Congratulations! By being on this webpage, you’ve taken the first step to joining the exciting and fast paced niche of the residential real estate industry called property management!
What Does a Property Manager Do?
Property managers oversee rental property assets for private home owners and real estate investors. In essence, these owners are outsourcing the landlord job to you, the property manager. You’ll market available properties, show properties to prospective renters, prepare lease documents, coordinate maintenance, conduct inspections, and overall ensure the smooth management of the property.
Property Management is among the 20 happiest jobs in America
Why Property Management
You have a real estate license; congratulations! But if you’re like most people new to real estate sales, you’ve probably realized the “feast or famine” nature of the business.
Property Management on the other hand provides real estate licensees with a consistent monthly commission income from their portfolio of properties. So unlike a sale listing that only pays you once when it closes, an acquired management account pays you a management commission each month that rent is collected. Considering that the life of the average management account is 2.8 years, feast or famine is no longer a concern for professionals in property management.
More Home Sale Transactions
Additionally, you can still sell homes! Not to mention that your property management portfolio provides an ample supply of sales leads. Many landlord clients eventually decide to sell their property and will use you to do so. Some want to expand their rental portfolio and will logically call on you to help them find the next best properties. Combined with the fact that most people rent before they buy, your list of tenants provides you with a constant leads source of qualified buyers.
No more cold calling, knocking on doors or sending calendar magnets to farm an area. For the efficient and motivated property manager, they can make “top producer” sales commissions all while enjoying consistent management income between deals.
How Much You Could Make
Property Managers are paid a commission split on key commissions/fees generated on their portfolio of properties that they bring into the company and then manage. Historically, we have seen property managers bring in an average of 4 new management accounts per month, and as much as 6-10 per month during peak Spring/Summer seasons.
The size of a manager’s portfolio depends on their abilities and desired level of work vs. income. 50 properties or less is considered to be very manageable for most people and leaves considerable time for other actives. 75-100 properties is for the efficient and ambitious agent who wants property management to be at the focus of each day.
Use the slider below to see the income potential at various portfolio sizes.
*All estimate are based on our average portfolio monthly rent price of $2,350.
†Commission distributions are paid out monthly on a commissions collected basis.
Frequently Asked Questions
Do you provide training?
Yes
We have written, video, and in-person training to get you up to speed on our property management process and practices. You’ll also receive training in the field by going along on a new property acquisition appointment, and be guided through the entire life cycle of a property from marketing it, screening and approving tenants, lease creation, handling maintenance, conducting inspections, and more.
Is the position salary or commission based?
Commissioned
Similar to real estate sales agents, property managers with our firm come on under an Independent Contractor arrangement and are paid a commission split for the properties they manage on an array of income producing fees charged to clients and customers. Check out the income calculator to see what you could potential earn based on our commission split structure. By being a commissioned property manager, you get to control your income. How much you can make will be commensurate with your level of effort unlike a salaried position where your income is set and you have to hope for a raise.
Do I have to work set hours?
No
You have the flexibility to set your own scheduled. Property managers are expected to be available to service their properties in accordance with the management agreement. This will usually require being available at times that fall during typical business hours, and occasionally after hours if there are maintenance emergencies or you have a client or tenant prospect that needs to meet after hours. We do have regular team meetings and periodic performance reviews that you will be expected to be present for.
Can I work another full-time job and do property management part-time?
No
While we do not dictate your daily schedule, we do require that you have the ability to give full-time effort when needed in order to manage your portfolio during normal business hours, and occasionally after hours. If you have another full-time job, you will not be available to meet the needs of your owners, tenants and properties. When a pipe decides to bust at one of your properties, it will bust on its schedule; not at a time when you’re not working at your other job. We have a fiduciary obligation to our owner clients to manage their properties effectively, and a property manager whose focus is shared with another employment commitment cannot meet that obligation.
Will I be required to work from an office?
No
The beauty of our property management system is that it embraces the latest in technology trends at all levels of our operation. This allows you to meet the majority of your management obligations regardless of where you are physically located at any moment. Our property management software is cloud-based and can be access from any device with an internet connection. Inspection software is app driven and completed from your smart phone. Our VoIP phone system means your office number is wherever your cell phone is, so even when you’re on vacation in Mexico, you’ll be making phone calls from your office as far as anyone on the other end of the call know. We run a 100% paperless operation so there is no need to go into the office to get a file. Work from your home, a coffee shop, on the road, or feel free to stop by the office if you need to meet a client in a conference room.
What support do property managers receive from the company?
All back office operations are provided by the company. This includes a full-time bookkeeper/office manager to handle inputing your properties into our property management system, submitting maintenance invoices into our accounts payable system, cutting maintenance vendor checks, receiving rent payments, sending monthly distributions to your owner clients, creating monthly and end of year financial statements for owners, overseeing water billing statements and communicating with tenant on past due water accounts, and much more.
Our Employing Broker is hands on and oversees every aspect of our operation. Anytime you meet a situation that you don’t know how to handle, you can call on him for assistance. He also gets involved to help resolve escalating conflicts you may have with an owner, tenant or vendor.
Can I keep my real estate license with my current brokerage and still do property management with Integrity Realty & Management?
No
Many of the activities of third-party property management require real estate licensure. Since you can’t have your real estate license hung with more than one brokerage, you will be required to hang your license with our firm and only conduct real estate sales and property management activities under our brokerage.
How do I acquire properties to manage?
When you first start, acquiring properties is your #1 task. We provide training to help you locate and sign up potential property owners. Many leads will come to you through our online lead generation system which leverages our well established online reputation and highly optimized website which captures owners searching for property managers online.
You will also be instructed on how to take more active measures to find leads on your own without having to wait for a lead to come through the system. In fact, one of the values you bring to us is your ability to bring in leads in addition to the ones we provide to you. Any average person can sign up a certain amount of business if the hard part of finding the prospects is done for them. But we aren’t average here at Integrity Realty & Management! We’re looking for superstars that aren’t satisfied with just waiting for a deal to fall in their lap, but instead go out and generate business on their own as well!
Get Started
Are you ready to get started? The first step is to fill out the application form below. Our employing broker will reach out to you have reviewing your information.