Compensation and Benefits Report

Transcription

1 Compensation and Benefits Report Page 1

2 Table of Contents EXECUTIVE SUMMARY AND METHODOLOGY... 3 PARTICIPATING COMPANIES... 4 SURVEY SAMPLE SIZE... 5 COMPENSATION BY POSITIONS... 6 Supervisor of Regional Property Managers... 7 Regional Property Managers... 8 Property Managers... 9 Assistant Property Managers Leasing Agents Maintenance Supervisor Maintenance Assistants BENEFITS Does your company offer a 401(k) employer contribution to employees? Vacation/PTO benefit Cell phone reimbursement policy Business use of auto reimbursement policy (i.e. mileage reimbursement, car allowance, company vehicle).. 17 What other benefits does your company provide to employees? Do you pay leasing commissions? APPENDIX 1: Data and Tables Page 2

3 EXECUTIVE SUMMARY AND METHODOLOGY J Turner Research was engaged by the Apartment Association of Greater Dallas (AAGD) and Apartment Association of Tarrant County (AATC) to conduct a survey of compensation and benefits offered to personnel in the apartment industry. The surveys were ed to one person in each company on a list provided by the association. The surveys inquired into benefits and compensation of various positions along with the number of managed and tenure at the company. The larger companies were given the option to upload their responses in a spreadsheet to make it convenient and less time consuming. A total of 23 companies responded to the survey. This report breaks down the base compensation and bonus based on the number of managed and the tenure at their current company. The appendix has cross tabs of all data. For additional questions please contact Joseph Batdorf at jbatdorf@jturnerresearch.com or (281) ext Page 3

4 PARTICIPATING COMPANIES In alphabetical order: 1. American Equity Properties, Inc. 2. Anterra Management Corporation 3. City Gate Property Group, LLC 4. DRE Management, Inc. 5. Fath Properties 6. Gables Residential Services, Inc. 7. Greystar 8. Hudon Peters Commercial 9. Knightvest Management 10. LumaCorp 11. Milestone Management 12. Monogram Residential Trust 13. Monticello Asset Management 14. Pace Realty Corporation 15. Pinnacle 16. QuadCo Management Solutions 17. Richmark Properties, Inc. 18. Sheng Raamco 19. The Martino Group 20. The Standard At CityLine Apartments 21. TriVest McNeil Real Estate LLC 22. US Residential Group 23. Westdale Asset Management We thank all the participating companies for their time and input Page 4

5 SURVEY SAMPLE SIZE Company Information RESPONSES FROM Number of companies Properties in the AAGD/AATC Area Units in the AAGD/AATC Area 146, ,697 Personnel Employees at the corporate level 1,916 3,788 Employees at the property level 17,203 18,093 Property Managers 487** 458 Assistant Property Managers Leasing Consultants 401 N/A Maintenance Supervisors Maintenance Assistants Turnover Rates Property Managers 19% 19% 17% Maintenance Supervisors 22% 23% 19% Maintenance Assistants 33% 32% 30% ** The participating companies represent 646 properties but compensation information was made available for 487 property managers Page 5

6 COMPENSATION BY POSITIONS 2016 Page 6

7 Supervisor of Regional Property Managers Average number of managed ,935 Average time with company (in ) Average base compensation $140,615 $151,900 Average bonus $57,070 $36,387 Number of managed and compensation $200,000 $190,033 $160,000 $120,000 $100,205 $89,000 $103,000 $80,000 $85,211 $41,667 $1,850 $6,000 Upto 1,000 1,001-2,000 2,001-3,000 Over 3,000 Time with company and compensation $300,000 $250,000 $250,000 $200,000 $150,000 $142,646 $100,000 $50,000 $67,500 $105,000 $119,128 $51,855 Upto Over Page 7

8 Regional Property Managers Average number of managed 1,671 1,774 Average time with company (in ) Average base compensation $93,915 $92,278 Average bonus $14,595 $13,348 Number of managed and compensation $120,000 $100,000 $80,000 $60,000 $82,443 $83,288 $90,199 $92,845 $96,608 $9,681 $14,220 $17,547 $7,316 $7,287 Up to 1,000 1,001-1,500 Units 1,501-2,000 2,001-2,500 Over 2,500 Time with company and compensation $120,000 $100,000 $80,000 $60,000 $94,824 $90,670 $8,400 $5,000 $86,000 $95,230 $83,988 $102,869 $101,021 $90,726 $104,552 $93,564 $96,661 $24,376 $16,250 $13,659 $7,321 $18,244 $15,080$17,775 $14,366 $17,409 Upto 1 year 1-2 Years Over Page 8

