by Brianna Crandall — October 11, 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) and for sale at the IREM Bookstore.
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 survey of 1,181 CPM designees and 497 CPM Candidates:
- 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. Slightly more than half, 50.6 percent, are female.
- 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. 62.2 percent 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.
- 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.
- 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.
