Property management is getting popular in the current world owing to the marvelous benefits 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 actually one of the marketable careers these days since everyone is dreaming of putting up a property of his or her lifetime but this cannot be actualized if one does not have good property management skills. These leaves the property owners with no option apart from employing property manager to take good care of their property in their stead something a contract that ,must be gotten in with a lot of caution.
Finding the right amount to pay to the property managers is one of the headaches that property owners face. There are some important vital things that should be looked at before setting the salaries of a property manager.
Below are some of the tips of determining the salaries of property managers.
Level of training.
Various institutions offer Property management course at various levels; 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.
What other bosses pay their managers should also be very key in determining what to pay your property manager. 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. It is thus very important to conduct some research and get to know what other property managers are being paid and from their you will be in a position to know what to give your property 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. 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.
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.