Salary expectations for a prop manager?

[salt]

Hi guys, I had an interview the other day for a property management position and was emailed a question today asking what are my salary expectations for the position.
I don't have much experience as a property manager which the interviewer is aware of, (only privately managing one of my investment properties that had tenants) but full training is provided and ongoing.

I'm not sure how to answer this question. Any help would be great, thanks.

 

[neK]

look up seek.com.au to get an idea?

 

[tobe]

If it were me, I suggest only going back with an end salary. that is, after I have done the traning, and am a fully qualified and experienced property manager Id expect a salary of XXX. Until them, Id be happy on minimum wage....

 

[Kevin Hockey]

I'm not sure on Vic salary packages but in Brisbane Property Managers are generally on 40-60k depending on experience etc. Other things that can be in addition to a Property Managers salary include a car or car allowance, phone or phone allowance and bonus structures based on meeting set targets or bringing in new business.
Generally I know Sydney pays a bit more so I wouldn't be surprised if Melbourne was more in line with them.
Good luck

 

[fullylucky]

Hi guys, I had an interview the other day for a property management position and was emailed a question today asking what are my salary expectations for the position.
I don't have much experience as a property manager which the interviewer is aware of, (only privately managing one of my investment properties that had tenants) but full training is provided and ongoing.

I'm not sure how to answer this question. Any help would be great, thanks.

if you answer too low they will give you a low offer, if you answer too high they will choose someone else. the best answer is "Whatever you think is far."

Unless you are pro and got multiple job offers... Then say how much you want.

Ref: 6 fig sal, I have read a book on how to do interviews and that's the best answer.

 

[S.T]

If they're a franchise, ring one of their other offices and enquire. You can always contact the REIV too and ask them what the starting salary is across the industry. Really, you should of known all this information before even applying for the role, this is a question that is fairly standard across a lot of jobs especially where they have not advetrtised a salary in the job role.

 

[beachgurl]

I was speaking to a local agent a few weeks ago (mid-western sydney) who says he pays his experienced property manager 80K but expects long hours to be worked.

 

[fisherman]

I was speaking to a local agent a few weeks ago (mid-western sydney) who says he pays his experienced property manager 80K but expects long hours to be worked.

When you consider the usual multiplication used for the business to make a profit from an employee, that must mean a hell of a lot of properties 'managed'. Or to put it another way, a whole lot of extra charges levied.

There has to be a break point where the overheads, including the wages and benefits either curtail any prospect of a reasonable profit for the REA business, or alternatively, fail to deliver any reasonable quality of service to the investment property owner.

What about relativity? To take an example, that would have to be about what we pay a Police Sergeant, or at least a First Class Constable.

 

[salt]

Hi guys, thanks for your input. I did a little online research into the average wage for someone of my experience and wrote an email back along the lines of

"Concerning my salary expectations, well money isn't my main motivator at this point. I believe that any experience I can gain from your company would be more than invaluable.
Even though I don’t have a lot of experience with property management, I’m motivated to learn as much as I can and would work hard to achieve great results and hopefully my wage would reflect this. Honestly I'm not sure of what your range is. The average seems to be around $40k to $45k, however I believe that what you offer would be fair."

Hopefully it's okay as they seem like a great company and I'd really learn a lot being part of their team. I hate job interviews! I will see what happens.

 

[Blacky]

Well worded response.

Salt - can I ask how old you are?
Have you got work experience in other areas?

 

[salt]

Well worded response.

Salt - can I ask how old you are?
Have you got work experience in other areas?

Thanks for your comment Blacky. I used that response as it was my honest answer within this situation.

I'm 31, so I'm getting there.
I'm a graphic designer by trade, self-employed. While I do love design and have a passion for it there is not much opportunity in my small city. I also have a real passion for property and I feel that it's very exciting and rewarding on various levels and if played right should ensure a good future for my young family.

Having said that I still plan to continue with my freelance design outside of work (if I get the job and have the time!), it will give me an opportunity to pick and choose my projects more while I concentrate on property for my main source of income.

I have owned to properties of my own and also completed full renovations on them and rented one privately and sold it later on.

 

[Aaron_C]

There has to be a break point where the overheads, including the wages and benefits either curtail any prospect of a reasonable profit for the REA business, or alternatively, fail to deliver any reasonable quality of service to the investment property owner.

What about relativity? To take an example, that would have to be about what we pay a Police Sergeant, or at least a First Class Constable.

There is but most PM arms of REAs are there to pay for the office overheads whereas the Sales guys bring in the cream on top.

