(Chicago, June 4, 2004) Real estate management professionals holding the Certified Property Manager^® (CPM^®) designation earned median total compensation of $95,000 in 2003, including base salary for property management and additional income from sales and leasing commissions. By comparison, CPM^® designees' median total compensation was $83,000 in 1999 and $50,800 20 years ago, in 1984.

On a separate but related note, those pursuing the CPM^® designation, termed CPM^® Candidates, earned $73,000 in median total compensation last year versus $64,000 in 1999 and $35,000 in 1984.

These are among the just-released findings of the 2004 edition of the Certified Property Manager^® Profile and Compensation Study conducted by the Institute of Real Estate Management. (IREM^®). The Institute, which has 16,000 individual members and 530 company members, awards the CPM^® designation to property and asset managers who have met strict criteria in the areas of education, experience and a commitment to a code of ethics.

IREM periodically surveys its CPM^® Members and Candidates to compile, analyze and compare the most critical characteristics of real estate managers' compensation and fringe benefit packages. The published survey findings provide detailed comparisons based on portfolio size, area of management specialization, and level and types of experience and how each of these variables affects salary levels and the total compensation package.

Among other findings of the 2004 edition of the study:

• CPM^® Members and Candidates who defined themselves as owners, partners, officers or directors reported receiving considerably greater compensation than other respondents. On the other end of the spectrum, those who defined themselves as site managers reported receiving the lowest levels of compensation in the survey group.
• The average CPM^® Member is 49 years old, has earned a college degree, works for a full-service real estate or property management company, and averages 21.5 years of experience.
• The average CPM^® Candidate is 42 years old, has earned a college degree, works for a full-service real estate or property management company, and averages 14.6 years of experience.
• 55 percent of CPM^® Members are male, whereas a majority (58 percent) of CPM^® Candidates are female.
• Office buildings account for the largest share of CPM- and Candidate-managed portfolios, followed by conventionally financed apartments.
• CPM Members typically hold executive or property manager/supervisor roles within their firms and supervise a staff of 21 employees. In contrast, about 51 percent of CPM Candidates define themselves simply as property managers.

STUDY METHODOLOGY
The study findings summarize the results of the “CPM/Candidate Confidential Inventory and Salary Questionnaire” fielded online by the IREM^®; Research Department in January 2004. Findings are based on responses received from 1,375 CPM^® designees and 429 CPM^® Candidates.

PRICE AND ORDERING INFORMATION
The 2004 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 Service Department at 1-800-837-0706, ext. 4650. Credit card orders (VISA, MasterCard, American Express and Discover) can be faxed toll-free to 1-800-338-4736. Internet users can order the publication by accessing the IREM Store section of IREM® Web site at www.irem.org.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM^®), an affiliate of the National Association of Realtors^®, is a professional association dedicated to serving the needs of real estate management professionals worldwide. Since 1933, the Institute has been at the industry forefront in professional education, certification and advocacy for issues affecting the real estate management industry. IREM^® provides professional development resources for more than 16,000 individual members and more than 1,000 management company officers around the globe.

IREM^® offers three different education and experience-based credentials: the CPM^® (Certified Property Manager^®) designation is for individual property and asset managers; the ARM® (Accredited Residential Manager^®) certification is for managers of residential portfolios; and the AMO^® (Accredited Management Organization^®) accreditation recognizes excellence among real estate management firms. For additional information about IREM^®, visit the organization's Web site at www.irem.org.