When speaking with a mid-level property management candidate recently about compensation levels and seeing rises in the market, I expressed a reluctance to play economist and suggest an explanation. He didn’t! He quickly said: “It’s because we’ve been underpaid for the past number of years!”
Candidates at the top of their game are commanding a higher salary. Property management firms are willing to pay more for the best and brightest in order to keep up with the competition.
Pressures on compensation levels don’t just stop at the mid-level though! Salaries for those in executive roles continue to rise as well.
Conclusion? Hiring managers need to be aware of these pressures and look at the budget carefully before going to the market. You can lose good candidates quickly by not being market conscious.