Onsite Property Manager

[Joe Blow]

I just purchased a multi-unit apartment complex that came with an onsite property manager.  What agreement should I do with that person? I want to be fair so the person live rent free or should I compensate like an hourly employee.  Person responsibilities will be to handle all calls, collect and deposit rents.  Will handle all aspects of renting property.  

Any repairs done by property manager will be compensated at an hourly rate.  Will also provide oversight on remodels and emergency repairs.

Any guidance will be great.   Did a internet search but did not find what I was looking for.

Thanks,

CV

[Nathan Gesner]

I am not a fan of "incentives" for on-site management.

Let's say you allow them to live rent-free in exchange for management. If they suck at the job, you have bad results AND no rent income. In other words,  you've paid twice.

I would prefer you make them pay full rent and then pay them for services rendered just like any other employee or contractor. If they fail to perform, you don't pay them but you still have the rent.