PM: Operating Expenses

[Kenny Dahill]

It is commonly stated that management companies run on a thin margin for profit and loss.  I'm curious what the general budgets consist of that causes these thin margins.  For those who run their own firms, I'm intrigued to see what percentage of your expenses come from:

PM Income

Operational Income

Marketing

Legal

Office

Office Overhead

Licensing / Broker Fees

E&O Insurance

Other