PROFILE AND COMPENSATION STUDIES

The results are in from IREM's Profile and Compensation Studies of CPM/CPM Candidate Members and ARM Members. Every three years, IREM conducts surveys of its members to gather useful data on compensation, management portfolios and various demographic information. Below are highlights from each of the studies.

CPM MEMBERS, CANDIDATES

Profile

Similar to past studies, the average CPM respondent is 51 years old, with men comprising half of CPM Members but with women comprising 62 percent of CPM Candidate Members. In addition to IREM coursework, CPM edition 69 percent 0f CPM Members and 61 percent of CPM Candidates hold at least an undergraduate degree. Office buildings are the property type that accounts for the largest share of portfolios managed by CPM and CPM Candidate Members, followed by conventionally financed apartments. CPM Members surveyed typically hold executive or property manager/supervisor roles and supervise a staff of 44 employees.

Compensation and Benefits

CPM Members in the study earn a median total compensation of $108,200, which includes a base salary for property management and additional real estate income from sales and leasing commissions. Numerous fringe benefits were reported and most frequently include paid vacation days, holidays, medical and dental insurance, sick days, cell phones, 401(k) and professional association dues. CPM Members in the Northeast, Mid-Atlantic states earned the highest total compensation.

Salary typically increases with years of experience, level of education, and age. CPM respondents who are owners/ partners, presidents/CEOs or officers/directors/VPs receive greater compensation than other respondents. CPM Members who work for investment companies typically receive higher compensation than those who work for other types of employers.

ARM MEMBERS

Profile

The average ARM respondent is 47 years old, with women comprising 73 percent of the membership. A majority of respondents (57 percent) work for a property management firm. Thirty-seven percent of ARM Members surveyed manage conventionally arm edition financed apartments with another 23 percent responsible for affordable/federally assisted property. About 42 percent of ARM Members manage moderately priced units, 28 percent manage low-income units, and 15 percent manage luxury units. Most (84 percent) have supervisory responsibilities and manage a median staff of seven employees.

Compensation and Benefits

The average total annual compensation for an ARM respondent is $62,537, which includes an average base salary of $57,125, plus rental discounts and other real estate-related income. A wide array of fringe benefits are offered to ARM respondents, with paid vacation days, paid holidays, sick days, and medical insurance being the most common. Total compensation and average salaries are highest among those in the Southeast and Pacific states.

Compensation generally increases with experience, larger portfolio size, and number of employees managed. When comparing property types, ARM Members who manage conventionally financed apartments and affordable/public housing have the highest average total compensation, whereas those who manage senior housing and military housing earn the least. When comparing compensation by company type, those working for REITs have the highest average total compensation. *

These studies are available for purchase at the IREM bookstore at www.irembooks.org or by calling 800-837-0706, ext. 4650. Each study is priced at $24.99for IREM Members and $49.99for non-members.