management!