I written about this a bunch, so I keep it short here, but.
will save you far more than they cost, again, assuming you have the actual need for one. My PM in Atlanta consistently earned $50 70K between salary and commission, and was very happy with that. I probably could have found someone to do the job for $30 40K.
If/when I scale to Brian size (needing 3+ PMs), I imagine I likely do the same thing he does. Minor rehabs don't require a GC, my PMs just oversee the subs directly. Larger rehabs do need a GC, and my PM oversees the GC, who oversees the subs. In many cases my PM will still oversee certain subs such as paint, carpet, appliances, etc. and leave the GC to supervise plumbing, electrical, etc.
It worked well for us. The biggest downside is that if you start doing really well, it will be hard to scale down the commission you paying, and you might find your PM is making a LOT of Nike Cortez Shoes
I have always used project managers. They are responsible for all aspects of the project from the moment it goes under contract until it is ready to hand off to the property managers. The project manager also manages that transition process.
I just pay salary, and it works for me. I have three PMs and each of them manage multiple rehabs at any given time (as many as 10 sometimes), and with that kind of volume, a commission would have to be so low Nike Cortez Desert Camo as to be irrelevant or they would be making much more than the position would warrant. I have other ways to be sure that my best interest is well looked after. Especially if the PMs are helping each other on jobs and you can segregate project commissions to a single PM.
I pay my project manager a combination of salary and commission, with the bulk of his income (probably 75 80%) coming from commission. The reason for the high percentage of commission is that in order for him to be a great project manager, his goals need to be aligned with mine. And commission does that if I make more money, so does he. That gives him the proper incentive to keep things under budget, under schedule, etc, while not making any decisions that will ultimately affect the outcome of the project.
failure and therefore I pay top dollar for top talent.
money. Personally, I don have an issue with this if I making a lot, I want my "right hand man" to make a lot as well.
As a result, the overall compensation package is commensurate with my expectations, ranging in the $150K to $300K range. Understand though, all of the PMs I have working for me now are on international projects with close to 100% travel. I am starting a new domestic project and will hire a PM for it, I already have her lined up. Her package is closer to the $150K side.
If you are looking for someone to just manage the day to day aspects of getting a rehab done, then depending on the area in the country you are probably looking at an overall compensation package in the $50K to $100K range. This assumes you really do have enough volume to warrant a PM. Doing a couple of properties a year would not warrant one.
In my business model, the PM is responsible for managing the due diligence process, getting all the estimates, setting and staying within the budget, timeline, quality and overall success of the projects under them. They are pretty much autonomous in their decision making once they have the project plan in place and approved. I have little tolerance for Nike Cortez White Australia
I think it depends on your situation, your volume, and your project manager. J Scott has a great system that works well for him and you should model your structure similarly if you think that it will work for you.
Like all good resources, a good PM Nike Cortez Womens Size 6
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