Advice on Payment division
Hello all!
I'm new to the business, coming up on year 2 of property management. I work solely for a property owner; we are a two person team. He owns 36 doors and manages for an out of state company that also has 36 doors. We also have two contracts with individual owners for managing their properties. I have learned everything on my own and through him but without any outside mentors. He will be retiring soon and we've been discussing how I will take on the pay scale. Right now I get paid an hourly wage only, as he has not taken on any new contracts since I started. He makes a salary through our business and reinvests the cash flow from his personal properties back into the business. We make 9% on the out of state company and 10% on the other two properties.
How would you recommend this being split when he retires? If I'm doing all of the work and he's on a boat somewhere I don't feel like he should make commission. I will be doing all of the work from here. I've toyed with the idea of paying him his "rent to property owner" check that I send the other companies but then would still need to pay insurance and repairs, etc., for his properties. How have you heard companies doing this? Does anyone have any recommendations?