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

By
Services for Real Estate Pros with RE/MAX Kai Lani

Yup, it's said that we Property Managers are rolling in money.   I know that I am having a hard time making it to the bank every day with all of the money I earn.  

According to AOl's Find a Job at http://jobs.aol.com/article/_a/high-paying-work-from-home-jobs/20080605143209990001 Property Managers are number seven in their analysis of the ten best High-Paying Work-From Home Jobs.   We are right between Graphic Designers and Free Lance Writers.   WOW, I am so happy I can hardly stand it.  I am now expecting a rush of people into the business!  

They have a couple of thing right, however, when they note that we keep financials, expand the owner's home value investments and keep highly qualified tenants in the property.   They properly note the work that goes into keeping a home maintained, but I am not so sure they capture the true time-consuming difficulty of doing all this. 

Nevertheless, being a Property Manager is a challenge, and one can pretty much determine his or her own salary!!!   Just takes lots of work, but then, what doesn't?   

Money, Money, Money!!!

The Root of All Good and Evil!!!

Jerry Bangerter, RA Property Manager, REMAX Kai Lani, Kailua, Hawaii, 96734.  

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Rainmaker
335,193
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

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.

Jun 14, 2008 08:28 AM #1
Rainer
17,201
Jerry Bangerter
RE/MAX Kai Lani - Honolulu, HI

Hi Leslie, Thanks for your comment.  I hope you opened the AOL site because I found it pretty novel that anyone even knew we existed, especially in the hallowed halls of those who write for a living.   You and I share a common bond; I was a science teacher in junior high!   Loved it, but couldn't stand the standard of living or the other baggage!   Ah ho, it's off to work we go.  Got properties to fix, properties to rent, tenants to talk to, landlords to call!!!!  Lucky Lucky Rich Me in my "At Home" job.  Jerry

Jun 14, 2008 10:26 AM #2
Rainer
108,548
Christine L
Property Cupid, LLC - Chandler, AZ
Broker

You are kidding, right??

Jun 14, 2008 10:35 AM #3
Rainer
17,201
Jerry Bangerter
RE/MAX Kai Lani - Honolulu, HI

Hi Christine;  Kidding????   Who Me????   I am nothing if not absolutely serious about everything!   LOL   Jerry  

Jun 14, 2008 10:39 AM #4
Rainmaker
1,248,908
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

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.

 

Jun 14, 2008 12:53 PM #5
Rainmaker
254,432
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

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. 

Jun 15, 2008 07:42 AM #6
Rainer
17,201
Jerry Bangerter
RE/MAX Kai Lani - Honolulu, HI

Wallace, thanks for putting your comment as a post on your site.   Enjoyed seeing it there.   And, thanks again for the comparison of different property management responsibilities.  It is mightily confusing to the most enquiring mind. 

Robert, we have too many of us who don't really take this job as a profession, and that is implied in the article I referenced.   To make a buck doing Licensed Fee Property Management (to steal Wallace's term), one needs to grow to the point of hiring assistants to help get the job done.   I spoke with one of my tenants today, and she reminded me that in this business we help people find homes in which they grow their dreams, and I guess that's what keeps us in the business.   I just like the work, and rich or not, I guess I will continue for awhile.   But I will be a "professional" Property Manager, with all that implies.   Jerry 

Jun 16, 2008 04:38 PM #7
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