Is there a GOOD.....

Place to determine salaries for Property management positions based on market and number of units?

Most of the salary tools I have found only give averages, and does not take into account the local market, the level of education; age of property, and number of units.

I will be interviewing tomorrow for a property in the Sacramento market, that is 40 years old, 72 units, and is an ONSITE Manager position. This is a conventional property (not tax credit). I will know tomorrow the good, the bad, and the ugly of the property. From the phone screen, I know that the property has 5 vacant units, and that the previous manager let maintenance issues slide (which I will NOT tolerate); which in turn, created pest control, plumbing and mold issues. I am told that there is not an issue with delinquency.


I have a certificate in Property Management; and I am a "Registered Property Manager" with the IREI. I do also have Tax Credit and Fair Housing Certification.

Great question and one often asked. There are two resources for information related to proerty management salaries. One has more detail while both have good information.

The National Apartment Association has some information available at Apartmentcareerhq.org. It is a brochure that gives sample salary data.

The primary data is found through the Institute of Real Estate Management. They do extensive studies each year on positions, property type and size, locations, etc. You would need to find someone who is a member of IREM to get that information for you.

Another alternative is calling comp sites within the given market and asking the managers if they will share a salary range. Someone is more likely to say they fall in a range than give you specific salary information. You can usually target medium salaries using this method.

Your designations and experience are important, however, to really show your value bring specifics to the interview. As an example, "At my last property over the last 12 months I increased income by 4.3%, improved occupancy by 3.1%, and decreased operating expenses by 1.7% providing for an improvement of 6.7% in NOI. I would be especially mindful of the areas of needed improvement they have communicated in the phone interview, and what results you can show in these areas from your experience.

I believe another key is being informed. I would also research the company and it's history, and ask questions related to their operations. Ask tough questions as well as state the obvious.
(1) Tell me specifically about the stability of this site and your company? Are you cash flowing? If not, what is the occupancy breakpoint based on Net Effective Rents?
(2) You mentioned in the phone interview areas of opportunity. My perception is you need a strong leader who will address the issues directly, of which I am more than capable of doing and here is why I say this....
(3) Please share with me the experience and abilities of the team members I will be working with.

You may also ask what their "expectations" are from a time standpoint and where they need the property to be to meet goals and objectives. Ask for a copy of the budget and definately ask to see a copy of the financial by month for 2009. This may tell you a lot including when things changed, what trends are in place, and what areas are opportunity areas.

Good luck.

PS: Don't compromise on salary. You probably have a good idea as to what your worth is. Now SELL IT to them!