9 Property Managers Average number of managed Average time with company (in ) Average base compensation $54,192 $53,862 Average bonus $7,772 $7,680 Number of managed and compensation $70,000 $60,000 $50,000 $30,000 $10,000 $40,154 $44,597 $51,470 $55,757 $60,310 $66,566 $3,567 $5,208 $6,322 $7,640 $8,052 $8,708 Upto Over 500 Time with company and compensation $70,000 $60,000 $50,000 $30,000 $10,000 $51,682 $49,855 $5,480 $1,218 $49,159 $7,913 $50,316 $48,762 $6,301 $6,113 $48,430 $6,515 $48,699 $44,981 $6,243 $4,132 $55,728 $9,420 $52,982 $58,047 $5,607 $8,373 Upto 1 year 1-2 Years Over Page 9

10 Assistant Property Managers Average number of managed Average time with company (in ) Average base compensation $34,641 $34,329 Average bonus $5,803 $5,791 Number of managed and compensation $45,000 $35,000 $30,000 $25,000 $15,000 $10,000 $5,000 $34,545 $8,401 Up to 100 $32,132 $34,293 $35,276 $36,031 $39,642 $4,499 $5,741 $6,149 $6,698 $6, Over 500 Time with company and compensation $45,000 $35,000 $30,000 $35,615 $32,867 $34,808 $34,138 $34,373 $34,210 $34,170 $35,449 $37,058 $41,057 $39,247 $25,000 $15,000 $10,000 $5,000 $4,790 $4,864 $6,966 $5,100 $5,790 $5,119 $13,570 $4,657 $5,235 $6,637 Upto 1 year 1-2 Years Over Page 10

11 Leasing Agents Average number of managed 347 N/A Average time with company (in ) 1.74 N/A Average base compensation $26,870 N/A Average bonus $4,630 N/A Number of managed and compensation $35,000 $30,000 $25,000 $15,000 $10,000 $5,000 $22,877 $24,433 $26,402 $27,051 $28,102 $3,690 $3,538 $4,196 $3,952 Up to $29,278 $5,712 $6, Over 500 Time with company and compensation $35,000 $34,243 $32,896 $30,000 $26,709 $27,573 $27,552 $25,000 $15,000 $10,000 $5,000 $26,419 $26,981 $24,933 $4,929 $6,769 $4,222 $3,670 $3,637 $27,490 $24,508 $8,871 $7,050 $27,363 $7,455 $7,324 Upto 1 year 1-2 Years Over Page 11

12 Maintenance Supervisor Average number of managed Average time with company (in ) Average base compensation $45,602 $42,534 Average bonus $2,650 $2,957 Number of managed and compensation $60,000 $50,000 $36,866 $42,580 $44,513 $47,996 $49,371 $54,213 $30,000 $10,000 $1,853 $2,258 $2,508 $2,974 $2,746 $3,624 Up to Over 500 Time with company and compensation $60,000 $50,000 $46,196 $45,435 $43,660 $44,219 $49,807 $45,592 $45,461 $42,138 $46,308 $42,668 $46,938 $30,000 $10,000 $1,932 $2,589 Upto 1 year 1-2 Years $2, $2,632 $3, $2, $1, $2, $3, $2, $2,933 Over Page 12

13 Maintenance Assistants Average number of managed Average time with company (in ) Average base compensation $33,867 $33,803 Average bonus $2,288 $1,483 Number of managed and compensation $35,000 $30,000 $25,000 $15,000 $10,000 $5,000 $- $34,608 $31,682 $33,550 $34,820 $33,791 $34,658 $2,368 $2,145 $2,141 $2,452 $1,810 $2,772 Up to Over 500 Time with company and compensation $35,000 $30,000 $33,599 $32,742 $33,751 $33,441 $34,445 $33,941 $34,683 $33,688 $35,354 $34,587 $36,529 $25,000 $15,000 $10,000 $5,000 $1,581 $2,845 $3,352 $1,960 $2,659 $1,565 $2,051 $4,751 $1,443 $1,642 $1,884 $- Upto 1 year 1-2 Years Over Page 13

14 BENEFITS Does your company offer a 401(k) employer contribution to employees? No 31% Yes 69% Percent of Yes in % If yes, what percent do you match? No Matching No Matching 3% 4% 4% 10% 10% 20% 4.5 $.50 up to the first 6% 100% of first 1%, 50% of 2 to 6%. 3.5% max 100% up to 6% of contribution 50% match up to 3% of employee contribution 50% on the first 6% 2016 Page 14

