Property management salaries are beginning to increase as principals place more value on their PM departments, says a leading recruitment company.
Real Estate Career Developers general manager Daniel Gonsalves told Residential Property Manager there is strong demand for experienced PMs in the real estate industry, which is pushing up pay.
The comments follow the release of the Residential Property Manager Salary Survey, which will gauge remuneration levels across the entire Australian property management industry.
Mr Gonsalves said PMs who know how to run a portfolio end-to-end are now more widely recognised in the industry.
“The pays are starting to move a little bit, which hasn’t happened in quite some time – people are prepared to pay for good property managers,” he said.
Mr Gonsalves said there is a bigger shortage of PMs in Melbourne, but Sydney is not far behind.
“We get a property manager into our office and it is not uncommon that they might have four, five or six interviews within 48 hours because they are in demand,” he said.
“Salaries are starting to increase with demand. Unfortunately they have not shot up, but particularly over the last 18 months to two years, we have started to see them certainly trend up.”
Mr Gonsalves said when principals look for a PM candidate they are increasingly focusing on longevity in previous roles.
“What tends to happen now unfortunately is people bounce around jobs every five minutes and it doesn’t look great on their CV, and clients are starting to recognise that,” he said.
“They want people who are prepared to dig their heels in and stay for the long haul.”
Entries for the Residential Property Manager Salary Survey close on Friday 8 May.