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 falls among the marketable careers today given that many people are having property but lack the relevant skills to ensure that these property are well managed. The property owners are thus tasked to hiring property managers who will ensure that they carry out their duty professionally to ensure that the property of their bosses is well managed.
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.
Discussed are some of the ways you can look at in employing property managers.
Level of training.
Property management is a course offered at various levels of study right 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.
The market rate should also be looked at when making this important decision. 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. This makes it very vital to conduct extensive research and get to know what other property managers are being paid something that will put you in a perfect position to make informed decision on what to give as salary to your manager.
The more time the manager has been in the field offering property management services the more the experience he will have and handsome pay is one of the perfect ways to appreciate 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 fringe benefits.
The other benefits as medical and housing allowances should also be taken into consideration when determining the salaries of you property managers. If you have taken it upon yourself to pay for their medical insurance or even enroll them in a pension scheme then you can consider lowering the amount you give them as salaries.