How Much Does Property Management School Cost?

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Property managers oversee the maintenance and management of residential or commercial buildings and properties. Specific duties include showing properties to prospective renters, collecting rent from tenants, arranging for upkeep on a property, dealing with complaints, and ensuring compliance with applicable laws.

Salary and Job Prospects #

The Bureau of Labor Statistics (BLS) estimates that property managers (who the agency lumps together with real estate and community association managers) earn a median annual salary of $52,610 ($25.29 per hour). Property managers at the highest end of the spectrum (90th percentile income-earners) earn more than double that ($113,400).

Although BLS statistics predict slower-than-average job growth (6% compared to 14% for all other for occupations) for property managers between 2010 and 2020, it stands to reason that the increase in property rentals (a byproduct of the fact that more Americans are currently unable to afford a home) will produce greater demand for property managers.

Becoming a Property Manager #

Individuals with a bachelor's or master's degree in property management or a related field (such as business administration, accounting, finance, public administration, real estate, or facilities management) have the best job prospects. Professional certification can also improve career opportunities. Property managers may need to obtain a real estate broker's license and/or a property management license depending on state laws.

A degree in property management is often earned through an institution's business or real estate department. Short of (or in addition to) a property management degree you may also consider a property management certificate program. Certificate programs vary in length from a single day or several days (intensive) to several weeks or months. Certification is also offered by professional organizations such as the Institute of Real Estate Management (IREM read about its CPM, ARM, and ACoM certifications).

Property Management School Average Costs #

Contact your state's real estate commission or department to find out what types of licenses a property manager needs. Typical fees for a real estate or property management license are $150 to $300.

A certificate program in property management might cost as little as $150 to $250 (one-day intensive class) or as much as $7,500 to $10,000 (for a one week class that includes accommodation and meals). Many programs cost $600 to $2,000.

An associate's degree program costs, on average, $3,000 to $3,500 per year (tuition and fees only).

Total tuition and fees for a bachelor's degree program (4 years) can run $35,000 to $115,000 or more.

A master's degree program might cost $7,500 to $25,000 in tuition and fees per year.

Check with individual schools for the most accurate pricing information, as tuition and fees vary significantly from institution to institution. You can also read The College Board 2012 Trends in College Pricing report, from which the tuition figures above were taken.

Contact the financial aid department of schools to find out what types of assistance are available to students. Information about student aid is also available from the U.S. Department of Education.

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