Property management is growing in popularity given the incredible advantages that this particular profession has. Many people are also attracted to this career so as to gain skills of taking good care of the property on behave of their clients at a given fee. It is actually one of the marketable careers these days since everyone is dreaming of putting up a property of his or her lifetime but this cannot be actualized if one does not have good property management skills. The property owners are thus obliged by seeing that they employ property managers who will ensure that they perform their duty professionally to ensure that the property of their bosses is well take care of.
Challenge usually comes in the determination of salaries to pay these wonderful manager. The salaries that you give your property manager should be something that should be arrived at after many considerations.
Below are some of the tips of determining the salaries of property managers.
Property management is a career offered at various levels of study ranging from certificate level to masters’ level. The level of qualification that the personnel have is very key in determining the amount to give as salaries; if the manager is highly trained in the advanced level then the salary should also be comparable to his level of training.
What other pay.
What other bosses pay their managers should also be very key in determining what to pay your property manager. Paying your manager below what is offered by the market can make you lose him to your competitors who are offering better pay at the same time paying above what the market is offering can also break your bank account. It is therefore very significant to conduct some research and get to know what other property managers are being paid and get to know the rate that you should be offering to your manager.
If the property manager has been in the field for many years then he will be having extended experience in property management and giving some handsome pay will be the best way to motivate them. For the mangers that are new to the field and are still not experienced in the property management, then you can consider giving some lower salaries than what you give to more experience managers who have been in the field for longer period.
Other employment benefits.
It is also very prudent t consider the other fringe benefits offered to the manager when determining their pay. If you offer fringe benefits then you can consider lowering the amount you give them as salaries.