Planning and Preparation Are Key to Requesting a Raise in 2021
The last year has presented plenty of challenges for property managers. As you review the adjustments, initiatives, and time spent working to put new protocols in place, you may wonder if these accomplishments warrant a salary increase. This will lead you to the question, how can property managers ask for a raise in 2021? As you formulate your strategy to pursue a raise, we offer a few recommendations.
Follow the System
If you work for a large organization, your employer may already have a job performance review and compensation procedure in place. Check the employee handbook for details or contact human resources to find out forms or formalities you should observe.
When you decide to make a formal request for a raise, be sure to begin the process by meeting with your immediate supervisor, even if you know that someone higher up has to approve your application. Remember, you need the full support of your boss to make a successful petition for an increase.
Research the Going Rate
Before asking for additional money, research the salary range for property managers in your industry and location. Look for specific details that match your position, such as size and type of property, number of employees managed, and scope of responsibilities. You can search online using the U.S. Bureau of Labor Statistics, individual state databases, or employment sites such as Indeed.
Document Your Accomplishments
Once you have determined there is room in your salary range for an increase, you need to present an organized case that justifies a raise. List additional duties and projects you have taken on. Give clear-cut details about problems or issues you faced and explain how you successfully addressed them. For example, if you had to increase the cleaning budget, explain how you handled the extra expense and give financial details.
Make Reasonable Requests
Even if you are at the low end of property management salaries in your area, refrain from asking for an excessive raise to catch up all at once. Numerous factors influence the amounts of individual salary increases, and it is important to focus on the value you provide rather than dictating a specific amount. Property managers can also ask for an increase to their annual bonus as a way to raise their overall compensation in 2021.
Keep Your Cool and Your Credibility
Part of your preparation should include anticipating questions, objections, or even refusal of your request. If you have documented the performance of several new tasks, for example, expect your manager to ask about delegating or outsourcing them. You may also encounter assertions that the company currently has no funds for raises. Even if your petition is turned down, maintain your composure and stay professional to retain your supervisor’s respect.
Find Contractors Using BidSource
Property managers can use BidSource to have the Property Manager Insider team locate a qualified commercial contractor for their next project or service call. Just fill out the form with your project details and a member of our team will be in touch.