Jerry did not allow comments on his blog....SOOOOOOoooooo
IREM (Institute of Real Estate Management) does a study on property management salaries and publishes it to members and to the public. This information is NOT for on-site/resident managers who are now called "property managers" by some....Long story - blame the National Apartment Association
LICENSED FEE-PROPERTY MANAGERS are different and I suspect the writer of the article Jerry quotes has mixed apples and oranges * bananas and mangos for J's benefit.
UNLICENSED property managers are usually salaried staff of large apt/real estate firms and those are the salaries that are usually collected by IREM in their survey statistics. These #s would INFLATE the $$$.
LICENSED FEE-PROPERTY MANAGERS usually make a combination of base salary AND commissions based on leasing efforts for their "portfolio" of properties/clients. Experience, education, designations and the ability to bring in new clients/properties are ALL a benefit in increasing fee-managers pay and enlarging the management portfolio of the Broker/Property Management firm.
One of the side-benefts of being a property manager is the ability to invest in real estate * find deals, find partners and hold real estate long term with your management expertise used as sweat equity.
* A property manager in GA bought a home while she was pregnant with her first son, held it 18 years, then SOLD it and paid for his college education.
* A property manager in VA buys homes in partnership with others * his "down payment" * is his mgmt expertise and he manages the property w/o a mgmt fee. They split the deductions and split the profits when sold.
While I think the article Jerry highlights is basically flawed, I do think that property managers can make a VERY GOOD LIVING using their expertise in mgmt and investments AND the IRS tax code to shelter income and maximize deductions.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
View our available rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
Wallace, This is fantastic. Thanks for your thoughtful comments. I think the article from which I took the thought to write my comments was over simplified. And I really do think we need to have different names for the kind of property managers who do "Licensed Fee Property Management" as opposed to Resident Manager kind of stuff etc. You did a good job of discriminating between the several categories of Property Managers.
As for the apples and oranges comparison, mangoes and banannas has a better ring, don't you think?
Have a great day, and by the way, don't lose that cat off the back of your horse! Jerry
Here Kitty, Kitty.......It's a FOX J - I'm in the Virginia "Hunt Country" and there is actually FOX HUNTING with REAL FOXES and REAL HORSES in my "neck of the woods".....I can look out my windows on any given Spring AM and am likely to see a rider on horseback going down the road as a car!!!