I have a fairly new Property Management company. I will be putting in an RFP for a building. (I have never completed an RFP. This is a first but it is a very basic one). This building is unique in that it is owned by 2 organizations; the municipality (8 units) and by an organization that offers geared to income housing (15 units).
I would be responsible for the 8 units owned by the municipality and all the common areas. The common areas need to be cleaned, vacuumed and mopped 3 times/week. This also includes all the snow removal. (and we get a lot of snow up here in Northern Ontario Canada!) The 8 units owned by the municipality are also geared to income.
I have never managed a geared to income property so I really don't know how to decide on a fee. Should I just go flat rate/unit, and if so, how much should that flat rate be? Is there anything I should know before putting in the RFP on an 8 unit geared to income property?
Any and all advice is welcome!
This does not sound promising in that you are responsible for part of the property. There are too many possibilities when your duties may / will overlap with who ever is managing the other part (e.g. plumbing, electrical, heat, water, sewer, garbage, landscaping, tenant complaints, security) regardless of who is technically in charge of these items; let the finger pointing begin.
I don't have any specifics but generally speaking these kind of properties have extensive reporting requirements regarding the tenants (e.g. certifying that tenant meets income requirements), units (e.g. inspections), financials (e.g. audits) and regulatory compliance (e.g. anti-discrimination rules). Make sure you fully understand what the expectations are and that you allocate / budget time accordingly.
I would recommend that you include in the RFP your requirements to accept the assignment. Ideally you can insist on managing the entire property vs. just a section of it.