The results are in from IREM's 2004 Profile and Compensation Studies of Certified Property Managers and Accredited Residential Managers. Surveys were posted online beginning in January 2004. An e-mail message was sent to all CPM members, candidates and ARM members inviting them to participate. Response rates were 26 percent for CPM members and candidates and 28 percent for ARM members.
CPM Members, Candidates
The average CPM respondent is 49 years old, with men comprising 55 percent of CPM members and women 58 percent of candidates. More than 68 percent hold an undergraduate degree and 67 percent work for a property management or full-service real estate firm. Respondents average 20 years of experience in the property management field. Office buildings are the property type that accounts for the largest share of CPM-managed portfolios, followed by conventionally financed apartments. CPM members surveyed typically hold executive or property manager/supervisor roles and supervise a staff of 21 employees.
Compensation and Benefits
CPM members in the study sample earn a median total compensation of $95,000, which includes a base salary for property management and additional real estate income from sales and leasing commissions. Numerous fringe benefits were reported and most frequently include vacations, holidays, health insurance, sick days and professional association dues. CPM members in the Pacific region earn the highest total compensation. Remuneration increases with years of experience, level of education and age. Owners or partners of firms and those employed by investment or trust companies report receiving greater compensation than their …