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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We have about 20 property managers (commercial/industrial), and they are not paid a percentage, but are strictly salaried. While most are licensed they do not have to be because they are managing our properties. Licenses are only required to manage someone else's property. Salaries start at $83,000 and go up to $145,000.
Location: Danbury CT covering all of Fairfield County
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10% is typical, but it is customary in my market if the owner hires a real estate agent to lease out the house to pay a service fee of 1 month rent. Evictions are done through attorneys.
10 units of apartments isn't a full time job. If anything you should trade management for an apartment at free or heavily reduced rent. It's no uncommon for leasing, management, basic accounting(coding payables, booking, check cutting and creating owners reports), and basic handyman work to be 15% of rents. So you can get anything from 2-15% depending on what you are actually doing.
We have about 20 property managers (commercial/industrial), and they are not paid a percentage, but are strictly salaried. While most are licensed they do not have to be because they are managing our properties. Licenses are only required to manage someone else's property. Salaries start at $83,000 and go up to $145,000.
Interesting. Heres a question though- It would seem that if you paid them a pct.-say 5% of the gross income you'd be saving money rather than paying them that hourly rate.. Since the property management expense directly affects the ROI of the property, why do that?
10 units of apartments isn't a full time job. If anything you should trade management for an apartment at free or heavily reduced rent. It's no uncommon for leasing, management, basic accounting(coding payables, booking, check cutting and creating owners reports), and basic handyman work to be 15% of rents. So you can get anything from 2-15% depending on what you are actually doing.
Maybe including leasing and all is more than 5%, but management pct more than 5%-I dont think so..
I'm pretty sure there are salary guides available online for nearly every profession. Much of that could be guided by location, since cost of living greatly varies.
You should also have a definition for what a property manager is, and what they do, in your company. Depending on your company size and structure, a PM could be doing a number of different things, or they may have a limited role. Are they expected to bring new business and be compensated for that? Or do you have a different role for business development, separate from the role of a PM? Are they a leasing agent, or do you have a separate role for leasing activities? Just wanted to throw some questions out there.
I'm pretty sure there are salary guides available online for nearly every profession. Much of that could be guided by location, since cost of living greatly varies.
You should also have a definition for what a property manager is, and what they do, in your company. Depending on your company size and structure, a PM could be doing a number of different things, or they may have a limited role. Are they expected to bring new business and be compensated for that? Or do you have a different role for business development, separate from the role of a PM? Are they a leasing agent, or do you have a separate role for leasing activities? Just wanted to throw some questions out there.
well Eric you yourself as a property manager-how do you get paid or pay?
I own my company and I'm a solo operator. So, my circumstance is a bit different. I keep all the income and don't have to split it with anyone else in my company.
I own my company and I'm a solo operator. So, my circumstance is a bit different. I keep all the income and don't have to split it with anyone else in my company.
Gotcha-Though how much of your time is taken that keeps you away from other endeavors..
I'm using a lot of technology in my business that saves my time. Online payments, online/automated scheduling, online resident portal for maintenance requests. I'm not overworked at all. I manage about 80 units right now, but I've had as many as 135, and that was before I had as much tech helping me, as I do now.
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