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Factor To Consider In Determining The Salaries Of A Property Manager.
Property management is growing in popularity given the incredible advantages that this particular profession has. Many people have also gotten into this field having a aim of offering property management services to the clients at some fee. It is actually one of the hot cakes in the field of professions given that many people are considering investing in property but lack the relevant skills to manage their property in the right way. 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.
Finding the right amount to pay to the property managers is one of the headaches that property owners face. 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.
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.
The rate offered by the market is also very significance when making this decision. You risk losing good employees to the people offering better pay if you are paying below what the market is offering and at the same time you risk losing much of your profits if you offer something that is far much above what the market rate is given that this will be eating too much on 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. In case of entry level qualification then it will not be bad to pay him lower than the top level property manager who has been in the field for longer duration.
Other fringe benefits.
It is also very prudent t consider the other fringe benefits offered to the manager when determining their pay. 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.