By Healthcare Facilities Today

Chicago – Maintaining a history of steady salary growth since 1984, real estate management professionals holding the CERTIFIED PROPERTYMANAGER® (CPM®) designation earned a median annual salary of $96,000 in 2012 (up from $94,000 in 2009).  By comparison, the Bureau of Labor Statistics reports that the median annual wage for property, real estate and community association managers in 2012 was $52,610. Factoring in $96,000 in salary plus additional real estate income from sales and leasing, total CPM® compensation in 2012 was $108,200. (No total compensation data available from Bureau of Labor Statistics.) 

The CPM® salary/compensation data is part of the just-released, 2014 Profile and Compensation Study, CPM®Edition, 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 have committed to uphold the rigorously enforced IREM® Code of Professional Ethics. CPM® designees manage, or oversee a team who manages, large portfolios of multi-family, office, retail or industrial properties.

IREM periodically surveys its CPM® designees and designee Candidates – who currently number approximately 8,500 and 3,400, respectively, in the United States and abroad – to compile, analyze and compare the most critical components of their 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.  

OTHER KEY FINDINGS

Among other major findings of the 2014 edition of the study:

Median total compensation last year for CPM® Candidates was $77,000 (up from $69,000 in 2010).

The typical CPM® designee holds a property manager/supervisor or executive level position, supervises 44 employees, and averages 23 years of experience.

The typical CPM® designee is 51 years old, has earned a college degree, and works for a full-service real estate or property management company.

The typical CPM® Candidate is 41 years old, has earned a college degree, works for a full-service real estate or property management company, and averages 13 years of experience.

About half, 50.1 percent, of CPM® designees are female, whereas 62 percent of CPM® Candidates are female.

Office buildings account for the largest share of the portfolios managed by CPM® designees and Candidates, followed by conventionally financed apartments. Specifically, 32 percent of CPM®  designees and 29 percent of Candidates said that office buildings comprise the largest share of their management portfolio  About 22 percent of CPM® designees and 24 percent of Candidates report that conventionally financed apartments represent the largest share of their management portfolio.

Approximately 53 percent of CPM® designees and 56 percent of Candidates are employee by, or associated with, a property management division or firm of 50 or less employees.

Regionally, CPM® designees and Candidates in the Northeast and Mid-Atlantic states earn the highest total compensation.

CPM® designees and Candidates who manage conventionally financed apartments tend to receive a higher compensation than those who manage other property types.

Broken down by employer type, CPM® designees who work for investment companies, REITs, property management companies, or privately owned companies receive the highest total compensation.

CPM® designees and Candidates receive numerous fringe benefits. Among the most common: paid vacation days and holidays; medical and dental insurance; sick days; cell phone use; 401(k) plan options; and professional association dues.

STUDY METHODOLOGY

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 2013.  Findings are based on responses received from 1,023 CPM® designees and 426 CPM® Candidates.

PRICE AND ORDERING INFORMATION

The 2014 Profile and Compensation Study, CPM® Edition, is priced at $24.99 for IREM® Members and $49.99 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 custserv@irem.org.  Internet users can order the study in soft cover or in a downloadable format by visiting www.irembooks.org.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT

The Institute of Real Estate Management (IREM®) is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. An affiliate of the National Association of REALTORS®, IREM is the home for all industry professionals connected to real estate management – and the only organization serving both the multi-family and commercial sectors. 

We believe that good management matters, and that well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants and customers. We believe in professional ethics. We believe in the power of knowledge and the importance of sharing it. 

IREM offers a variety of membership types for professionals of every experience level, from on-site managers to high-level executives. Our credentials, earned by meeting high standards of education, experience, and ethical business practices, include: CERTIFIED PROPERTY MANAGER® (CPM®), ACCREDITED RESIDENTIAL MANAGER® (ARM®), ACCREDITED COMMERCIAL MANAGER (ACoM), or ACCREDITED MANAGEMENT ORGANIZATION®   (AMO®).

Since 1933, IREM has set the standard for best practices in real estate management. Today, IREM® membership includes just over 19,000 individual and 550 corporate members. To learn more about IREM, call (800) 837-0706, ext. 4650 (outside the U.S. call (312) 329-6000), or visitwww.irem.org.