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Become a Property Manager in Virginia

Your Guide to a Property Management Career in Virginia

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How to Become a Property Manager in Virginia

We’ve created a guide that details how to become a property manager in Virginia, from starting out in entry-level positions, all the way to starting your own property management business. Virginia offers prime opportunities for property managers to succeed with high salaries. Why? The Old Dominion State is growing with an active multifamily housing market and large demand for rental property. Finding the best path for you when entering the industry is the first step.

The Different Routes to Becoming a Property Manager

Let’s look at a few different paths to help you pick the best option.

Entry-Level/Unlicensed Property Manager

If you’re looking to get your foot in the door without making a big commitment upfront, an entry-level role in property management might be for you. This typically means less pay, and you'll be starting your career without a real estate license. All you need to get started is the drive to start applying for jobs. These kinds of roles might be listed as “leasing agent,” “apartment manager,” “onsite manager,” and so on.

Your duties would most likely include administrative tasks, such as maintenance operations, tenant relations, and rent collection. You’d also be working under an individual, or a group, who does have a real estate license or brokerage designation.

Licensed Property Manager

If you’re looking to enter property management with a mid- or senior-level salary and comparable role, then getting your Virginia real estate license may be the best fit for you. With your license, property management employment opportunities – and a higher salary – opens up. According to salary.com, the median pay for a licensed property manager in Virginia is $110,000.

With a real estate license, Virginia law allows you to participate in the actual leasing and renting of properties, and a higher level of representation for your broker than non-licensed individuals. As a bonus, with your Virginia real estate license in hand, you can still choose to sell real estate on the side, which can be a financially rewarding side gig.

Business Owner Property Manager

If you’re looking to start your own business, then becoming a business owner property manager may be the best fit for you. You will need to get your Virginia Real Estate Broker license to take charge of running your own property management company.

Plus, you’ll be able to hire other property managers and will have an uncapped earning potential.

Virginia Property Manager Requirements

The prerequisites for earning a Real Estate Salesperson license in Virginia are:

  1. Be at least 18 years old

  2. Hold a high school diploma or GED

  3. Be a US citizen or a legal permanent resident of the US

  4. Meeting the above requirements ensures that you are eligible to be hired by a real estate brokerage.

3 Steps to Become a Licensed Property Manager in Virginia

1

Earn Your Virginia Real Estate Salesperson License

First, you must complete and pass the required 60 hours of Virginia real estate Pre-Licensing education – approved by the Virginia Department of Professional and Occupational Regulation, (DPOR).

Then, you’ll need to take and pass the Virginia real estate exam. You’ll also need to find a sponsoring broker and then apply for your Virginia Real Estate Salesperson license.

For a more in-depth look, read our step-by-step guide on becoming a Virginia real estate salesperson here.

2

Choose Your Path in Property Management

It’s time to choose your path in property management.

Generally, you have two options:

  1. Build your property management business under your Broker.

    This option is best if you’re starting out in real estate and want to gain experience under the guidance of an existing broker or group. This will lay the foundation for your future career growth.

  2. Earn your Broker’s license and start your own property management company.

    In Virginia, you are required to have your Broker’s license to start your own property management company. Earning a Virginia Broker’s license requires having been as a real estate salesperson for a period of 36 of the 48 months immediately preceding application, 180 hours of Broker Pre-Licensing coursework, and passing a Broker exam.

3

Earn Property Management Certifications

Earning a certification beyond a Real Estate Salesperson or Broker license also instills trust in both clients and potential employers, helps set you apart from your competition, and demonstrates your proficiency in property management.

The most common property management certifications available include:

Earning one or more of these certifications involves a combination of coursework hours, experience hours, passing an exam, and in some cases, submitting a portfolio detailing your property management experience.

Frequently Asked Questions About Property Management in Virginia

What does a property manager do?

Property managers help property owners manage their real estate properties, whether residential, commercial, or industrial. As trusted third-party intermediaries, property managers handle all the tasks related to leasing property, from soliciting and screening tenants, to handling maintenance issues and property upkeep, processing rental funds, and marketing properties.

