A property manager wears many hats. Whether they are an individual or an organized firm, property managers in Washington DC attend to all property and tenant needs in the owners’ absence. With more people renting than ever, the industry is growing. Read on as we investigate the qualifications needed, common tasks, and average salaries for a property manager in Washington DC, Baltimore, and Philadelphia.
How to Become a Property Manager?
Whether you are looking to join an established firm or venturing out to start your own, gaining all of the experience you can is essential. In other words, like many other industries, there is a typical path individuals can take to work their way up through the ranks. Consequently, gaining all of the experience and knowledge they need to become a successful and efficient property manager. So, check out the roadmap below along with average salaries for each position in Washington DC.
Top 10 Essential Job Skills to be a Property Manager
In any profession, real-world experience and skills are essential. Besides, property managers face day to day challenges that are always changing. So, being able to adapt and build from key skills will help you be successful as a property manager. Consider listing the traits below on your resume to stand out from the crowd.
- Property Management Experience
- Lease Agreements
- Strong Communication Skills
- Budget Management
- Excellent Customer Service
- Vendor Management
- Proficient in MS Office
- Collection Management
Responsibilities and Job Description of Property Manager
Property managers oversee and handle all aspects of rental property needs, from leasing to maintenance. Take a look at this list below of common everyday tasks a property manager performs.
- Marketing Property and Listing on Rental Sites
- Screening and Communicating with Potential Tenants
- Lease Renewals and Tenant Retention
- Providing Customer Service
- Basic Accounting Duties
- Collecting Rent and Late Fees
- Rent Filings and Managing the Eviction Process
- Communicating with Problem Tenants
- Performing Move In, Move Out, and Periodic Inspections
- Coordinate Vendors for Needed Repairs and Maintenance
Property Management Average Salaries
As with any profession, salaries range based on location and experience. Property managers throughout the US enjoy an average salary of $55,380, and the industry continues to grow. Additionally, property managers in Washington DC earn an average of even more thanks to a higher cost of living and higher demand for qualified professionals to manage an expanding market. Check out the chart below to see how DC stacks up against other metropolitan areas.
While “Property Manager” is a widely recognized term, there are other closely related positions in the industry. Real estate has many facets, and property management is only one. Therefore, there are different support roles and positions that also serve as a go-between for owners and tenants. So, if you are considering property management as a career but lack some experience, these support roles may be an excellent place to start. See how their salaries stack up below.
Skills and Certifications for Property Managers
Effective and successful property managers have vital skills such as organization, attention to detail, marketing, strong communication, and a dedication to customer service. However, while certifications are not required in all states, there are some available that can boost property managers’ appeal to an employer. Additionally, these certifications distinguish you professionally, which will be helpful if you chose to start your property management firm. Read on as we discuss the various certifications and their qualifications below.
National Apartment Leasing Professional (NALP)
- Courses and certification from NALP allow leasing professionals to gain further skills to move into an assistant property manager role. These courses will also teach additional leasing skills and advanced salesmanship techniques.
- Requirements: 6 months of onsite experience in a leasing role, successful completion of 7 NALP courses that total of 25 credits, and successful completion of exams within one year of enrollment.
Certified Apartment Manager (CAM)
- Therefore, when you have both leasing and onsite manager experience, CAM is the next step. This certification cements your role as an onsite authority maintaining a balance between resident and owner needs.
- Requirements: 1 year of onsite management experience in a leadership role, successful completion of 40 credits of CAM courses, and successful completion of exams within one year of enrolling.
Certified Property Manager (CPM)
- A Certified Property Manager is desirable in the industry. This distinction marks a level of hands-on experience. A successful CPM has achieved a high level of leadership and analytical skills needed to maximize value in real estate portfolios.
- Requirements: 36 months consecutive experience in the management of real estate as a leadership role at minimum, successful completion of exams within one year of enrollment, currently hold a real estate license or other certification, meet or exceed minimum portfolio requirements, meet or exceed the minimum Functions Requirement of at least 19 out of 36 functions. For a detailed list of these functions and portfolio requirements, visit the NARPM website.
Master Property Manager (MPM)
- A Master Property Manager is the highest available distinction in the industry. In addition to setting the individual apart from their other colleagues, this is the stepping stone for becoming a Certified Residential Management Company.
- Requirements: 5 years minimum of consecutive property management as a leadership role, currently hold a real estate license or other certification, complete exam requirements within one year of enrolling, and meet or exceed minimum portfolio requirements.
Looking for a property management job? Check out these top 5 sites for property management jobs:
Whether choosing to pursue industry certifications or solely relying on trusted experience, property management can be an exciting career. Bay Property Management Group employs over 70 people, with decades of property management experience, offering full-service property management services throughout Washington DC, Maryland, and Pennsylvania.