15 What percentage of the total health insurance premium does the company cover for eligible employees? % % 0% 20% 40% 60% 80% 100% 2016 Page 15

16 Please describe the company policy on the following benefits: Vacation/PTO benefit 0-3yrs 10days; 3-10yrs 15days; 10+yrs 20 days 10 days 1-5yrs, 15 days 5-10 yrs, days, 5 sick days per year plus 1 personal day 10 days annual 10 days PTO after 3 mos of employment days Vacation per year based on of service; 5 days Personal/Sick time per year; hours, hours, hours, hours per year 14 days annual PTO - 19 days after 5 24 days after days 2 weeks 2 Weeks for first five, then 3 weeks 2 weeks vacation, 5 days of sick and 3 personal time 3 wks vac for 1-5 yrs serv, 4 wks for yrs hours per pay period accrued 40 hours after 1 year 80 hrs after 2 yrs 120 hours after 7 yrs and 160 hrs after 10 yrs 5 days sick, 10 vac, 15 vac after 5 yr, 20 vac after 10 yr accrued at 3.08 bi-weekly i week after one year, 2 wks after 2 PTO accrues immediately at 4.62 per pay period PTO-less than 5yrs=120 hrs/5+yrs=160 hrs/permitted to carryover up to 40 hours per calendar yr up to 5 yrs - 10 days;5-10 yrs - 15 days; days;15+ yrs - 25 days Vacation: >5 is 2 weeks, 5-10 is 3 weeks, 10> is 4 weeks. Company Leave accrues at 4 hours per month, maxed out at 240 hours available Page 16

17 Cell phone reimbursement policy $50 $150 per month; $250 every 24 months for new device 30/60/75 depending on usage and position/travel 50 for lead and manager and 25 for maint on call monthly employees provide Expense Reimbursement management and on call maintenance Only $50.00 for regionals Property Managers and Service Managers received $10 monthly phone allowance RPM's receive $50/month Yes, $10.00 per month for maintenance, $30 for managers Business use of auto reimbursement policy (i.e. mileage reimbursement, car allowance, company vehicle).52 per mile 2-4K annual miles - $2k/yr;6-8K annual miles -$4k/yr;10-12K annual miles - $6k/yr; all others not on allowance plan get mileage reimbursement car allowance car allowance mileage at GSA rates Mileage is reimbursed at.40 per mile mileage reimb mileage reimbursement mileage reimbursement MIleage reimbursement Mileage per mile mileage reimbursement per national standard Mileage reimbursement rate of 48 cents per mile Mileage reimbursement/car allowance/company vehicle mileage reminbursement at IRS rate Only mileage and toll tag. Yes - mileage reimbursement 2016 Page 17

18 What other benefits does your company provide to employees? 100% employer paid long term disability and 25,000 insurance policy. Employee voluntary paid STD, Dental, Vision and Life 100% ER Paid Life Insurance $25k 100% ER Paid - LTD Voluntary - Dental and STD 48 hours sick per year, 6 days per year for Education Leave; industry related courses are paid by employer; 6 paid holidays per year; term life insurance policy paid by employer Additional 2 floating holidays each year. After 5, PTO = 20 days, after 10, PTO = 25 days Company paid STD & LTD policy, voluntary dental and vision, company paid life insurance of one times annual salary up to $50,000, 20% apartment discount Dental insurance; company-paid Life, ADD, STD and LTD insurance; option to purchase additional Life insurance; tuition reimbursement, EAP, employee referral bonus program; paid bereavement leave; 11 paid holidays housing discounts range from 30% - 100% Life insurance Life insurance for free $20K and 40k for accident. Short and long term disability pd by company, basic life pd by company, optional life, vision, dental We reimburse for college tuition upon receiving passing grade, we also pay for industry certifications and licenses 2016 Page 18

19 Do you pay leasing commissions? No 20% Yes 80% Percent of Yes in % If yes, describe the leasing commission structure? $100, $75 or $55 per lease depending on shop score; no shop -$75 per lease $50 per lease $50 per lease, $75 per renewal 10% of monthly lease amount 100 new move in (split office staff equally) and 50 renewals (split with all onsite teams) 6-8 month lease is $35; 9-12 month lease is $70 75 per lease 75 per lease after move in Between $50.00 and $ per lease depending on length and renewal/new commissions on new leases, renewals and lease ups It is different for each property per the owners discretion New lease bonus =10% of one month's rent up to $150; Renewal bonus = $75 split among employees Variable depending on market conditions-ranging $50-$75 Varies by property, from $50/lease to $100/lease Yes - varies by property (different owners) Yes, $100 per lease 2016 Page 19