Property Manager Responsibilities

  • Developing and executing lease contracts

  • Screening tenants

  • Conducting property inspections

  • Handling communication between the property owner and the tenant

  • Collecting rent, distributing funds, and paying property expenses on behalf of the owner

  • Maintaining accounting records as required by North Carolina law

  • Managing vendors and maintenance professionals for each property managed

  • Marketing properties to find new tenants

  • Showing properties to prospective tenants

  • Handling maintenance issues and repairs

  • Providing great customer service to both property owners and tenants

  • Maintaining excellent documentation on behalf of the property owner, as is required by North Carolina law

  • Knowing and understanding North Carolina real estate laws and regulations

 In Virginia, can I be a real estate salesperson and a property manager at the same time?

Yes! Property management can be a lucrative side business or full-time venture for licensed Virginia real estate salespersons. Often, your real estate clients become your property management clients.

Keep in mind that in Virginia, you must be sponsored by a broker to work as a property manager. If you want to start your own property management company, you must hold a Virginia Broker’s license. And if you aim to work for a private property management company, you may need to earn additional property management certifications beyond your Real Estate Salesperson or Broker’s license.

 What are some Virginia property management associations or groups I could join?

Joining property management industry associations and groups can help you network, find clients, get referrals, develop skills, and succeed as a property manager faster. Consider joining the associations and groups below to get a head start on your growth.

 Are property managers in demand in Virginia?

Absolutely! The outlook is very promising for property managers in Virginia.

With the state now ranking 12th for population in the country, Virginia is densely populated. And the number of people only keeps trending upward.

And, according to data from Virginia REALTORS®, in 2021, there were more than one million renter households in Virginia. That's 10.5% more renters than there were in 2011!

Property management businesses tend to be more resilient to economic fluctuations, offering a stable and secure career path. People need a place to live regardless of the economic state. So, you can rest assured that as long as people need housing, you’ll have a job in property management.

 How much does it cost to become a property manager in Virginia

First, you’ll have to get your Real Estate Salesperson license. As an average estimate, you can expect to invest around $550 to become a real estate salesperson in Virginia.

Here’s a general breakdown of the costs to get your Virginia real estate license.

Virginia Real Estate Pre-Licensing Education

Virginia Real Estate License Exam Fee

Background Check and Fingerprinting Fee

License Application Fee

TOTAL

$259

$60 (paid directly to PSI)

$52

$170

$541

Beyond your licensure, you’ll also need to plan for the cost of:

  • Broker fees

  • Professional organization membership dues

  • Marketing and business expenses for your real estate and property management business

Here’s a great resource to learn more about how much it costs to become a real estate salesperson.

 What is the salary of a property manager in Virginia?

According to Salary.com, Virginia property managers make an average annual salary of $109,310 with an average range of $92,965 to $126,308.*

It’s important to note that your salary as a property manager is based on your experience, education, credentials, and the type of employment you have. Salaried property managers often work for private property management companies and hold additional certifications beyond a real estate license.

Independent property managers — including those who work for brokers and those who own their own companies — may not be salaried and instead work for a monthly fee per property managed. This may be a fixed monthly fee or a percentage of a property’s monthly rent.

Learn more about standard property management fees here.

*November 2023 Salary Data

 What are the top three skills property managers need to be successful?

Functioning as one-stop shops for all property management activities, property managers need to have a diverse skillset and a healthy mix of hard and soft skills. Among the top three skills in demand for property managers are:

  • Interpersonal Skills. You’ll be dealing with all kinds of people — owner clients, tenants, maintenance professionals, vendors, and more.

  • Organization Skills. You’ll be the keeper of all records related to your client’s property, including lease agreements, tenant information, tax records, deposits, rental payments, maintenance requests, vendor orders, and more.

  • Problem-Solving Skills. You’ll be handling the wins and challenges of managing tenant needs, owner needs, and the needs of the property.

Learn more about what it takes to become a property manager here.

 How do I start my own property management company?

In Virginia, you must earn your Real Estate Broker license to start a property management company. Alternatively, you can work under a Broker with your Virginia Real Estate Salesperson license.

To start your own property management company as a Virginia Broker, you’ll need to:

  • Earn your Virginia Real Estate Broker license

  • Create a business plan for your company

  • Choose a business structure and register your business with the state of Virginia

  • Determine your property manager fee structure

  • Invest in your business technology, documentation, accounting, and equipment needs

  • Start marketing your business and your services

Start Your Virginia Property Management Career With The CE Shop

Success in property management starts with knowing the ins and outs of real estate. The best way to do that is by earning your Virginia Real Estate Salesperson license. The CE Shop’s industry-leading Real Estate Pre-Licensing courses offer everything you need to get licensed and start a new career journey in property management today.