Principal – “How much do I have to pay?”
Property Manager – “How much can I get?”
The perennial conflict – real estate principals concerned at the ever-increasing labour costs in running a property management department and property managers continually looking to increase their take-home pay to cover the never-ending increases in the cost of living.
However, with an increasing number of Gen X & Gen Y choosing a career in property management, lifestyle is also an important element to consider when developing a remuneration package. No longer is the average property manager prepared to work every Saturday or alternate Saturdays as part of their role; indeed the majority are looking to reduce their working week rather than increase it.
It is therefore important to take a lateral approach to developing remuneration packages for the more progressive real estate company. One that incorporates rostered days off, the ability to trade a salary increase for additional day’s annual leave, the ability to work from home; and the options are endless. By taking this flexible approach to employment your ability to attract the best property manager in the market will be significantly improved and your ability to retain valuable existing team members will increase significantly.
Traditionally a remuneration package for a property manager would comprise of salary, incentives, car allowance, mobile phone allowance and superannuation. This has changed over recent years with the provision of branded company cars and mobile phones that are handed down from one property manager to the next. Further the introduction of Business Development Managers and Leasing Consultants into the property management department has reduced the opportunity for a property/portfolio manager to earn significant bonuses to increase their earning potential.