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Property manager hiring summary. Here are some key points about hiring property managers in the United States:
Here's a step-by-step property manager hiring guide:
Property managers are responsible for overseeing the real estate properties of their clients. They manage property rentals and leasing and ensure that the terms on these rentals are by what the owner is amenable to. Property managers act as the representative of their client during negotiations and deals. They also set rental prices and other finance-related items since they are familiar with how the market looks. Besides dealing with financial matters, they also manage administrative matters such as enforcing rules and policies, crafting reports, managing contractors, and drafting related documents.
Before you post your property manager job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a property manager for hire on a part-time basis or as a contractor.
Hiring the perfect property manager also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.
The following list breaks down different types of property managers and their corresponding salaries.
Type Of Property Manager | Description | Hourly Rate |
---|---|---|
Property Manager | Property, real estate, and community association managers take care of the many aspects of residential, commercial, or industrial properties. They make sure the property is well maintained, has a nice appearance, and preserves its resale or leasing value. | $16-34 |
Leasing Consultant | A Leasing Consultant specializes in helping property owners secure tenants for their rental properties. Most of the responsibilities include coordinating with landlords to find suitable occupants, posting rental notices and advertisements on various platforms, and monitor the quality of every rental property... Show More | $12-18 |
Leasing Agent | A leasing agent primarily works to assist and represent property owners when finding and managing tenants. They are in charge of advertising and promoting the properties in different areas or platforms, developing marketing strategies, coordinating with applicants, gathering their requirements, verifying the applicants' paperwork and references, and negotiating leasing terms... Show More | $12-19 |
Including a salary range in your property manager job description helps attract top candidates to the position. A property manager salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a property manager in Indiana may be lower than in New Jersey, and an entry-level property manager usually earns less than a senior-level property manager. Additionally, a property manager with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
Rank | State | Avg. Salary | Hourly Rate |
---|---|---|---|
1 | New York | $60,617 | $29 |
2 | California | $58,760 | $28 |
3 | Washington | $57,217 | $28 |
4 | Hawaii | $56,753 | $27 |
5 | Oregon | $55,153 | $27 |
6 | Massachusetts | $54,259 | $26 |
7 | Pennsylvania | $53,626 | $26 |
8 | Maryland | $50,797 | $24 |
9 | District of Columbia | $49,211 | $24 |
10 | Colorado | $48,067 | $23 |
11 | Arizona | $46,617 | $22 |
12 | Maine | $46,541 | $22 |
13 | Nevada | $46,442 | $22 |
14 | Virginia | $46,027 | $22 |
15 | Illinois | $45,924 | $22 |
16 | Ohio | $45,777 | $22 |
17 | Wisconsin | $45,708 | $22 |
18 | Florida | $44,396 | $21 |
19 | Utah | $44,133 | $21 |
20 | Texas | $44,112 | $21 |
Rank | Company | Average Salary | Hourly Rate | Job Openings |
---|---|---|---|---|
1 | Nokia | $100,968 | $48.54 | |
2 | Ernst & Young | $86,267 | $41.47 | 94 |
3 | Roofstock | $67,353 | $32.38 | |
4 | ICW Group | $65,262 | $31.38 | |
5 | Hudson Pacific Properties | $64,027 | $30.78 | 5 |
6 | Douglas Emmett, Inc. | $63,917 | $30.73 | 3 |
7 | Tesoro | $63,647 | $30.60 | 8 |
8 | Brookfield Properties | $63,111 | $30.34 | 26 |
9 | Crescent Heights | $62,968 | $30.27 | |
10 | BioMed Realty | $62,539 | $30.07 | |
11 | G6 Hospitality | $62,296 | $29.95 | 1 |
12 | BGC Partners | $61,092 | $29.37 | 1 |
13 | Brandywine Realty Trust | $60,622 | $29.15 | 1 |
14 | GNP Company | $60,454 | $29.06 | |
15 | Sage Hospitality Group | $60,452 | $29.06 | |
16 | InvenTrust Properties | $59,893 | $28.79 | |
17 | Pwc | $59,809 | $28.75 | 187 |
18 | InterContinental Hotels Group Resources, Inc. | $59,357 | $28.54 | |
19 | CFM International | $58,978 | $28.35 | |
20 | Cubic | $58,955 | $28.34 |
A property manager job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a property manager job description:
To find the right property manager for your business, consider trying out a few different recruiting strategies:
During your first interview to recruit property managers, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the property manager position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
Once that's done, you can draft an onboarding schedule for the new property manager. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.
Recruiting property managers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
You can expect to pay around $49,958 per year for a property manager, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for property managers in the US typically range between $16 and $34 an hour.