Finding the best advocate for your community may boil down to offering the right property management salary.
Hiring a new property manager is an adventure. You have to weed through some, shall we say, interesting applications. That’s the easy part. What you’re left with are (hopefully) several great candidates to interview and select.
Among the many things you need to determine when writing a property manager job description, is a competitive property management salary for your area.
If you want a qualified, competent property manager, the salary has to be in line with the going rate, as well as the general cost of living in your area. Here are a few things to consider when you’re trying to attract qualified candidates and remain within your condo association budget.
The cost of living
The cost of living will be a major factor for you in deciding on a good property management salary. Popular metropolitan areas are going to be more expensive than mid-sized cities. Resort towns will have a higher cost of living than small industrial town. You can check the cost of living in Canada or the U.S. to determine where your location fits in.
Once you have this, you have a starting point for determining the salary your association will need to offer a property manager.
Salary isn’t the only factor
We’ve all had jobs that didn’t pay as well as they probably should. Yet, some of those were or are fantastic jobs. Maybe they offered the flexibility you needed. Perhaps there were perks like company travel or free dinners every Thursday. Or the job may have just been a lot of fun, offering the space to be creative or to learn.
A property manager candidate – or at least a good one – probably isn’t going to base their job decision on salary alone. This isn’t to say salary isn’t important. It is. But look at your association and your condo community. Maybe you have a lot of benefits to offer that would supplement a property management salary.
You may not be able to compete with a competitor’s offer on price alone, but you may be able to offer a company car or free public transit, greater schedule flexibility, more vacation time, or maybe even onsite living accommodations.
If you are hiring for a new position, this can make an enormous impact on your condo association budget. Even if this is not a new position, you can’t necessarily assume the salary you had in your budget will be appropriate for a new property manager. This is especially true if your previous property manager left due to lack of a competitive compensation.
Consider expenses like annual cost of living increases, the cost of health insurance and a retirement package, along with the actual salary. Then decide how that fits into your budget and, perhaps more importantly, how sustainable these costs are in relation to condo association fees. It’s quite the balancing act!
Bearing in mind that there are a number of factors that make up the answer to the question, here is the going rate for a property management salary in the U.S. and Canada.
Glassdoor, a job and recruiting website, places the average 2015 property management salary at $53,603. Indeed, another job and recruiting website, suggests the average is lower, at $47,000.
In Canada, the average salary is $47, 198 (Canadian), according to Payscale, a salary profile database.
To give you a better idea of what all this means, here is the median selling price for a condo unit in several cities:
- San Francisco, CA – $1,125,000
- Boston, MA – $474,250
- Toronto – $416,728
- Seattle, WA – $340,000
- Edmonton, Alberta – $235,700
- Quebec City, Quebec – $227,000
- Miami, FL – $189,000
- Albany, NY – $119,000
As you can see, the range is wide. When you consider that common advice is to keep your housing costs under 30% of your pay, you can also see why a property management salary could be drastically lower in Albany, for instance, than in San Francisco.
Are you preparing to hire a property manager? Then you should know that Evercondo facilitates quick and useful communication between condominium property managers, the condo association board, and condo residents. We also enhance the condo experience for residents and managers alike. Contact us for a demonstration, so we can help you and your condo community work and live better together.
Do you have any advice to offer on the best way to determine a good condo management salary? Share with us in the comments.