Countering A Property Management Job Offer
While acing the interview and receiving an offer seems like the hard part of finding a new property management job, it can create new challenges. What if the offer is lower than anticipated? Ask anyone who has found themselves in this position, and they will tell you how difficult it can be.
Contrary to what people may think, countering a property management job offer is entirely acceptable. In fact, with the strength of the US economy, the labor market is tightening. As a result, employers are likely to entertain reasonable counteroffers from job seekers.
While there are no guarantees, countering a property management job offer is easier using these tips.
Wait 24 Hours
First and foremost, do not react hastily to a low offer. While it can be a natural reaction to speak out immediately, this is not the best course of action. Consider waiting 24 hours before responding. Use this time to gather your thoughts about the offer. After all, you will need to present solid evidence of why the offer should be increased.
It is impossible to convey or interpret tone in emails and text messages. As a result, they should not be used during the job offer negotiation process. Negotiations are best done face to face. Despite the awkwardness of the situation, it eliminates any chance of a statement being misconstrued.
If a face to face negotiation is not possible, schedule a phone call. Once the call is complete, it is a best practice to follow up with an email that outlines your counter offer.
Have a Concrete Ask
Many property managers enter salary negotiations with an arbitrary ask. Unfortunately, “I want a higher salary” is a terrible request because it is very vague. Consequently, many property managers fail in negotiating better job offers.
Rather than vaguely asking for more money, specifically state your desired salary and/or bonus. At a minimum this will establish a benchmark for the negotiation. A great way to phrase this is saying “I would like a salary of $XX,XXX. How do I earn that in this position?”.
Make sure your salary request is reasonable. Asking for a $90,000 salary when the market average is $45,000 is not realistic. On the other hand, asking for a $50,000 salary would be entirely reasonable. Furthermore, an unrealistic ask could result in the employer pulling the job offer entirely.
Support Your Request
In addition to having a concrete ask, have specific reasons why your request is valid. Emphasize your experience and why your skill set is worth the investment. Cite the average salary for property managers in your market and the state averages for your industry and property size.
If your salary requirements are higher than the average, it will be even more important to highlight why your background supports the additional salary. Property management credentials are great to lean on this situation because they demonstrate industry knowledge and expertise.
Consider Other Benefits
While most property managers evaluate job offers strictly on the salary, it is important to consider all the benefits. The importance of benefits will vary for every property manager because of what’s important to them.
Younger property managers might value more vacation time while older property managers will appreciate a better retirement plan. Here are important benefits to consider:
- Paid vacation and holidays
- Annual bonuses
- Work life balance
- Retirement plans
- Health and dental benefits
Additionally, property managers need to evaluate other forms of financial compensation. These could include a free rental unit at the property, car allowances, continuing education reimbursement, paying for property management certifications, or a company phone.
Don’t Be Afraid to Walk Away
Countering a property management job offer can seem daunting, but it does not have to be. Well prepared and reasonable counteroffers typically lead to productive conversations. If they do not, remember you do not have to take the job, and can always walk away from the offer. If the negotiations hit a stalemate, or your counteroffer is ignored, it could be time to pass up the job. One thing to remember, never leverage walking away when negotiating.
While this is a difficult decision, you must be comfortable with your compensation when accepting a new position.