Hi guys, I'm comparing 2 PMs with the following criteria. 1. Little Property Group - Anyone with experience with them? some of the main fees : - 7.7% management fees - letting fees is 2 weeks - advertising is $352 for website and professional photography etc. - Monthly admin fees $5.50 Pros - able to challenge the developers' PM for better service. 2. Developer's PM Cornerstone Realty - Janet Boswell (is she any good?) some of the main fees : - 8.8% management fees - letting fees is waived for commitment to the developer - advertising is at cost for website and professional photography etc. - Monthly admin fees $5.50 Pros - being the developers' PM, they are stationed at the site 24/7. Assuming the property rents for 550 per month. The difference above can be about 1000+ per annum. Ya I know, price should not be criteria for choosing a PM, but I would like to get some feedback from the experts here on what are the experience. I wonder which is the PM for me.
First find out how many properties they manage and how many employees taking care of that, then you can easily find out how busy the employees are by dividing number of property by number of employees. so less property per employee is better for you. also consider their experience as well.
Those are good questions. What would be the benchmark? The Cornerstone Realty people would look after their own units, I'm making a rough guess here suppose there are 30 units so far in the development for leasing management. I reckon in order for a PM to earn on management fees alone, he would need to be taking care of at least 30 units at any 1 go? say 8% management fees per annum is 2400. He needs to earn 80,000 per annum, he would need to manage >30 properties. I suppose I can't even imagine how many properties Little Group does. As for communication wise, how fast would be the benchmark for the PM's response time?