20 APPENDIX 1: Data and Tables The tables display the cross tab of the Total Compensation ( + ) with the tenure at the company and the number of managed. RPM Time with Company (in ) Up to 1,000 1,001-1,500 Units Units Managed 1,501-2,000 2,001-2,500 Up to 1 year $42,500 $74,875 $80,000 $95,000 Over 2, $79,000 $83,250 $103, $85, $101,108 $100, $110,000 $85,763 $101, $139,000 $90, $125, $84,000 $106,297 $69, $120, $95,976 $92,545 Over 10 $91,912 $89,477 $102,373 $116,128 Property Manager Units Managed Time with Company (in ) Up to Over 500 Up to 1 year $33,639 $39,406 $55,114 $63,333 $62, $41,776 $49,944 $56,402 $58,498 $68, $40,945 $47,664 $55,460 $59,225 $65,521 $74, $40,841 $51,932 $53,309 $52,850 $63,476 $78, $52,523 $47,496 $57,563 $61, $44,476 $45,772 $52,582 $57,908 $61,208 $75, $41,600 $47,813 $54,119 $60, $40,211 $50,717 $61, $58,384 $56,923 $69,819 $70, $44,589 $51,989 $54,776 $82,192 $70,658 Over 10 $60,397 $50,251 $58,357 $63,377 $67,598 $74, Page 20

21 Assistant Property Manager Time with Company (in ) Up to Units Managed Over 500 Up to 1 year $31,832 $34,714 $36,757 $37,439 $40, $29,100 $32,357 $31,485 $36,163 $36,787 $41, $45,524 $35,735 $36,330 $35,095 $38,066 $44, $32,595 $35,055 $42,483 $36,922 $40, $32,160 $35,543 $33,901 $36,575 $39, $37,856 $36,633 $35,404 $36,003 $39, $29,536 $34,281 $38, $33,348 $46,750 $36,275 $45, $39,923 $39,008 $41,377 $42,144 $42, $47,900 $40,485 $45,700 Over 10 $39,566 $45,617 $48,509 Leasing Agent Time with Company (in ) Up to Units Managed Over 500 Up to 1 year $20,519 $24,297 $26,150 $27,804 $27,529 $32, $24,680 $27,048 $27,582 $28,076 $31,766 $31, $38,241 $30,190 $30,519 $32,583 $30,827 $36, $32,259 $25,383 $29,132 $30,818 $33,932 $34, $28,638 $27,863 $30,559 $23, $28,078 $34, $35,895 $27,850 $36, $31, $12,614 $40,639 $38, $33,615 $21,110 Over 10 $47,891 $36, Page 21

22 Maintenance Supervisor Time with Company (in ) Up to Units Managed Over 500 Up to 1 year $41,684 $44,296 $46,179 $48,073 $51,977 $60, $42,456 $44,706 $42,703 $50,391 $49,141 $54, $41,280 $42,189 $44,847 $52,553 $48,564 $54, $43,680 $42,021 $43,615 $48,836 $55,554 $56, $39,578 $40,902 $39,842 $46,684 $46,917 $56, $25,509 $40,520 $46,433 $48,691 $56,206 $56, $39,416 $42,634 $48,812 $50,441 $46,790 $44, $48,628 $39,278 $42,466 $49, $27,632 $45,613 $48,425 $51, $40,248 $48,233 $47,480 $53,202 $47,036 Over 10 $47,015 $49,808 $50,721 $50,790 $63,170 Maintenance Assistant Time with Company (in ) Up to Units Managed Over 500 Up to 1 year $31,274 $30,728 $33,778 $36,792 $35,235 $34, $35,953 $30,665 $33,948 $33,765 $33,952 $35, $39,087 $34,141 $33,597 $35,283 $36,328 $38, $35,071 $33,765 $36,489 $31,634 $38, $32,943 $34,753 $37,256 $34,597 $37, $35,635 $37,117 $35,744 $35,027 $31,835 $33, $35,843 $35,654 $35,181 $38,613 $29, $34,939 $40,123 $35,360 $34, $33,093 $37,213 $43,328 $34,802 $34, $39,920 $34,297 $34,077 $36,440 $35,384 Over 10 $39,870 $33,892 $35,361 $38,037 $39,217 $39, Page 22