A property manager is responsible for the ongoing operations, maintenance and renovation of a physical building. This type of position can be found in either the commercial or residential sector. Many people who work as property managers have a significant level of responsibility and liability, and this has a direct impact on the property manager salary range. The five factors that can affect property manager salary levels are: economic climate, level of education, amount of experience, level of responsibility and complexity of the property.
Compensation is closely tied to the local economic climate and availability of qualified candidates. The principles of supply and demand applies to the property manager salary ranges employers are offering. In an economic downturn, many companies reduce expenses by cutting staff. This increases the number of people actively looking for positions and results in an increased willingness to accept a low salary in order to secure a job.
The higher the level of education held by the property manager, the higher a salary he or she can demand. The only caveat to this general rule is that the education must be related to the position requirements. For example, a degree in fine arts does not translate to a higher salary, but a degree in business administration or architecture will.
The most direct way to increase the property manager salary 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 company than a manager with 15 years of experience. In addition, the more experienced manager usually can take on a heavier workload, reducing operational expenses.
The property manager salary offered for a position also is related to the level of responsibility he or she will have. For example, a property manager who has the authorization to approve spending for large projects will receive a higher salary than a property manger with no spending authorization. There usually are additional administrative tasks associated with increased responsibility that are time consuming and must be balanced against the increase in the property manager salary offered.
Resolving tenant issues, complaints and concerns are all tasks that might be required of property managers. In many cases, he or she is responsible for resolving conflicts and maintaining good relationships with the tenants. Hosting annual social events, distributing newsletters about building matters and being available to tenants all can be part of a property manager's job.
As a general rule, historical or complex buildings are more difficult to manage. This is because of the increased need for renovations, repairs and ongoing maintenance. Many property managers specialize in this area, achieving higher rates of salary based on their expertise.