Property managers are responsible for the maintenance and operation of buildings in the commercial or residential sector. Their salary is affected by economic climate, education, experience, responsibility level, and ownership complexity. Experience and education levels can increase salary, while increased responsibility and managing historic buildings can also lead to higher pay.
A property manager is responsible for the ongoing operations, maintenance, and renovation of a physical building. This type of position can be found in the commercial or residential sector. Many people who work as property managers have a significant level of accountability and responsibility, and this has a direct impact on the property manager’s pay range. The five factors that can affect property manager salary levels are: economic climate, education level, amount of experience, level of responsibility, and ownership complexity.
Compensation is closely linked to the local economic climate and the availability of qualified candidates. The principles of supply and demand apply to the property manager pay ranges that employers offer. In an economic downturn, many companies reduce expenses by cutting staff. This increases the number of people actively seeking positions and results in a greater willingness to accept low wages to secure a job.
The higher the level of education the property manager holds, the higher the salary he can claim. The one caveat to this general rule is that education must correlate with position requirements. For example, a fine arts degree does not translate into a higher salary, but a degree in business administration or architecture will.
The most direct way to increase the property manager pay range is to gain related experience. Most companies tie salary to experience and overall contribution potential. For example, a property manager with three years of experience will need more support from the business than a manager with 15 years of experience. Additionally, the more experienced manager can usually carry a heavier workload, reducing operating expenses.
The property manager salary offered for a position is also related to the level of responsibility he will have. For example, a property manager who has authorization to approve spending on large projects will receive a higher salary than a property manager without spending authorization. There are usually additional administrative duties associated with increased responsibility which take up time and need to be balanced against the Property Manager salary increase on offer.
Resolving tenant issues, complaints and concerns are all tasks that may be required of property managers. In many cases, he is responsible for resolving conflicts and maintaining good relations with tenants. Hosting annual social events, distributing newsletters on building issues, and being available to tenants can all be part of a property manager’s job.
As a general rule, historic buildings or complexes are more difficult to manage. This is due to the growing need for ongoing renovations, repairs and maintenance. Many property managers specialize in this area, achieving higher salary rates based on their experience.
Protect your devices with Threat Protection by NordVPN
