Property Managers are RICH, RICH, RICH!!!!

1) We're not getting rich at this!

2) Since when is property management a "work from home" job (and why are we paying for our office)?

But you're absolutely right that we can detrmine our own salary by how hard we work, that's one of the best things about this job. I used to teach school, and it bothered me that I got paid less than the jerk who read newspapers while his class did bookwork, because he had been on staff longer, even though I did a much better job. Now my effoerts are rewarded.

You are kidding, right??

Jerry did not allow ORIGINALLY allow comments on his blog....SOOOOOOoooooo

IREM (Institute of Real Estate Management) does a study on property management salaries and publishes it to members and to the public.  This information is NOT for on-site/resident managers who are now called "property managers" by some....Long story - blame the National Apartment Association.  These are the managers who work from home.

LICENSED FEE-PROPERTY MANAGERS are different and I suspect the writer of the article Jerry quotes has mixed apples and oranges * bananas and mangos for J's benefit.

UNLICENSED property managers are usually salaried staff of large apt/real estate firms and those are the salaries that are usually collected by IREM in their survey statistics.  These #s would INFLATE the $$$.

LICENSED FEE-PROPERTY MANAGERS usually make a combination of base salary AND commissions based on leasing efforts for their "portfolio" of properties/clients.  Experience, education, designations and the ability to bring in new clients/properties are ALL a benefit in increasing fee-managers pay and enlarging the management portfolio of the Broker/Property Management firm. 

These property managers are required to have an office - usually separate from their home - under the control of the broker.

One of the side-benefts of being a property manager is the ability to invest in real estate * find deals, find partners and hold real estate long term with your management expertise used as sweat equity.

*  A property manager in GA bought a home while she was pregnant with her first son, held it 18 years, then SOLD it and paid for his college education.

*  A property manager in VA buys homes in partnership with others * his "down payment" * is his mgmt expertise and he manages the property w/o a mgmt fee.  They split the deductions and split the profits when sold.

While I think the article Jerry highlights is basically flawed, I do think that property managers can make a VERY GOOD LIVING using their expertise in mgmt and investments AND the IRS tax code to shelter income and maximize deductions.

Property management is a good profession but it takes a lot of experience and knowledge to get the rewards on a high level.  Many people try this profession and get out before they learn all they need to know.