(**) Disclosure: This post may contain affiliate links, meaning RealEstateCareerHQ.com will get a commission if you decide to make a purchase through the links, but at no additional cost to you.
Property managers in Iowa make an average annual income of $58,550. It typically range between $40,980 and $65,170. Top 10% of high-earning property managers are making over $95,390 per year. (*) Your earning as a property manager would depend on your skills, knowledge and experience in managing the properties. The type and number of real estate in your managing portfolio may also affect your compensation.
At the beginning phase of your property management career, you could be working as an assistant for a property manager. So your earning could be limited at that time.
But once you have developed the necessary skillset and demonstrated your ability to work independently, there should be a significant improvement to your earning.
In this guide, I will uncover the compensation model of property managers in Iowa, whether being a commercial or residential agent affects the income, and what you can do to increase the earning potential.
(*) Source: Bureau of Labor Statistics (May 2020)
How do Property Managers in Iowa Get Compensated?
Property managers in Iowa are paid with a salary or hourly wage. In addition to the base salary, some companies offer a year-end bonus, 401K contribution, disability insurance, healthcare, pension, and time-off benefits to their employed property managers.
I just saw a property manager job posting online. In addition to the above compensation, this firm also offers ongoing education and development training, access to their learning library, and you may have your properties managed by them free of charge!
How much do Property Manager Assistants Make in Iowa?
At the beginning phase of your property management career, you could be working as an assistant for a property manager, assisting the different aspects of day-to-day operations. Since you are still in the learning stage, your earning could be relatively lower.
The average annual salary of a Property Manager Assistant in Iowa is $31,477. The top 3% of the assistants are earning a higher income of between $44,358 to $47,073. (+)
But once you have developed the necessary skillset and demonstrated your ability to work independently, there should be a significant improvement to your earning.
(+) ZipRecruiter.com (July 2021)
How Much do Residential Property Managers Make in Iowa?
A residential property manager is responsible for the upkeep of a residence or buildings such as apartments, condos, and other residential properties. They are often required to perform tasks like finding new tenants, interviewing them, inspecting their current living situation to determine if they meet the requirements of the lease agreement.
The average annual salary of a Residential Property Manager in Iowa is $43,981. Some are earning a low $19,463 per year, which could be a part-time position. Most residential property managers earn between $32,589 to $53,411. The top 3% are high-income earners making between $64,727 to $69,253. (+)
(+) ZipRecruiter.com (July 2021)
How Much do Commercial Property Managers Make in Iowa?
A commercial property manager oversees real estate such as shopping malls, hotels, office space, retail units, and industrial buildings. Your role may include filling the property with quality tenants, collecting rents, and facilitates repairs or other concerns that renters may have.
The average annual salary of a Commercial Property Manager in Iowa is $58,275. The starting salary is $30,779 while most commercial property managers earn between $45,716 to $68,348. The top 2% are high-income earners making between $85,096 to $90,528. (+)
On average speaking, commercial property managers earn $14,276 more than residential property managers in Iowa. Therefore, if you are interested in managing commercial properties, this could be the blue ocean for your career.
(+) ZipRecruiter.com (July 2021)
What can you do to increase your income as a property manager in Iowa?
1) Obtain a real estate license
Although there are certain activities you may perform without a real estate license, the things you can do are very limited. Once you have a real estate salesperson license, you may work under a licensed managing broker in providing key components of property management. For example, rent, list, negotiate property rental agreement, rents collection.
If you want to move up in the field, it is essential to get a real estate license.
Here’s a step-by-step guide for property managers to obtaining a real estate license n Iowa.
2) Go through advanced property management education
Property managers are constantly tasked with new responsibilities and challenges. With the rise of online rental applications, environmental health and safety requirements, it’s important for property managers to be up-to-date on what their renters are looking for in a home.
You may also consider taking the following courses to equip yourself with the property management knowledge. They are offered by Institute of Real Estate Management (IREM). IREM is an affiliate of the National Association of REALTORS®.
- Managing Residential Properties (**)
- Managing Commercial Properties (**)
- Managing Condominium and Homeowners Associations (**)
Even though they are not part of the pre-license education requirement, your enhanced knowledge will help to set you apart from others in the industry.
Here’s salary guide you may be interested. In there, you’ll find the income figures for residential and commercial property managers. What makes one earn more than others? How do education, experience, and certification play a factor in earning?
(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on this site may contain views and opinions from individual not related to JCHQ Publishing. They do not necessarily reflect our view or position.
Reference:
- ZipRecruiter
- Bureau of Labor Statistics – Property, Real Estate, and Community Association Managers (source)
- Salary.com – Property Manager (source)
