If you’re a property manager in need of a change, or an aspiring property manager looking for employment, we’ve compiled a list of the 4 best property management companies to work for in 2021.
Getting into residential property management is an excellent career choice due to its flexibility and opportunity. Not only can you make great money working for real estate management companies, but you’ll learn a lot about real estate sales and investment, which puts you in the perfect position to jump into real estate investing in the future. It’s the perfect way to start acquiring knowledge and building your network within the real estate industry.
How Do Property Management Companies Work?
Property management companies work with the owner of a rental property to manage its day-to-day operations. Some tasks include rental property marketing, screening and interviewing tenants, maintaining the property, and keeping an inventory of available units. When you’re hired by one of these firms as a property manager, you’ll get training during your first few months on what it takes to be successful in this job.
Some property managers find success after managing a single property, while others take a little longer to learn the ropes. It depends on your experience and your knowledge of real estate property management.
It may be beneficial to become licensed as a property manager before you start searching for a job, depending upon your exact role in the company. Your company may provide the training and licensing requirements, but it varies from firm to firm. As soon as you’re ready, apply online or by emailing your resume with references. Property managers are always in demand, so there should be no trouble finding the right position for your needs and career goals.
What Do Property Management Companies Do?
As you might have guessed, rental management companies handle the day-to-day operations of owning an income property and renting out, on a short-term or long-term basis. They are also responsible for managing tenants’ expectations through fulfilling property obligations.
Companies which manage rental properties should also be knowledgeable about rental laws and property regulations. Different property management services include, but are not limited to, marketing vacant units, interviewing tenants, leasing units, maintaining tenant relations, scheduling and performing inspections and maintenance, and keeping up with minor and major repairs.
Finally, professional property managers provide property owners with peace of mind that their property is in good hands as well as providing a a good return on investment on the property’s value.
Related: 10 Common Property Manager Responsibilities
How Much Do Property Management Companies Charge?
Property management firms can charge variable fees depending on the type of property they manage. Some might only charge one flat administrative fee, while others may also take care of repairs or real estate marketing costs and charge additional fees for add-on services.
Depending on the property management company, real estate investors might even be able to skip the fees and work together for a profit share. This means that the property management company would receive a percentage of the profits the rental units yield.
Understanding the fee structure of the property management companies you interview with is important, especially if you intend to get into real estate investment yourself at some point. That way you’ll know the company you have a relationship with will be able to provide suitable rental property management for your investments as well.
Related: How Much Do Property Managers Make?
List of Property Management Companies to Work for in 2021
#1. CBRE
CBRE is one of the world’s leading companies for managing rental properties. As of January 2017, CBRE managed over 360 million square feet (33 km²) of property around the globe and represented more than 500 clients in various industries on six continents.
The firm is best known for its strong presence worldwide – with offices across 100+ countries and territories.
Employees find that they are rewarded with opportunity for career progression and development, a supportive work environment, competitive salaries, and benefits.
The firm has been recognized for its workplace culture, which is marked by a collaborative and inclusive environment where employees are encouraged to use their strengths and develop new skills while helping each other succeed.
CBRE has been recognized as a World’s Most Ethical Company by The Ethisphere Institute. It’s also been named 100 Best Corporate Citizen by Corporate Responsibility Magazine. Fortune ranked CBRE the 20th most admired company in the world.
#2. Camden Property Trust
Camden Property Trust is another one of the best property management companies to work for in 2021. They not only offer competitive pay, but they also provide excellent benefits that include paid time off, health insurance, scholarships, rental assistance, and vacation discount.
Another benefit of working for Camden Property Trust is the 401k plan in which employees can save for retirement.
Along with these great perks, the company culture is also highly rated among employees who appreciate the open, collaborative space they have with their colleagues, plus constant training and education. Employees are often given opportunities to grow their career such as attending conferences or training sessions on property management.
#3. Avenue5 Residential
Another rental management company to note is Avenue51 Residential, which is based in Seattle, WA. Avenue51 Residential takes pride in their work and is a company that values its employees, as they aim for the best property management team.
This company specializes in both multifamily and single family home management, so you will receive a variety of experience working for them as opposed to apartment management companies that focus only on larger apartment complexes. If you are preparing yourself to jump into real estate investments, working for Avenue5 Residential is an excellent first step.
#4. Vacasa
Vacasa is unique in that it specializes in Airbnb rentals, as opposed to traditional rentals, managing over 30,000 vacation homes in North America, Belize, and Costa Rica. Vacasa has extensive experience in the short term rental industry and is known for their exceptional customer service.
Based in Portland, Oregon, they take care of real estate investors. Vacasa provides property management services such as property inspections and maintenance, property cleanings, property rental process services, marketing, 24/7 assistance, and more. They are easily one of the most innovative vacation rental property management companies out there. They provide nearly all property services in one simple platform. Working for Vacasa could be an incredible experience for aspiring Airbnb hosts.
Employees describe the Airbnb management company as being flexible, generous, and having a great culture. Vacasa provides benefits such as insurance and retirement plans to their employees.
Related: 10 Tips to Ensure Top-Notch Vacation Rental Management
The Takeaway
If you’re interested in pursuing a career in real estate, working for a property management company is an excellent way to get your foot in the door. Many of these companies offer incredible benefits and opportunities for growth and acquiring industry experience. A quick Google search for property management companies near me will turn up enough results to keep you busy in your job search.
Before making any decisions about which company to work with, it’s important to make sure their offers match up with your financial goals. There’s also room for advancement at most rental property management companies as well as plenty of opportunity to learn new skills.
Possibly the most valuable aspect of working for a property management company is meeting people who can help grow your real estate network. For this reason, it’s a great option if you want more experience before getting into investments on your own. If you’ve ever considered getting into real estate investing, working at a rental property management company is your chance to learn about what it takes.
Meanwhile, if you’d like to give your career a boost, check out what Mashvisor does for property managers.
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