August 20, 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 in 2003 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% of CPM Members are male, whereas a majority (58%) 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% of CPM Candidates define themselves simply as property managers.
The study was 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. The 2004 edition of the Certified Property Manager Profile and Compensation Studyis 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 800/837-0706, ext. 4650, or visit the online IREM Store.
