At about 10 units or more apartment management goes from a hobby to a part-time to a full-time job. Dealing with maintenance issues, collecting rents and handling delinquencies, scheduling showings and placing ads-all that takes time!
This is where we come in. There are two types of communities: those that can be managed remotely, and those that need on-site or "sited" management.
Up to about
30 to 50 units can be managed by remote, as-needed management consisting of
scheduling maintenance and showings and collections as needed, usually a few
times per week. The fee is normally a percentage of income in the 4 to 5%
range, plus a bonus for renting units or renewing leases. There is also flat rate pricing per unit if desired. Maintenance is a
cost, as-needed pricing based on the task needed. We have in-house maintenance available at $50 per man-hour, or if we sub it out its whatever the cost is with no markup.
Anything over about 50 or so units will most likely need an “on-site” manager, at least part-time, and perhaps a part to full time maintenance staff. It will be hard to keep them filled and maintained without someone being there at least part-time. If the complex is smaller you may be able to have leasing and light maintenance performed by the same person.
The cost of this
is in the 3-5% of income plus the payroll of the on-site staff including a “boot”
of about 20% of salary to cover taxes, benefits, workers comp, unemployment,
etc.Part time on site management is normally around $800 to $1,000 per month, plus the management fee. Fees can be arranged on a flat fee basis if you prefer.
if you own this many units and prefer to not quit your day job, and don’t want
to hassle with payroll and government regulations, this may be where you should
consider a management company. We have all the tools and support you will need!
For more details contact Dennis Swartz at 614-538-1717 or by email at email@example.com