New IREM® Study Shows Rising Salary Levels for Those With the Certified Property Manager® Credential
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(Chicago, Sept. 23, 2010) Maintaining a history of steady salary growth, despite continuing economic turbulence, real estate management professionals holding the Certified Property Manager® (CPM®) designation earned a median base salary of $94,000 in 2009, up from $90,000 in 2006; $81,256 in 2003; $72,300 in 1999; and $42,000 in 1984. Further, the typical CPM® designee holds a property manager/supervisor or executive level position, supervises 44 employees, and averages 22.2 years of experience.
These are among the just-released findings of the 2010 edition of the Certified Property Manager® Profile and Compensation Study published by the Institute of Real Estate Management (IREM®). The Institute awards the CPM® designation to real estate and asset managers who have met strict criteria in the areas of education, examination, experience and a commitment to uphold the rigorously enforced IREM® Code of Professional Ethics.
IREM periodically surveys its CPM® Members and Candidates – of whom there currently are approximately 8,600 and 2,967, respectively, in the United States and abroad – to compile, analyze and compare the most critical components of real estate managers’ compensation and benefit packages. The published survey findings provide detailed comparisons based on respondents’ portfolio size, area of management specialization, and level and types of experience; they also explain how each of these variables affects salary levels and the total compensation package.
Among other key findings of the 2010 edition of the study:
- The median base salary last year for CPM® Candidates was $69,000, versus $69,500 in 2006; $65,500 in 2003; $59,490 in 1999, and $31,000 in 1984.
- Regionally, CPM® designees located on the Pacific Coast and in the Northeast, and Mid-Atlantic states earned the largest total compensation, whereas those in the Southeast earned the least. As for CPM® Candidates, those in the Northeast, Mid-Atlantic and Southeast regions enjoyed the biggest compensation packages, and those in the Midwest and North Central regions had the smallest.
- The average CPM® designee is 50 years old, has earned a college degree, and works for a full-service real estate or property management company.
- The average CPM® Candidate is 41 years old, has earned a college degree, works for a full-service real estate or property management company, and averages 12.9 years of experience.
- Slightly more than half, 50.6 percent, of CPM® designees are female, whereas 62.2 percent of CPM® Candidates are female.
- Approximately half of CPM® designees and Candidates are employed by, or associated with, a property management division or firm of 50 or less employees.
- While many CPM® Candidates occupy more senior positions, some 50.8 percent define themselves simply as property managers.
- CPM® designees who characterized themselves as owners/partners and presidents/CEOs of their firms reported receiving considerably more in total compensation than other CPM-credentialed respondents. Among CPM® Candidates, those who identified themselves as officers and directors of their respective firms reported total compensation considerably higher than other Candidate respondents.
- CPM® designees who work for investment companies typically received considerably higher compensation than those who work for other entities, with those employed by corporate real estate firms and not-for-profit management companies at the lower end of the compensation spectrum.
- CPM® Candidates who work for REITS and property management companies received the highest compensation when compared with their peers.
- Office buildings account for the largest share of portfolios managed both by CPM® designees and Candidates, followed by conventionally financed apartments.
- Salary and total compensation for CPM® designees and Candidates usually increase with the number of residential units or commercial square feet managed.
- CPM® Members and Candidates who manage conventionally financed apartments tend to receive higher salaries than those who manage other property types
- Compensation for both CPM® designees and Candidates typically increases as their age increases.
The study findings summarize the results of the “CPM®/Member and CPM®/Candidate Confidential Inventory and Salary Questionnaire” fielded online by the IREM® Research Department in February 2010. Findings are based on responses received from 1,181 CPM® designees and 497 CPM® Candidates.
PRICE AND ORDERING INFORMATION
The 2010 edition of the Certified Property Manager® Profile and Compensation Study is priced at $47.95 for IREM® Members and $59.95 for non-members, plus shipping, handling, and applicable state sales tax. To order, contact the IREM® Customer Relations Department at 430 N. Michigan Ave., Chicago, IL 60611-4090; or call toll-free (800) 837-0706, ext. 4650. Credit card orders (VISA, MasterCard, American Express and Discover) can be faxed toll-free to (800) 338-4736 or e-mailed to email@example.com. Internet users can order the study in soft cover or in a downloadable format by visiting www.irembooks.org and then clicking on the Bookstore link.
ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM®) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An affiliate of the National Association of Realtors®, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 80 years.
IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors and has 80 U.S. chapters, 14 international chapters, and several other partnerships around the globe. Worldwide membership includes nearly 18,000 individual members and over 535 corporate members.
IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager® (CPM®) designation, the Accredited Residential Manager® (ARM®) certification, the Accredited Commercial Manager (ACoM) certification, and the Accredited Management Organization® (AMO®) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. IREM also offers CPM® Candidate, Associate, Student, and Academic memberships. All members are bound by the strictly enforced IREM® Code of Professional Ethics.
Collectively, CPM® Members in the United States manage nearly $2 trillion in real estate assets, including 11.4 million residential units and 10.4 billion net square feet of commercial space. To learn more about the IREM and its chapter network, call (800) 837-0706, ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.