 

[mattysavager]

I used that response as it was my honest answer within this situation.

I think your answer is perfect. The average in Brisbane is around 40-50. Very few agencies pay 'normal' PMs more than 50K plus super.

Be prepared that being a PM can be really stressful, and it's an overwhelmingly negative job. Most PMs are young because the industry burn-out rate is so high. Almost all of the employees who have left our office in the last few years have moved to a totally different industry.

It's also much more difficult in the beginning, as you won't know any of the properties or the owners, but common sense and communication skills will get you through that.

It sounds like you would be a good employee, so fingers crossed for you

Matt

 

[esh]

yea good luck! I recently just joined the Property management side. It makes it easier to have ethical people and willing to consistently train you. Also - ask if you get any commission from new managements?

 

[BeYourOwnAgent]

Thanks for your comment Blacky. I used that response as it was my honest answer within this situation.

I'm 31, so I'm getting there.
I'm a graphic designer by trade, self-employed. While I do love design and have a passion for it there is not much opportunity in my small city. I also have a real passion for property and I feel that it's very exciting and rewarding on various levels and if played right should ensure a good future for my young family.

Having said that I still plan to continue with my freelance design outside of work (if I get the job and have the time!), it will give me an opportunity to pick and choose my projects more while I concentrate on property for my main source of income.

I have owned to properties of my own and also completed full renovations on them and rented one privately and sold it later on.

To be honest I don't think you will find the job what you are expecting.

The "exciting" parts of property are buying / renovating / seeing returns.

A PM's job is basically liaising between all parties - it's not overly exciting, and most PM's leave the industry within a few years due to the high levels of stress and drama within the job.

Progression is pretty much capped at Senior PM (I paid my senior PM a 80k + commission, but she effectively looked after the rest of the team)

If you like order, routine, systems and processes, then great; but if you're a creative person, I don't think you'll like the role.

Just being honest with you so you know what to expect.

 

[esh]

yeah, i agree but at the same time you also learn so so many things if you are working in this industry. I feel it has a win/win situation.she will be learning and earning money. If you don't like the property management side maybe you can eventually get into the sales side. But, it is a risk you are willing to take- it is not boring, its hard and you will deal with difficult people but the things you learn will be invaluable. For me (as I said before), depends on the people working in the organisation. They make the biggest difference to your experience.

 

[BeYourOwnAgent]

yeah, i agree but at the same time you also learn so so many things if you are working in this industry. I feel it has a win/win situation.she will be learning and earning money. If you don't like the property management side maybe you can eventually get into the sales side. But, it is a risk you are willing to take- it is not boring, its hard and you will deal with difficult people but the things you learn will be invaluable. For me (as I said before), depends on the people working in the organisation. They make the biggest difference to your experience.

I don't think it works like that - transitioning from PM to sales isn't (IMO) a good career path, as it's two very different skill sets needed.

 

[mattysavager]

A PM's job is basically liaising between all parties - it's not overly exciting

I'd have to TOTALLY disagree with you there.

I don't think I have ever had a boring day at work, and no two days are the same. I see it as a fun challenge to aim to hit moving targets.

I know that you don't think much of property managers Erik, but there is much more involved than just passing along messages.

I have been threatened with a knife, had my reception area smashed to pieces, stalked, harassed etc. It's definitely a high stress, fast paced job.

The biggest reason that people burn out is that many people don't have a thick enough skin. I've been called every curse word in the book, and that's just my owners. Tenants are worse.

Only the tough survive, and it's no place for lazy people.

I also know that the skills and exposure that are gained on the job are very highly regarded by other employers in other industries where communication and negotiation with the public are key (police hostage negotiator springs to mind, haha).

 

[russellpeter]

I would ask them to put goals and pay rises around the number of properties you can Successfully manage.

starting off an a junior you will be on a low wage. but when you get experience and get up to managing more properties the profit of the agency goes up and this should be reflected in your wage.

We pay our properties managers per property.

we have found this is better for everyone.

good luck its a great career if you enjoy it and work for a good agency with proper systems and training.

 

[esh]

I don't think it works like that - transitioning from PM to sales isn't (IMO) a good career path, as it's two very different skill sets needed.

Yea, ofcourse not. I agree skill and mindsets are different. But she will figure out which side she belongs in when she starts or maybe she already knows. She may not be as organised as a PM and maybe she is driven by sales and the challenge to achieve? This way she is still involved with Property, still learning about it but PM and Sales is not cut out for everyone. I was saying if she is in the Pm role and doesn't enjoy it- Sales could be a possibility for her.